Your pension option

Welcome to your pension option calculator

This modeller is designed to help you understand the differences between Afterwork (your current pension plan) and the Barclays Pension Savings Plan (BPSP).

It will show the amount of pension you might receive from each plan based on how much you and Barclays contribute, how well you think investments will perform, how long you’re planning to stay with Barclays and when you think you might retire.

The pension amounts shown are based on assumptions about the future and therefore illustrations only. Before making any decision to leave Afterwork, you should consider consulting an independent financial adviser.

For employees based in Gibraltar, Guernsey, Jersey or Isle of Man please note that the tax and National Insurance rates applied are UK specific. This means that the monthly costs and the pension illustration in the calculator will not be correct for employees in these jurisdictions. If you are subject to Scottish tax then your monthly costs may also differ from those shown.

Please input the following information about you:

If you currently contribute to the Afterwork Investment Account, please input how much you contribute each month:

Your monthly contribution

This is your matched contribution (1%, 2% or 3%) plus any additional contributions you pay. It does not include the minimum 3% that you have to pay to the Credit Account.

or

If you want to include your Afterwork pension savings built up to date, please enter:

* The Credit Account is available in full at your Normal Retirement Age. If you decide to access your Credit Account early it may be lower than the Credit Account value at your Normal Retirement Age

You will find this information, and details of any legacy Barclays pension benefits (e.g. from the 1964 Scheme) you may have, on the Willis Towers Watson ePA website. You will find a link to the ePA on the My Rewards website under Savings and Retirement/Afterwork/Quick Links.

Afterwork

  • Credit Account
  • Investment Account
  • Barclays Pension Savings Plan
  • Built up to date
£13,768
£13,768
  • Credit account
  • Investment account
  • Barclays Pension Savings Plan
  • Built up to date

Value of Barclays credit to Credit Account

This % estimates how much Barclays needs to pay and invest today in order to credit your Credit Account with 20% of your salary at age 60. Your Credit Account also receives annual inflationary and discretionary increases.

Your contribution to your Credit Account

Regular contributions to the Credit Account. You pay 3% of your Pensionable Salary to the Credit Account.

Your contribution to your Investment Account

Regular contributions to the Investment Account that are matched by Barclays up to a maximum of 3% of your Pensionable Salary.

Barclays Matched Contribution

Barclays matches your contributions to the Investment Account up to a maximum of 3% of your Pensionable Salary.

Monthly cost to you (after income tax and NI savings)
£544.00

Barclays Pension Savings Plan

£10,969
£10,969

Barclays contribution to your BPSP account

The slider shows the contribution that Barclays will make to your BPSP account, based on your age. This contribution can be flexed, subject to a minimum (5% of basic salary, or £4,000, if less) and maximum level.

If you choose to flex down the contributions made by Barclays, you can sacrifice the excess of your benefits allowance and choose other benefits. Alternatively, you can take any unused benefits allowance as cash. If you do flex down and take the balance as cash, it will be paid with your salary but will be subject to tax and NI (see 'Net additional amount payable with salary').

Your BPSP contribution

Your regular contributions to the BPSP (via salary sacrifice).

Monthly cost to you (after income tax and NI savings)
£544.00

Net additional amount payable with salary

This is the amount you will receive in your salary each month. This figure has been reduced by the amount of NI Barclays is required to pay on cash payments and is net of your income tax and NI.

Net additional amount payable with salary
£544.00

Assumptions

The estimated pension amounts from Afterwork and the BPSP are based on a set of assumptions about the future, which may not be borne out in practice. If you choose to buy a lifetime annuity with your retirement savings, the actual pension you receive will depend on actual investment returns on the funds that you choose between now and retirement, and also on annuity markets at retirement. The pension figures shown in the calculator are not guaranteed and are for illustration purposes only. Before making any decision to leave Afterwork, employees should consider consulting an impartial financial adviser.

For employees based in Gibraltar, Guernsey, Jersey or Isle of Man please note that the tax and National Insurance rates applied are UK specific. This means that the costs displayed and the pension illustration shown will not be correct for these jurisdictions. If you are subject to Scottish tax then your monthly costs may also differ from those shown.

Please note that the Afterwork pension illustration produced by this calculator will differ from the illustration set out in your Afterwork benefit statement, and on the Retirement Planner on the pensions website, ePA. This is due to differences in the assumptions used. For instance, the calculator uses unisex factors whilst the statement uses gender specific factors. Your statement and the Retirement Planner also use investment return assumptions that are specific to your particular fund choice whilst the calculator does not look at your specific fund choices and instead uses more general investment return assumptions.

General assumptions

The investment returns assumptions used to estimate your annual pension figures are consistent with the Statutory Money Purchase Illustration (SMPI) basis, which has been set by the Government. This basis is assumed to apply from now until the time of your retirement, and is summarised below:

Inflation rate: 2.5% a year

Salary growth: 2.5% a year

Your current salary is used as the starting value for the calculator, which is then increased each year by the assumed salary growth level of 2.5% in the calculation of both your Afterwork and BPSP estimated pension figures. It is assumed that salary increases are applied in April each year.

The pension projections provided by the calculator are based on your chosen target retirement age and how long you think you will stay working at Barclays.

Pension benefits

The calculations assume that you will purchase an annuity which increases each year in line with inflation to a maximum of 5% a year with the value of your Barclays Pension Savings Plan or Afterwork account.

An annuity conversion expense of 4% is deducted from the value of your account to cover the expected costs charged by insurance companies.

You may elect to provide benefits to anyone in the event of your death after retirement. However, for simplicity the modeller assumes that you are providing a 50% spouse's pension to someone of the opposite sex and who is three years younger than you.

Tax allowances

The pension projections do not allow for Income Tax, which will be payable if your income is above the personal allowance in force at retirement.

If you have made sufficient UK National Insurance contributions you will also be entitled to receive a State Pension.

Monthly costs are calculated using Income Tax and National Insurance (NI) rates for the 2019/20 tax year.

The Lifetime Allowance (LTA) is £1,055,000 for the 2019/20 tax year and more information can be found on the HMRC website. If your pension benefits are in excess of the LTA, whether from Barclays or any other source, you may be liable for additional tax charges. No allowance has been made in the modeller for any benefits in excess of the LTA or benefits payable from other schemes.

The standard Annual Allowance (AA) is currently £40,000 and more information can be found on the HMRC website. This is the maximum increase in retirement savings that can be built up in any one tax year by you (after taking account of any unused Annual Allowance carried forward from the previous three tax years), whether in a Barclays scheme or any other approved pension scheme, without incurring an additional tax charge. No allowance has been made in the modeller for any benefit accrual in excess of the Annual Allowance. Your own personal Annual Allowance may be less than £40,000 if you have total taxable income of £110,000 a year or more.

Contributions

Tax thresholds, rates and personal allowances are based on the UK figures for the 2019/20 tax year and can be found on the HMRC website.

For the purposes of calculating tax savings on contributions, it is assumed that you have no taxable income in addition to your salary, and that you are entitled to the standard Annual Allowance of £40,000. It is also assumed that your tax code entitles you to the 'standard' personal allowance.

Please remember that when you are comparing Afterwork to BPSP that you should also consider the death and ill-health benefits that are associated with each plan. More detail on these is provided in the Read about the plans section on the Your Pension Journey website.

Investments

The calculations assume that the value of your Investment Account and BPSP account will increase in line with the investment returns assumptions that you select. As you near retirement, the calculator also assumes that you will gradually switch to lower-risk investments, which normally give more modest but predictable returns.

Internal Earnings Cap

An Internal Earnings Cap of £125,000 is assumed to apply for all members. However, if you joined Afterwork before 1 June 1989 then you may not be subject to this cap and therefore the modeller may underestimate your benefits.