Pension calculators
Use these tools to model your GMPF pension options — the maximum tax-free lump sum you could take, how retiring early changes your benefits, and how your target income compares to published retirement living standards.
Calculate your maximum lump sum
Enter the value of your standard pension benefits to get an estimate of your maximum tax-free lump sum under HMRC rules. For every £1 of annual pension you exchange, you receive £12 as a tax-free lump sum, up to a cap of 25% of the capital value of your benefits.
You can find your standard pension and lump sum figures on your latest annual benefit statement or by signing in to your My Pension account.
These figures are illustrative only. They don't include reductions for early payment, AVCs, or lifetime allowance impacts. GMPF will confirm your actual options in writing when you apply to take your pension.
Early retirement reduction calculator
If you draw your pension before your normal pension age, a reduction is applied because the pension will be paid for longer. The factors below apply to members leaving on or after 3 July 2023.
View full reduction factor table
| Years early | Pension reduction | Lump sum reduction |
|---|---|---|
| 0 | 0.0% | 0.0% |
| 1 | 4.9% | 1.7% |
| 2 | 9.3% | 3.3% |
| 3 | 13.5% | 4.9% |
| 4 | 17.4% | 6.5% |
| 5 | 20.9% | 8.1% |
| 6 | 24.3% | 9.6% |
| 7 | 27.4% | 11.1% |
| 8 | 30.3% | 12.6% |
| 9 | 33.0% | 14.1% |
| 10 | 35.6% | 15.5% |
| 11 | 39.5% | N/A |
| 12 | 41.8% | N/A |
| 13 | 43.9% | N/A |
These figures are illustrative only. Scheme protections (such as 85-year rule cover), ill-health retirement and employer-consent flexible retirement may change the reduction actually applied. GMPF will confirm your reduced benefits in writing as you approach retirement.
Retirement living standards
Pensions UK publishes three retirement living standards — Minimum, Moderate and Comfortable — showing what a year in retirement typically costs. Enter your expected annual retirement income (GMPF pension + State Pension + any AVCs) to see which tier you reach.
Single person — annual income
- Minimum
- £13,400
- Moderate
- £31,700
- Comfortable
- £43,900
Source: Retirement Living Standards, Pensions UK (2024).
The living standards are a national benchmark and are not a guarantee of any specific lifestyle. Your actual retirement costs will depend on where you live, your health, and your personal choices. GMPF is not a financial adviser — for regulated advice please contact an FCA-authorised adviser.
Need a personal estimate?
Sign in to My Pension to see figures based on your own record, or contact our member services team if you have questions.