DB Pension Statement. Total Pension Input

hugheskevi

hara____ said:

Does the pension input calculation really use 'final pensionable earnings' rather than something closer to the 'simple' pensionable earnings used by the annual benefit statement?

Yes. HMRC requires schemes to use actual pension entitlement:

Find the amount of the member’s annual pension that had built up immediately before the start of the pension input period.

This is the amount of built up pension prior to the pension input period in question that would be paid to the member if they retired at that time having already reached normal pension age and without any extra benefits for ill health. 

AlanP_2

There are some online calculators to help e.g. https://www.lgpsmember.org/help-and-support/tools-and-calculators/annual-allowance-quick-check-tool/

hara____

Thanks for both of those links.

I thought I had just about managed to setup my own calculations of the input amounts. Seems fine for the civil service Alpha scheme.

But if I need to know the true 'final pensionable earnings' for my legacy credit in Premium, I may have to give up on that part - knowing the correct value to use for the potential 13-year inflation underpin is beyond my record keeping ability...

hugheskevi

hara____ said:

But if I need to know the true 'final pensionable earnings' for my legacy credit in Premium, I may have to give up on that part - knowing the correct value to use for the potential 13-year inflation underpin is beyond my record keeping ability...

Aye, probably the only way you would get it is by asking MyCSP directly.

But be aware that due to that inflation underpin your Premium pension will increase by September CPI ( about 9-13%) shortly before the end of the financial year. With just a 3.1% allowance on starting value, that underpin is going to give you a hefty pension input.