The HBOS Pension Planner is designed to be easy to use and as relevant as possible to different colleagues' circumstances.
In order to achieve this, the Pension Planner makes a number of assumptions:
- You will stay in the HBOS Group Money Purchase Scheme until you retire.
- All contributions will continue at the same rate up to your retirement age.
- Company contributions are based on the contribution structure introduced in April / May 2006.
- Your pension at retirement will:
- Include a pension equal to 50% of your own which will be paid to a dependant on your death.
- Increase each year in line with price inflation
- Be guaranteed to be paid for at least 5 years following retirement.
- Be based on your dependant being 3 years younger than you.
- Price inflation will stay at a constant 2.5% per annum until you retire and start drawing your pension.
- Income tax relief is based on the standard personal allowance.
- It will cost 1% of your fund value to set up your pension at the time your pension benefits are paid.
- After 2010 the Lifetime Allowance will increase in line with price inflation. If the Lifetime Allowance is exceeded, no additional tax is deducted
more about the planner
