MyCSP have a cunning plan...

NJB62

Dear Forumites,
I have recently received (and returned) an enclosure to a letter that I received from Civil Service Pensions, inviting me to claim my pension - how efficient, I thought !
But now I am having second thoughts; I note that the pensions are augmented each April, using the CPI rate from the preceding September.
In my case, this is 3.1%, if I take my pension this coming September. If however, I take it in May next year, then a CPI rate of ca7.2% will apply, if projections are accurate.
If I wait until then, the monthly uplift will be ca£20 per month, which will not really be worth the wait, but it is the lump sum that I am taking into account, as this will be an additional £900, plus additional interest added to the WPS, which should be refunded.
But my concern is that inexplicably, a portion of my lump sum (according to the on-line Modeller) has been applied to the Alpha pension scheme, despite my being in the 'Classic' pension scheme.
So, dear readers, what should I do for the best?  Take the pension when I reach 60 in September; take it next year, or await this years quote and ask MyCSP to explain how the Alpha pension scheme works in my case ?
Meanwhile, take note, do the sums before hastily taking your pension.

Grumpy_chap

This might be better on the pensions board?

Savvy_Sue

Or taking personal advice, there's a lot to consider and your own personal situation, which a proper adviser would be able to extract from you. 

Dizee123

This really should be moved to the pensions board where there a number of individuals who have great knowledge of public sector pensions schemes and the intricacies of all the Civil Service pensions schemes in particular. 

You probably also need to work out if you lose money by not claiming it when you are 60.

drummersdale

NJB62 said:

Dear Forumites,
I have recently received (and returned) an enclosure to a letter that I received from Civil Service Pensions, inviting me to claim my pension - how efficient, I thought !
But now I am having second thoughts; I note that the pensions are augmented each April, using the CPI rate from the preceding September.
In my case, this is 3.1%, if I take my pension this coming September. If however, I take it in May next year, then a CPI rate of ca7.2% will apply, if projections are accurate.
If I wait until then, the monthly uplift will be ca£20 per month, which will not really be worth the wait, but it is the lump sum that I am taking into account, as this will be an additional £900, plus additional interest added to the WPS, which should be refunded.
But my concern is that inexplicably, a portion of my lump sum (according to the on-line Modeller) has been applied to the Alpha pension scheme, despite my being in the 'Classic' pension scheme.
So, dear readers, what should I do for the best?  Take the pension when I reach 60 in September; take it next year, or await this years quote and ask MyCSP to explain how the Alpha pension scheme works in my case ?
Meanwhile, take note, do the sums before hastily taking your pension.

Hi @NJB62 isn’t it the case that as everyone moved across from Classic to Alpha in 2015 then you would have tapered protection (based on your age) but some of your service would be in Alpha, hence the portion of the lump sum being treated that way?

mark55man

I would cross post the question to the pensions board.  In theory I should be able to move it there for you, but I am a new ambassador and the function isn't quite enabled yet - so it goes.  So either just repost the question, or repost the question and link to this thread so people can see contributions already made.   

NJB62

Thank-you for your replies; I have started afresh on the correct Board.