The HBOS Pension Planner consists of three screens:
1. Input Form
Enter a few basic details about yourself to get things started.
2. Contribution Calculator
Set your current salary and how much you want to contribute towards your retirement and see that figure grow - thanks to help from HBOS and sizeable tax breaks.
3. Pension Calculator
See a projection of your fund and see what your annual pension and tax-free cash might be worth when you reach retirement - all in today's prices, so comparisons are easy.
Moving Around
You can move backwards and forwards between the screens at any time, by clicking on the buttons to the top right of the screen. Alternatively you can use the TAB key to move around and ENTER to activate your choice.
Wherever you are asked to input information, you can either use the keyboard to enter a value or use the mouse to click on the arrows or drag the sliders up and down.
Wherever you are asked to input information, you can either use the keyboard to enter a value or use the mouse to click on the arrows or drag the sliders up and down. .
Help Is At Hand
If you see a blue question mark, click on it for more information and help about that item.
If you see a yellow warning triangle, click on it to see important information about the step you are at.
Entering Your Details
Gender
Pension Planner asks for your gender because different life expectancy rates for men and women will affect the projected retirement benefits.
Age
Pension Planner asks for your age, because it makes calculations based on your current age and your expected retirement age. Click on the arrows to select the value or input it directly using the keyboard.
Job level
Click on the arrows to select your current job level or input it directly using the keyboard.
Current fund value
Click on the arrows to set the current value of your individual retirement account with the scheme or input it directly using the keyboard.
Details of the value of your retirement account can be found on your annual pension benefit statement, which is sent to you every July.
If you want a more up to date valuation, contact the Group Pensions team.
Salary
You should round your current salary to the nearest £1,000. To set your salary level drag the slider up and down.
Contribution Rate
To set the contribution rate, drag the slider up and down. The contribution from HBOS will be set automatically.
Retirement Age
To set the age you expect to retire, drag the slider to the left or right.
Investment Returns
To set the annual level of investment return that you expect to receive, drag the slider to the left or right.
Pension Planner sets the default investment return level to 7%, which is the value that the Financial Services Authority suggests should be used when illustrating Money Purchase Pension Schemes. However this is not a guarantee of future investment returns – these will depend on a number of factors, including future economic and financial performance, which are not predictable.
You are strongly advised to use the Pension Planner to create different scenarios that show the effect on your retirement benefits of different levels of investment return. If you assume high levels of investment return which do not materialise in reality, then your actual retirement benefits could be significantly lower than you expected when you retire.
Salary Increases
To set the average level of salary increases you expect over the rest of you working life, drag the slider to the left or right.
Tax Free Cash On Retirement
To set the amount of tax-free cash you would like to receive on retirement, drag the slider up or down.
Start the Planner
Click on the link below to access the Pension Planner and don't forget to read this help page and other important information.
more about the planner
