Single pension scheme estimate help

[partnership]

Help required to work put my estimate please.Tried the estimate tool bit it did not work compared to my statement.
Statement at end of 2023 says benefits earned are pension 1245.22 and lump sum 6674.38.
Payslip at end of 2024 says I paid total for year of asc/prd 1391.53, pension 3798.56.
2025 pay asc/prd 59.97 and pension 160.70 per fortnight. Salary is 80564.
I am taking cost neutral in may last day on payroll will be 20th may 2025. Can anyone give me an idea of what I will get please.

 

[partnership]

Anyone please?

 

[AAAContributor]

Rough calculations would be....

	Pension	Lump Sum
Referable amount as at end-2023	1,245.22	6,674.38
2024 inflation rate	1.40%	1.40%
Uprated referable amount	1,262.65	6,767.82
Referable amount built up in 2024	644	3,021
Referable amount as at end-2024	1,906.65	9,789
Referable amount to be accumulated in 2025	245.25	1,150.46
Referable amount before application of CNER factor	2,151.90	10,939.46

I am taking cost neutral in may last day on payroll will be 20th may 2025.

You haven't indicated what age you will be for CNER.

The CNER actuarial reduction factors can be found here.

 

[partnership]

Thanks AAAcontributor that is very helpful. I will be 60 so can work it out.

 

[partnership]

Does the ASC deduction not go towards the pension? How is the inflation rate calculated as 1.4 seems low?

 

[AAAContributor]

Does the ASC deduction not go towards the pension?

Single Scheme members are required to pay contributions (employee contributions + ASC) from pay in order to build up benefits (Referable Amounts) under the Scheme.

It's the benefits you need to focus on for the purposes of your exercise.

More information on the Single Scheme can be found here.

How is the inflation rate calculated as 1.4 seems low?

It's the percentage change in the index value from Dec 2023 (index value = 100) to Dec 2024 (index value = 101.40).

The inflation rate applicable to cumulative benefits earned by members to 31 Dec 2023 is detailed in Circular 3 of 2025 here.

You can verify this figure using the CPI Calculator here.