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Understanding DB estimates

Your estimate is a personalised forecast of what you might get from your Scheme pension, based on how long you’ve been paying into it, along with the rules of your Section.

Because DB pensions aren’t individual ‘pots’, the estimate shows what your annual pension (and any lump sum, if you choose to take one) is likely to be at the retirement date you choose.

Your estimate takes into account:

• Your pensionable service
  This is the length of time you’ve been an active member of your section. The more pensionable service you have, the more pension you’ll be likely to receive.  This can also include extra pension service you have brought in from another pension scheme, if your section accepts transfers.
  
  
• Your pensionable pay or Career Average Revalued Earnings (CARE) revaluations

  For final salary Sections, your pension benefits are usually calculated using your pensionable pay from the 12 months before your retirement.
  

  For CARE Sections, your pension is using your average pensionable pay across the length of your membership. This is then adjusted (revalued) annually to keep pace with inflation or your Section rules.
  

• Any early or late retirement factors that may apply
  These are adjustments made if you take your pension before or after your Normal Retirement Date (NRD). Early retirement normally reduces your benefits as they’re paid for longer, while late retirement may increase them as they’re expected to be paid for less time.
  
  
• How much you decide to take as a lump sum
  You usually have the option to exchange part of your annual pension for a tax-free cash lump sum at retirement if you want to. If you pay into the BRASS Additional Voluntary Contribution (AVC) arrangement, then those savings must be taken as part of your lump sum.
  
  However, limits apply on how much tax-free lump sum you can take, so occasionally, your excess BRASS funds might be converted to pension.You can find out more about this in our Read as You Need Guide on Lump Sum Allowances.
  

Your estimate helps you see a realistic projection of the benefits you could receive, so it’s a useful tool to have, whether you’re planning ahead, comparing options, or checking the impact of retiring earlier or later.

You can find more information on how your pension benefits are calculated for your specific Section in your Member Guide. You can find this in the ‘My Library’ area of your myRPS account.

Request an estimate online

The easiest way to request an estimate and details of your options is by logging into your myRPS account.

You can request an estimate directly from:

• The myRPS dashboard, or
• The myRPS menu, by selecting ‘My Pension’ and then 'Request an estimate’.

When you do it online, you can request as many estimates as you need, whenever you need them, free of charge.

Choosing your estimate type and retirement benefits

You’ll be asked to choose the type of estimate you want from the range of options available to you.

You can select ‘Read more’ to find out more about each estimate type. The options shown are based on your scheme and your member status.

You’ll then be asked to set your chosen retirement date or your chosen calculation date. This will either default to today’s date or your Normal Retirement Date (NRD), depending on the estimate type you selected.

Once you’ve set your retirement or calculation date, you’ll see all of benefit options available to you and can select ‘read more’ to learn what each one means.

You can also find out more about the different ways to take your pension in your Member Guide, which you’ll find in the ‘My Library’ area of your myRPS account.

How long it takes

Once you’ve hit submit, it’ll usually take less than an hour to generate your online estimate.

Your estimate will be sent to the Inbox area of your myRPS account as a message with a PDF attachment. You can also view it via the ‘Statements and Estimates’ page, under the My Pension area of your myRPS account.

If you haven’t received anything after 24 hours, please contact the Helpline for further support.

Request an estimate by phone

Alternatively, you can ask for an estimate by calling the Helpline on 0800 012 1117.

Charges may apply if you request an estimate from the Helpline more than once in a year.

Working out if your pension adds up

Visit the making the right decision page to find out more and learn what actions you can take if you're not on track to be able to afford the retirement you want.

Please keep in mind that, the Retirement Living Standards and Retirement Budgeting Calculator figures are based on the income you may need after tax, whereas your estimate gives you an idea of what you might receive from your pension before tax.