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.

Marcon

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.

Ask them for an explanation now - why wait for this year's quote?

OldBeanz

MyCSP are in total chaos at the moment (more than usual) and still blaming Covid so good luck with getting any sense out of them.
You will get the CPI uplift next April whether you take the money now or after April next year.
You appear to be giving up 6 months pension for £900 as far as I can understand. Any "additional interest added to the WPS, which should be refunded" would be trivial.

drummersdale

As said in the last post giving up 6 months pension for £900 seems the wrong thing to do although I’m sure HM Treasury would be overjoyed…I hope My CSP aren’t too chaotic as I’m hoping to get my quote from them in a couple of months…..

OldBeanz

Talked to MyCSP today and they are in the process of scanning the 4th April's post onto their computer.

Silvertabby

OldBeanz said:

MyCSP are in total chaos at the moment (more than usual) and still blaming Covid so good luck with getting any sense out of them.
You will get the CPI uplift next April whether you take the money now or after April next year.
You appear to be giving up 6 months pension for £900 as far as I can understand. Any "additional interest added to the WPS, which should be refunded" would be trivial.

That's only true of the actual pension in payment.  The lump sum, if taken before the April 2023 has been applied, won't receive any further increase.