How do I get an estimate?
You may be thinking of retiring or nearing your retirement age and would like an estimate of your pension benefits.
You can now run you own pension quotations through the online My Pension Portal (MPP) by selecting the ‘Benefit calculators’ option. Note: if you are not already registered for MPP, you can request an activation code via the Staffordshire Pension Fund website.
The retirement calculators are very straightforward to use and will give a projection of your likely pension entitlement when you retire. You simply input your chosen retirement date(s) between age 55* and 75. The figures shown will include the relevant early retirement reduction or late increase that may apply. You will also be able to calculate how much tax-free cash lump sum you may receive.
* Please note that the earliest age you can take your pension will increase from 55 to 57 from 6 April 2028.
The pensionable pay figures that we hold have been notified to us by your employer’s payroll provider. This will either be reported to us annually (usually May/June each year) or monthly depending on how your employer submits their employee payroll data. If you wish to use your current salary when using the benefit calculator, you can do so. However, please be aware that ‘final salary’ benefits are based on the average whole-time equivalent pay received in last 12 months of your employment/membership of the Scheme.
For a more general illustration of your pension benefits, we produce an annual pension benefit statement for our active (contributing) members. This shows the current value of your pension benefits at the end of the Scheme year (31 March), as well as an estimated value at your normal pension age. We also issue an annual benefit statement to our deferred members (those who have left Scheme but not yet in receipt of their pension).
The annual benefit statement is published on our online portal each year by the 31 August. It's an important document so you should keep it safe. Your statement is also available by post on request in writing.
Ill-health, flexible and redundancy retirement
If you want to get an estimate for an employer driven retirement such as redundancy, efficiency, ill-health or flexible retirement, you must first speak to your employer as you will need their consent. There may also be a cost to your employer for the provision of these benefits.
Estimates on these grounds may only be requested by your employer. We will not accept a direct request from the Scheme member.
Formal Pension quotation
If you have decided to take your pension, we will issue you with a formal pension quotation along with the retirement claim forms.
Please note that we may require pensionable pay information from your employer/employer’s payroll provider to calculate your benefits. In some cases, the employee payroll data will not be made available to Pension Services until after your last payroll run has been finalised, which may be after your date of leaving.
We would suggest that after you have agreed your leaving date with your employer and submitted your notice that you also notify Pensions Services so that the appropriate process can be put in place on our main administration system.
If you have a deferred pension with Staffordshire Pension Fund, you need to give us 3 months' notice of your intended retirement date in order that we can bring benefits into payment.