If you are experiencing technical problems with the modeller please see our help page or contact our webmaster if you can not find the solution. To verify that you have the latest version of Java installed on your machine visit http://java.com/en/download/installed.jsp.
If you are not familiar with the modeller or are experiencing difficulties using it, please read on.
How to use the modeller
First you must enter your pensionable salary. If you don’t know what this is, click on the help link next to the field and enter your monthly pension contribution from a recent payslip and the modeller will work it out for you.
Then you should enter the rest of the information from your service statement. The shaded boxes on your statement correspond to the shaded fields on the modeller.
If you do not have a service statement and wish to select an alternative calculation date, you will still need to enter the same information.
If you do not know what your pensionable service up to the calculation date is, click on the help link and enter your service dates and the modeller will work it out for you.
Please note:
This help link will not take any periods of absence or fluctuating part-time hours in to account.
If you already have one or more AVC contracts, tick the box at the bottom of the first screen before clicking on the ‘Next >' button.
A further screen will appear for you to complete the details of your AVCs. Having completed this screen, click on the ‘Next >’ button again.
After the modeller has loaded, below the modeller itself there is a drop-down box of additional options. To access these options you should click on the arrow, as circled:
The following options will then be available:
To proceed, you should select an option then click the Go button.
The Future salary option
- allows you to enter your current salary, and an estimated salary increase (in % per year until retirement). When you click 'Next', the modeller will be updated with your estimated future salary.
The AVC early termination tool
- allows you to model early termination of your AVC contract and the effect this will have on your additional pension assuming you take these additional benefits at your planned retirement date.
Exclusions
The modeller is not designed to deal with the more complex pension histories or unusual personal circumstances and therefore, will not be appropriate for some categories of member. These include members who:
- Are absent or whose membership is suspended at the service statement date
- Are over age 65 at the service statement date
- Are variable time employees
- Are in the process of applying for ill-health retirement.
If you are affected by these exclusions, please refer to USS.
Please note the following:
If you commence an AVC contract on or after 1 April 2006 and select a cessation date earlier than age 65, an early retirement factor will be included within the rate you are paying.
For example
If you are a male age 52 and take out an AVC contract to age 65 you will pay a rate of 1.89% for each year of service. If you choose to commence the same AVC contract but retire at age 60, you will pay an increased rate of 4.39% for each year of service. The increased rate takes into account the fact that you are paying the same amount of money over a shorter period of time and that you will receive your benefits 5 years earlier than your normal retirement age of 65.
The modeller does not take into account:
- retained benefits i.e. benefits accrued in another scheme,
- Money purchase AVCs, or
- free standing AVCs (FSAVCs).
For information on the Money Purchase AVC facility, please access the prudential USS website or contact the Prudential (see the contact us page).
Multiple appointment holders need to aggregate the pensionable salaries from the different posts and enter this as the pensionable salary.
Some benefits in kind are pensionable. If you think part or all of the benefits you receive are pensionable but you are not sure, enter the monthly contribution from a recent payslip in the salary help tool to calculate your pensionable salary.
If you are part-time, the modeller has calculated the AVC service at the full time rate. This service will be reduced in accordance with your part-time service history at retirement. The total service figure shown at your selected retirement age is based on your current part-time service fraction. The cost of the AVC together with the pension and lump sum figures shown are based on your current part-time service fraction. If your part-time service fraction is subject to change, please request a quotation from USS.
For AVCs starting before A-Day (6th April 2006) the modeller will apply pre A-Day limits to contributions
For AVCs starting on or after A-Day the modeller will apply only scheme limits to contributions.
Please refer to USS in these cases.
If you are experiencing technical problems with the modeller please see our help page or contact our webmaster if you can not find the solution.