OSPS pension calculator

OSPS Cost Plan Modeller

The OSPS Cost Plan Modeller (36kb) estimates the accrued and payable benefits you may get under each cost plan from 1 January 2013 onwards. Figures are for guidance only.

OSPS Final Salary Benefit Calculator

This calculator estimates the level of your Final Salary pension and lump sum upto 31 December 2012, based on your salary and years' service.

OSPS Calculator (19kb)

How to use the calculator

Key in two figures:

  • Your (gross) final annual salary

    For example, a salary of £17,000 p.a. is expressed as 17000 (rather than 17,000 or 17, or 17K).

  • Your number of years' service, at the time you retire

    Either round up/down to a whole year (e.g. 12) or use a decimal fraction (not months-and-years). For example, 12 years and 3 months is expressed by the decimal 12.25.

The calculator will display back two figures:

  • Your (gross) annual pension

    This is the gross annual income that your pension will pay you. The annual amount will increase over time in step with the Retail Price Index. You will be taxed on your pension income, at a rate that depends on your particular personal allowance.

  • Your tax-free cash lump sum

    This is the one-off payment that you receive upon retirement. You are not taxed on this. The lump sum equals three times your gross annual pension.

There are caveats:

  • If you retire before age 60 (or before 65 if you joined after 1/8/2004), your annual pension and lump sum will be reduced by a formula amount. Thus they will be less than shown by the calculator. If you require details of the reduction, please contact the Pensions Office.

  • This calculator is not programmed to account for more complex scenarios such as career breaks, SERPS offset and part-time employment. If your situation is more complex, please contact the Pensions Office for a quotation.

  • This calculator only applies to the OSPS scheme. There are separate calculators for the USS scheme and NHSPS scheme.