About MyPensionTools
Assumptions and use of the MyContributionsCalculator tool.
The tools available on MyPensionTools are for general guidance only. Please make sure that you understand how they work and their limitations before using them.
Before making retirement decisions, we recommend you take advice from an independent financial adviser authorised and regulated by the Financial Conduct Authority. You should also bear in mind that there are many issues to consider when deciding how to save for your retirement, and the figures provided by MyContributionsCalculator should only be one aspect of that consideration.
MyContributionsCalculator
MyContributionsCalculator does not take into account any alternative methods of retirement savings such as ISAs or stakeholder pensions. You are responsible for carrying out your own investigations before deciding how much to contribute to your pension account. You should take independent financial advice if you are not sure what to do, or want specific advice about your personal circumstances. You should also bear in mind that there are many issues to consider when deciding how to save for retirement, and the figures provided by MyContributionsCalculator should only be one aspect of that consideration.
Using MyContributionsCalculator
Your pensionable salary: This is your annual reference basic salary at 1 April each year up to a maximum of £141,000 (2022/23 tax year).
Your contribution rate: The Plan is non-contributory, although you can choose to make your own contributions through Flexible Benefits during the annual enrolment period. You can contribute between 1% and 6% of your pensionable salary as Flex matched pension contributions and the Company also pays a 1:1 matching contribution according to the rate that you pay.
You can pay more than 6% of your pensionable salary if you wish as Flex additional contributions, or as a quarterly lump sum AVC payment (in March, June, September and December). Flex additional contributions are payable for a full Benefit Year and do not attract Company matching contributions. You get full tax relief on all your contributions up to certain limits.
The standard Company contribution rate is 6% of pensionable salary before matching contributions. Some members are entitled to alternative legacy contribution rates but for the purposes of this illustration a flat rate of 6% has been assumed.
Cost and contributions: The net cost to you, Company contributions and the amount invested in your pension account (including tax relief) each month are all estimates. These estimates are based on the information you enter and tax rates for 2022/23, and assumes:
• you have the standard Personal Allowance for income tax purposes of £12,570 for 2022/23.
• your annual pension contributions do not exceed your Annual Allowance. If they do, you will be subject to an additional income tax liability. These calculations do not allow for this additional tax, which would serve to increase the cost to you.
• you are over age 21 (or over age 25 if an Apprentice) and have not yet reached your State Pension Age and that you therefore currently pay ‘Class 1A’ National Insurance Contributions.
• you are resident in England for income tax purposes.
If your earnings exceed £100,000 a year (2022/23 tax year) you will be affected by a reduction in your Personal Allowance for income tax purposes. These estimates do not allow for this reduction so the actual cost to you may be less than the estimated cost shown.
Plan and Revenue limits: MyContributionsCalculator takes into account certain Plan and Revenue limits. For example, it limits your pensionable salary to a Plan specific earnings cap of £141,000 (2022/23 tax year). You should also remember that tax relief on your contributions depends on your individual circumstances, current tax rates, and the annual allowance for pension contributions, all of which may change in the future. Neither the calculator nor the budget planner take into account your personal tax position including any tax changes that may arise under legislation.
MyPensionTools Website – Terms and Conditions
Important notice: Please read these terms carefully. Use of this MyPensionTools website (the "website") by you indicates that you accept these terms. If you do not accept these terms, do not use this website. Access to this website is provided to you by the Trustee of the J.P. Morgan UK Pension Plan and/or your employer. However, the Services provided through the website are provided by Willis Towers Watson Limited ("Willis Towers Watson", "we", "our" or "us") and are subject to these terms and conditions ("Terms"). Please read these Terms carefully before continuing to access the services described below. A USERID and Password will give you access via the Internet to a facility which will enable you to input information about your pension and other income streams in order to obtain an insight of a potential target retirement income and understanding contribution choices in the J.P. Morgan UK Pension Plan (referred to as the "Services").
These terms apply in addition to the terms and conditions applicable to the MyPension website generally. In the event of any inconsistency between these terms and the terms applicable to the MyPension website, these terms will take precedence in relation to your use of the MyPensionTools website.
1 Trustee liability
1.1 The website is for information only and enables you to input personal data in order to obtain certain data analyses. Whilst appropriate measures have been taken to ensure the accuracy of these analyses, the results are calculated on certain assumptions and the information provided by you, and are for illustration only. What actually happens and your individual circumstances may vary considerably from the assumptions on which the analyses are based and therefore you should not rely on them. Any analyses provided by or through this website do not constitute financial advice either from the employer, the Trustee or Willis Towers Watson. If you need specific financial advice, you should consult an independent financial adviser before making any financial decisions.
1.2 Neither the Trustee nor your employer will be liable in contract, tort, negligence, breach of statutory duty or otherwise as a result of any inaccuracy, inadequacy or incompleteness in the content of any data generated or provided through the website or otherwise in connection with the supply of the Services.
1.3 There are a number of disclaimers and other terms and conditions which appear on other pages of the website. These disclaimers and other terms and conditions typically apply to operations which may be performed on this website and appear on the pages of the website where these operations are performed. By using this website, you do so subject to the disclaimers and terms and conditions whether they appear on this page or other pages of the website.
2 Provision of the Service
2.1 Once you have accessed the Service using the USERID and password, you will be deemed to have accepted these Terms and these Terms will form a legally binding agreement. From that moment, you will then have the right to access the Services in accordance with these Terms until your right to use the Service is terminated.
2.2 You are granted the right to use the Service and the USERID and password, solely in accordance with these Terms and any other instruction or direction for use supplied to you by us from time to time via the Service or otherwise.
2.3 Technological changes from time to time may make the equipment which you use to access the Service (the "Equipment") obsolete or otherwise unsuitable. You are solely responsible for providing, updating, or replacing any part of the Equipment and for any telecommunication and other related costs. We make no warranty as to the suitability or otherwise of the Equipment, which is your responsibility alone. We reserve the right to change the Service at any time even if this causes you the need to update or replace the Equipment.
3 Security and Personal Data
3.1 To generate outputs using the website, you will be required to submit specified personal data which you must ensure is accurate. Any personal data that you submit to the website will be processed automatically by Willis Towers Watson, its affiliates or third party contractors to Willis Towers Watson solely for the purpose of generating outputs from the website, and you consent to the same. The personal data that you submit to the website will not be stored for any longer than is necessary to generate the requested outputs. For the purposes of the Data Protection Act 1998, Willis Towers Watson is the data processor. You shall not input the personal data of any third party into the website.
3.2 You will be responsible for the use of the USERID and password.
3.3 It is your responsibility to keep the USERID and password secret. In particular, you should not disclose the USERID or password to a third party or allow the Service to be accessed by a third party using the USERID and password.
4 Title
4.1 We own the copyright and any other intellectual property rights subsisting anywhere in the world relating to the Service.
5 Restrictions on Use
5.1 You may not copy, reproduce, duplicate, modify, adopt or lend, sell or otherwise transfer, in whole or in part, any of the information contained on the website, except for the purpose of accessing the Service and producing printouts for your own personal use.
6 Limitations of Liability
6.1 We make no warranty or representation that the Service will always be available or can be accessed at all times. The Service may be temporarily unavailable or restricted for administrative or other reasons. The Service may be temporarily or permanently suspended in the event of termination of the agreement between us, the Trustee of the Plan and/or your employer (or, in the case of deferred members and pensioners, your former employer) under which the Service is being provided to you. We do not accept any responsibility and will not be liable for any loss or damage as a result of negligence or otherwise, arising out of or in connection with any interruption, suspension or loss of use of the Service.
6.2 You acknowledge that your uninterrupted access to the Service may also be prevented by certain factors outside our reasonable control (a "Service Disruption Event") including, without limitation, the in-operation, inefficiency or unsuitability of the Equipment and the unavailability, in-operation or interruption of Internet or other telecommunication services. Non-performance by us of our obligations under these Terms will not be a breach of these Terms where such non-performance results directly or indirectly from a Service Disruption Event. We do not accept any responsibility and will not be liable for any loss or damage arising out of or in connection with any such Service Disruption Event.
6.3 We do not accept any responsibility and will not be liable for the inaccuracy or incompleteness of any data or information received by you or by us through the Service which arises out of or in connection with data transmission, machine or software error or malfunction or from your operating error (other than such inaccuracy or incompleteness arising as a result of our negligence, fraud or wilful default).
6.4 We do not represent or warrant that this website will be error-free, free of viruses or other impairing or harmful components.
6.5 The content and any information available on or through this website is for information purposes only. We do not hold ourselves out as providing any actuarial, accounting, consulting, investment, legal, tax or any other type of professional advice. The accuracy, completeness, adequacy or currency of the content of and any information available on or through this website is not warranted or guaranteed. We expressly do not warrant that the calculations produced by the Service will be accurate or that they can be used as the basis for the making of investment or pension planning decisions. By accepting these Terms you acknowledge and accept that any financial information contained in any such planner or other software tool is provided for illustrative purposes only and should not be relied upon as the basis of any decision to enter into any financial transaction and must not be used in place of professional financial advice.
6.6 This website may contain links to other websites provided by independent third parties. We accordingly make no representations whatsoever concerning the content of those sites and the fact that we have provided a link to a particular site is not an endorsement, authorisation, sponsorship or affiliation by us with respect to such site, its owners or its providers.
6.7 Except as expressly set out in these Terms, all other warranties, terms and conditions, whether implied by statute, common law or otherwise (including but not limited to satisfactory quality and fitness for purpose), are hereby excluded to the extent permitted by law.
6.8 We will not be liable if and to the extent that any losses, damages, cost or expenses suffered by you are due to the provision of false, inaccurate, misleading or incomplete information or documentation by you or any third party or due to the acts or omissions of any person other than us or any of our directors, officers or employees including without limitation the incorrect use of the Service by you or your failure of to correctly input any data and/or information in connection with the Service.
6.9 Our aggregate liability to you whether in contract, tort, breach of statutory duty or otherwise for any losses whatsoever and howsoever caused arising from or in any way connected with the Service or this website shall not exceed £5 million (including any claims for interest and costs).
6.10 Nothing in this clause 6 shall exclude or restrict any liability of Willis Towers Watson for personal injury, death, fraud or dishonesty or otherwise to the extent that we cannot do so by law.
7 Termination and Notice Provisions
7.1 We may terminate your right to use the Service by giving notice in writing (whether electronically by means of the Service or otherwise) which will be effective immediately upon being sent.
7.2 We reserve the right to amend these Terms from time to time. You will be notified of any such amendments and your access to or use of the website and/or the Services will be subject to the then-prevailing Terms.
8 General Provisions
8.1 Our failure or delay to enforce any right under these Terms will not be construed as an implied waiver of the same or of any other right in the future.
8.2 All of the terms and conditions relating to the Service are contained in these Terms and any other instruction or direction for use supplied to you by us. No oral communications that you may have with us shall override, supersede, vary or in any way alter these Terms or any part thereof unless we confirm them to you in writing.
8.3 If any provision in these Terms is held or made invalid by any competent court, statute, rule or otherwise, the remainder of these Terms will not be affected.
8.4 These Terms and any non-contractual obligations arising from or connected with these Terms shall be governed by and construed in accordance with the laws of England and Wales.
8.5 The Courts of England will have exclusive jurisdiction to settle any claim or matter arising under or in relation to these Terms.