The pension commutation calculator

From 1 April 2008, members of the NHS Pension Scheme have the option to give up part of their pension to increase their tax free lump sum. This calculator allows you to input estimated pension figures to model the permitted variations.

Any figures obtained from this calculator are for the purposes of illustration only. They will give an indication of what you might get, but final benefits may vary depending on changes in your personal circumstances and to the rules of the pension scheme.

Figures do not include any reduction for income tax that may be due on your pension or potential lifetime allowance charges.

You should consider seeking independent professional financial advice before making any decisions.
Calculator for modelling the conversion of pension to additional lump sum
Step 1: Enter the standard pension and lump sum (this is the gross pension before any income tax is deducted)
Standard pension:
Standard lump sum:
Step 2 (optional): Click 'Calculate' to see the maximum additional lump sum allowed
Maximum additional lump sum:
Pension required to be given up:
Step 3: Choose from the following
Specify the amount of gross additional lump sum you would like to take
Specify the annual amount of gross pension you wish to give up for additional lump sum
Step 4: Enter the appropriate amount and click 'Model' to see the effect on your pension and lump sum
Additional lump sum required:
Pension to be given up:
Results:
Reduced pension:
Total lump sum: