Civil Service Pension Savings Statement

commer

I have had a pension savings statement through for the first time and looked over the guide for it on the mycsp website however I can’t get to figures they have. 

Does anyone know which figures from the Annual Benefit Statement they use in the calculation?

Brie

Not sure but I know that with my work pensions when I look online i'm seeing current figures but the printed statement they send me is normally the previous April so they never match.  

I'm assuming this might be a final salary/defined benefit scheme rather than a defined contribution one.  If I'm right then your online info will always show a higher value as you have accrued more service and possibly had a pay rise. 

If however it's a DC one then it will be based on stock prices which as we all know go down as well as up.

hugheskevi

commer said:

Does anyone know which figures from the Annual Benefit Statement they use in the calculation?

None - the figures on Annual Benefit Statement and those used in Pension Saving Statement are different.

Your Annual Benefit Statement shows an estimate of your accrued pension as at 31st March. Your Pension Saving Statement shows increase in pension value above inflation between 6 April - 5 April.

By comparing latest Annual Benefit Statement to the statement from the year before you may be able to start to get close to being able to estimate figures on Pension Savings Statement, but you are very unlikely to be able to replicate them precisely, not least because how pension accrual between 1st-5th April each year is calculated may differ by individual payroll provider. 

Also, your Annual Benefit Statement benefits are calculated based on salary as at 31st March. Pension Saving Statement is calculated using final salary as defined under scheme rules, and so may be higher or lower than salary as at 31st March - potentially by a significantly amount.

commer

hugheskevi said:

commer said:

Does anyone know which figures from the Annual Benefit Statement they use in the calculation?

None - the figures on Annual Benefit Statement and those used in Pension Saving Statement are different.

Your Annual Benefit Statement shows an estimate of your accrued pension as at 31st March. Your Pension Saving Statement shows increase in pension value above inflation between 6 April - 5 April.

By comparing latest Annual Benefit Statement to the statement from the year before you may be able to start to get close to being able to estimate figures on Pension Savings Statement, but you are very unlikely to be able to replicate them precisely, not least because how pension accrual between 1st-5th April each year is calculated may differ by individual payroll provider. 

Also, your Annual Benefit Statement benefits are calculated based on salary as at 31st March. Pension Saving Statement is calculated using final salary as defined under scheme rules, and so may be higher or lower than salary as at 31st March - potentially by a significantly amount.

Thanks for the reply, problem is that I get no wear near the figure they have supplied base on the formula they have used. I’ll have to wait for them to respond to fully understand their calculation.