New USS modeller

swindiff

I've lost that much per month  
I have sent an email to ask why the discrepancy.

bluenose1

Simes122 said:

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.

Excellent advice Simes122,  I had been using the calculator on my iPad and had missed the section to preserve DC. pot. All looks as it should when I do that.

PJM_62

Definately a much improved gui.  Thanks for pointing out it was there.
For flexible retirement , taking 80%, the projection gives me what I expect..
8.5 pension , 25.5 TFLS and IB pot of 100+.

How do I use it to keep the same 8.5k pension, but with max TFLS by using some of the IB pot (added to the standard 25.5) ?
Its insisting on doing calcs for extra pension, whereas i only want to use some IB for extra TFLS.  

bluenose1

PJM_62 said:

Definately a much improved gui.  Thanks for pointing out it was there.
For flexible retirement , taking 80%, the projection gives me what I expect..
8.5 pension , 25.5 TFLS and IB pot of 100+.

How do I use it to keep the same 8.5k pension, but with max TFLS by using some of the IB pot (added to the standard 25.5) ?
Its insisting on doing calcs for extra pension, whereas i only want to use some IB for extra TFLS.  

I had that exact same issue and  Simes 122 reminded me you have to click on the section below in the calculator and reduce the amount of DC to take until it matches the amount of pension you want to claim.
It’s not very clear to do this.

 

PJM_62

bluenose1 said:

PJM_62 said:

Definately a much improved gui.  Thanks for pointing out it was there.
For flexible retirement , taking 80%, the projection gives me what I expect..
8.5 pension , 25.5 TFLS and IB pot of 100+.

How do I use it to keep the same 8.5k pension, but with max TFLS by using some of the IB pot (added to the standard 25.5) ?
Its insisting on doing calcs for extra pension, whereas i only want to use some IB for extra TFLS.  

I had that exact same issue and  Simes 122 reminded me you have to click on the section below in the calculator and reduce the amount of DC to take until it matches the amount of pension you want to claim.
It’s not very clear to do this.

 

Awesome.
Thanks bluenose 👍

PJM_62

Not sure how many of you are aware of this but I just found out about the changes to early retirement (and flexible retirement ) factors that are happening from after 1Apr24.

https://www.uss.co.uk/for-members/calculate-your-benefits/factors-used-by-uss

I think it means an increase in the pension reduction from about 3.5% to closer to 5% , per year.

WillC999

A very basic question, but somewhat critical. When the modeller quotes a figure for retirement at 65 (for me still a decade away), is this figure in future or current terms? What I mean is, is the 18k quoted 18k in 2036 terms, which with inflation will be more like 12k in todays terms, or actually 18k in todays terms? I cannot find this info anywhere.
Thanks!

2nd_time_buyer

It is £18k in today's terms (your second option)

WillC999

Thanks - are you totally sure? So, assuming cornflakes cost £1 a box NOW, in 2036 I would still be able to buy 18000 boxes? 

I only question this because it’s highly significant and I find it baffling that the USS website doesn’t  spell this out. 

WillC999

Also I think this might have changed from old to new modeller?