Pension modellers
When a pension scheme changes its benefit structure, it can be difficult to give members a document that both explains all the options and gives the personalised calculations for all those options.
An online pension modeller allows scheme members to see their personalised calculations but also to vary certain assumptions to see what would happen if, for example, their future pay rises were unusually high or unusually low. They could also look at early retirement options and the effect of increasing their voluntary contributions.
Depending on the business requirement, a scheme member could be allowed to model:
- retirement age
- contribution rate
- investment rate of return (overall, or individually by asset class)
- salary inflation rate
- rpi
- annuity type (proportion of spouses' pension & post-retirement increases)
- proportion of pension taken as cash
- benefit section (such as remaining in the old scheme versus moving to the new)
Pension change modellers tend to have a short live and must therefore be done to a tight budget. They must also be available exactly when required during a consultation period so must be on time. Tight project management is essential.
ABC has produced a wide range of these modellers since 2005 that have proved to be highly flexible and very cost-effective. Contact us for further details.