Pension calculator

This calculator will give you an illustration how much you may receive in retirement from an O2 pension.

Notes

For a more accurate illustration of what you may receive, you should enter any current fund value you may have (including transfers in) into the box provided on the modeller. Your current fund value will be printed on your latest O2 benefit statement.

Statutory Money Purchase Illustration

This calculator has been produced to give you an illustration of what your pension benefits might be in the future. It shows the pension that might be payable to you when you retire, in today's prices. It is for illustrative purposes only and is based on a number of legally required assumptions. These assumptions are shown below. You should also note that benefits can only be paid in accordance with the Plan's Rules and legal requirements.

This calculator should be used in conjunction with the other Plan literature available, and not as the sole source of information when making decisions regarding your pension arrangements.

What are the legally required assumptions on which the illustration is based?

This calculator is based on the following assumptions:

• All contributions, will continue at the same rate up to your retirement age
• The cost of setting up your pension is assumed to be 4% of your Retirement Account value at the time your pension benefits are paid
• Your Retirement Account investments will achieve a return of 7% per annum (minus a 1% expenses) up to you retirement age.
• You will use all your fund to buy a pension. You will not choose to take a cash lump sum at retirement in return for a lower pension
• You will choose a pension that increases in retirement in line with inflation, estimated to be 2.5% per annum
• The pension is paid monthly in advance
• Your Plan Salary is assumed to rise in line with inflation, estimated to be 2.5% per annum, up to your retirement age
• Your Spouse is someone to whom you are married or who is an adult who depends on you financially
• When you die in retirement your spouse will receive half of your pension. If you are male, that person is three years younger than you. If you are female, that person is three years older than you.
• Your pension is limited to 2/3 of your Plan Salary
• A 5 year guarantee is allowed for in the Annuity rates
• The illustration is based on the current yields on government bonds

What will my final pension depend on?

It will depend on a number of factors such as the date you retire and start to take your pension and your age at that time; the contributions you and your employer make up to retirement; how your Retirement Account is invested and the investment returns it achieves; whether you choose to buy a pension that increases each year as illustrated or a fixed pension with no annual increase; whether you choose to buy a pension where part would be paid to a spouse if you die before that person; whether you choose to exchange part of your pension for a cash lump sum at retirement and life expectancy; the cost of buying an annuity, which itself depends on expected investment returns and life expectancy, at your retirement age.

This statement is not a promise and it does not guarantee that a pension will be paid at the estimated amounts shown. The actual pension will vary from the estimated pension shown.

More information

If you would like more information about your benefits or you have any questions about your pension, you can contact the Plan administrators.

Limitations

The calculator works for part-time members provided they select their "actual" pay and date of joining and their part-time service fraction has not / will not change throughout their service in the O2 Pension Plan.

The calculator assumes any transferred in benefits are transferred in at the age of joining.