New USS modeller

2nd_time_buyer

Just a heads up, that there is a new benefits modeller on the USS site:

https://www.uss.co.uk/my-uss/calculators-and-tools/benefit-calculator

There are more options in terms of how and when to take the DC and DB benefits.

It does not take into account the (improved) changes to DB contributions next year.

It would be interesting to hear any feedback, I have not looked at it too closely. 

Beckster1964

Thanks for sharing. Had a quick look and it is a big improvement on what was there before, which wasn’t very helpful for those of us that had left but hadn’t started drawing pension. Has tempted me to take early retirement!

Cornish_mum

Wow it’s so much better than the old one! Actually might be quite useful CM

2nd_time_buyer

I had a better look this morning. it seems very comprehensive. There are quite a few more options if you login on a computer rather than a phone. 

swindiff

The new modeller shows my DB pension at 60 is £900 a year less than the old one

bluenose1

swindiff said:

The new modeller shows my DB pension at 60 is £900 a year less than the old one

I was pleasantly surprised that the modeller was lower than my actual quote, think it was because some of our pension is subject to the old rules and it doesn’t take it all into account. 

Not sure the calculator is correct when using the My Projection part. 
I put in my £5K pension and £100,000 DC pot into the calculator.
It assumes I want the max tax free cash by giving up some of my lump sum, whereas I want the standard pension with the max tax free cash. When I reduce the max tax free cash to £15,000 on the slider it  keeps the annual pension at £5448 and says I would have £85,000 left in my D.C. pot.
When  surely it should reduce my pension back to £5,000 and I would have £15k lump sum and £100k in my D.C. pot.

Am going to ring them up next week as have asked twice now for a quote for standard pension with max tax free cash. 

The latest letter just mentions the £5000 and £15,000 lump sum and says I can ask for more quotes closer to the time.
i want to take my pension 1st April 24 so how much closer to the time do they want me to ask!!!!

swindiff

I was told by USS that the old modeller did differentiate between different parts of the pension for actuarial reduction.  Maybe the new one doesn't which could explain the difference?

Simes122

bluenose1 said:

swindiff said:

The new modeller shows my DB pension at 60 is £900 a year less than the old one

I was pleasantly surprised that the modeller was lower than my actual quote, think it was because some of our pension is subject to the old rules and it doesn’t take it all into account. 

Not sure the calculator is correct when using the My Projection part. 
I put in my £5K pension and £100,000 DC pot into the calculator.
It assumes I want the max tax free cash by giving up some of my lump sum, whereas I want the standard pension with the max tax free cash. When I reduce the max tax free cash to £15,000 on the slider it  keeps the annual pension at £5448 and says I would have £85,000 left in my D.C. pot.
When  surely it should reduce my pension back to £5,000 and I would have £15k lump sum and £100k in my D.C. pot.

Am going to ring them up next week as have asked twice now for a quote for standard pension with max tax free cash. 

The latest letter just mentions the £5000 and £15,000 lump sum and says I can ask for more quotes closer to the time.
i want to take my pension 1st April 24 so how much closer to the time do they want me to ask!!!!

Bluenose -  go to the more options bit, and choose less DC savings.  Set the figure to preserve your DC pot and it’ll give you what you want.  Ie you are getting the max tax free then without commuting any of your DC pot to annual pension.

GingerTim

Ta - £10,000 a year back in my pocket following the restoration of benefits. I nearly cried!*

* I did

StarryNightsWalker

I apologise in advance if this is a silly question…

I’ve used the deferred pensions increase modeller in the past (& today) and it tells me that my DB pension will be £10,079 at 65 yrs (currently 54 yrs old) plus lump sum of £30,236 assuming inflation of 2.5%. I followed the directions in a letter from USS so entered my leave date (in Oct 2009) and the ‘accrued pension before 1st Oct 2011’ added was £5529.63 (as provided by USS).

Then as I saw the link above I clicked on it and it goes straight to a page saying I have a projected DB at 65 yrs of £7831 pa plus £23,492 lump sum. Initially I panicked! However, comparing back with the deferred pensions tool these figures match my figures on date of calculation (I.e. today). So assume no growth at all between now and 10.5 years time.

Why are there two tools on the same website projecting different figures for my DB pension when I am aged 65 years. Is it just that the deferred modeller projects what it could potentially be if inflation is 2.5%, whereas the new benefits link shows the guaranteed minimum it possibly could be if no growth at all?

Thanks!

kinger101

Hmm, I seem to have lost about £85 pa compared to the old modeller.