Retirement calculator 18 May

Pensions experts in GAD came up with the idea following the McCloud legal ruling. The judgment means some pension scheme members have a choice between 2 different types of benefits. The choice is between legacy schemes (typically final salary schemes) and reformed schemes (typically career average revalued earnings schemes.)

Data scientists in GAD developed the retirement calculator in Python to provide a better member experience than previous calculators we have provided.

Choosing options

The retirement calculator uses projections to illustrate what people will get at their chosen retirement age for both options.

Once people add their details, the calculator takes expected future pay rises and working patterns into account. The resulting information then helps scheme members to understand the benefits for which they may be eligible during the remedy period.

Budget Calculator Spreadsheet

Member-focused

GAD used web programming and software to make the retirement calculator more responsive and interactive. This is so that it leads to a better experience for clients and pension scheme members. The aim is for it to sit alongside other information on pension portals so that people are able to get an instant picture of their proposed benefit options.

In the coming financial year, the retirement calculator is set to be rolled out to several public sector clients including police, teachers, and fire services throughout the UK. The learnings in terms of coding and web-based software may be applicable to enhancing a wide range of GAD’s work.

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