My Civil Service Pension

AlibeeAlibee

Hi all,

I have a civil service pension. Earnt from 1997 to 2008. It’s been frozen ever since.
I have now returned to the workplace and am enrolled in my new employers scheme provided by True Potential Investor.

As I’m rather clueless about pensions, so my questions are:
Is my civil service pension ‘pot’ still growing / being invested ??

Should I leave my civil service pension alone or transfer into my new True Potential pension ??

I understand what I decide is up to me but I do need some guidance.
!!!129310;!!!127995;Here’s hoping there’s someone who can help. Thank you :think::think:

Brynsam

Why not look at the Civil Service pensions website and see how your pension has continued to grow (it isn't frozen)? Good clear explanation relating to whichever scheme(s) you were in from 1997 to 2008.

Silvertabby

Easy answer - unless True Potential Investor is also a final salary pension scheme (unlikely) then you can't transfer your Civil Service benefits into it.

The right to transfer public sector (unfunded) pension DB funds into DC funds ended in 2015.


ADD:

Just googled them, and they are indeed DC.

molerat

There is no pot.
Nothing is invested anywhere.
It is a defined benefit pension which is not subject to the whims of investment returns but, as its name suggests, gives a benefit that is calculated as defined in the rules and increases in both deferment and payment again as defined in the rules of the scheme.

xylophone

https://www.civilservicepensionscheme.org.uk/members/deferred/

Kynthia

You have a public sector deferred DB pension and you can't transfer this to a DC scheme. There is no pot on money invested, you have a promise of what you will receive which is backed by the government.

Do you have your statement of deferred benefits you received when you left your employment? This will tell you what you will get and when in 2008 prices. This will have increased each year by a percentage. You dont receive a statement each year because very little changes. The MyCSP website can tell you how to obtain a new quote should you wish to know what the current annual value and lump sum is in today's prices. The website also has information about your scheme, how to claim, various calculators, etc.

Scrounger

I am hoping the new Pension Dashboard will include public sector pensions.

Since the switch from Capita Hartshead to myCSP you can't log-in anymore to obtain an online valuation. :mad:

Scrounger

Thrugelmir

Scrounger wrote: »

I am hoping the new Pension Dashboard will include public sector pensions.

Since the switch from Capita Hartshead to myCSP you can't log-in anymore to obtain an online valuation. :mad:

Scrounger

Isn't the annual statement sufficient? Easy enough to uprate to the known rate of annual CPI as well for interim reviews.

bluenose1

My civil service was frozen when I left in 2006. I think it was worth £4,800. I asked for an up to date statement recently and it had increased by approx £1,000.
Not sure why but I don't get sent annual statements.

Scrounger

Thrugelmir wrote: »

Isn't the annual statement sufficient?
Easy enough to uprate to the known rate of annual CPI as well for interim reviews.

Even if I received an annual statement (which I don't - deferred classic member) the online portal was still very useful - eg I have been much more inclined to check my state pension forecast & NI contribution records regularly since online access.

Perhaps the cabinet office are hoping some of us deferred members simply forget to claim?

Scrounger

Tigsteroonie

No annual statements here either - but I'm not going to forget that I've got a CS pension so, if that's what they were hoping, it's failing here!