Orbit brings out online pensions calculator for DB members

Orbit Benefits has launched an online pensions calculator for members of defined benefit (DB) schemes to log into and work out how much money they will receive from their pension on retirement.

The DB modeller complements Orbit Benefits’s existing modeller for defined contribution (DC) pension schemes.

Individuals must input details such as age and salary to obtain an accurate reading.

Charlie Carrick, director at Orbit Benefits, said: “This is for employees in DB schemes, whether they are closed or active, that want to know what they will receive in retirement and what they would receive if they retired early.”

The price of the calculator depends on the number of employees in a DB scheme.