Accuracy of Classic Pension Statement in March?

chubsta

I have a deferred CS Classic Pension. I like to keep track of its worth so each year ask them for a statement (the figures aren't available on the CS Pension Portal as it is deferred). I got one last year in early March and one this year in Mid January.
My question - are the figures accurate and calculated to the dates, or to the date of the last general recalculation when the CPi was added, in other words it is the value as of March 2021 and January 2022, or April 1st 2020 and April 1st 2021?
Hope this makes sense!

Dazed_and_C0nfused

As I understand it there will be two values each year (1 April to 31 March).

One prior to the annual increase (when there is one!) being applied and a second once it has been applied.

You could reasonably expect one from March 2021 to include the April 2020 increase.

Likewise one from January 2022 should reflect the April 2021 increase.

I doubt a statement generated today would include the April 2022 increase yet.

Is the second one from January 2022 0.5% more than the first?

molerat

The increase tables are generally published in January.  If you work out the % increase between the two you should be able to figure out which year they relate to.

chubsta

20/03/2021 to 18/01/2022 shows a 1% increase. Im still confused.

Its a pain as although the CS Pension portal is useful in terms of the Alpha, it does not show any Classic that has been deferred. The Alpha statement for my Department is not due to be published until July 2022, but if I get another Classic statement now will it have the increase that should be applied this year already added to it, or will it be 'up to date' as of the date the statement is issued, or will it just show it up until a date last year as that is when the last increase was applied? I feel there is quite a lot I am not understanding here...

Im beginning to think I may not know an accurate figure until the day I apply for retirement, which is a little awkward as I don't want to put in for retirement until I know what the projected income will be!

Dazed_and_C0nfused

Its a pain as although the CS Pension portal is useful in terms of the Alpha, it does not show any Classic that has been deferred. The Alpha statement for my Department is not due to be published until July 2022,

Are these two pensions from totally different jobs?  If not then why do you think the Classic one is a deferred pension, wouldn't it still be an active pension in the sense that it will be based on your final salary??

chubsta

Dazed_and_C0nfused said:

Its a pain as although the CS Pension portal is useful in terms of the Alpha, it does not show any Classic that has been deferred. The Alpha statement for my Department is not due to be published until July 2022,

Are these two pensions from totally different jobs?  If not then why do you think the Classic one is a deferred pension, wouldn't it still be an active pension in the sense that it will be based on your final salary??

Same job, but when we transistioned to Alpha back in 2015 many of us who were not intending to bother getting promoted in our last years came out of the Classic for 1 month before rejoining - this has lead to the pension being 'deferred' as if we left it forever. Since then we have been on the Alpha. The McCloud judgement has muddied the waters somewhat but my intention is to have the Classic until 2015 then Alpha as that seems to work out better for me. As we have barely had a pay increase since 2015 the yearly increases to our deferred one, coupled with the Alpha, are far better than if we stayed on Classic until 2022.
I am pretty sure on my figures as I get annual Classic statements and it is increasing at the rate I would expect but my confusion is around when yearly increases are added.

I suppose a better question to ask would be - when should I ask for a statement of my deferred Classic pension to ensure I am getting the most accurate figures for the day I request it?