CS 'Widowers Pension Scheme' refunds - any way to calculate amount?

chubsta

Quote from CS pension website - 'All classic members contribute 1.5% of their salary towards a pension for their spouse or civil partner in the possible event of their (the member’s) death. If the member never married and remains single until the point of retiring, they may be eligible to receive a refund of these contributions'.

I will fit this criteria, so is there any (hopefully simple) way of calculating what such a sum may be? I am very into the fine details of my pension as I get closer to potential retirement and am not comfortable with not being able to check that any such sum I may receive may not be correct, after all, even our payslips say it is our responsibility to make sure the payments we receive are correct!

xylophone

https://www.civilservicepensionscheme.org.uk/knowledge-centre/pension-schemes/classic-plus-scheme-guide/getting-your-pension/

https://www.civilservicepensionscheme.org.uk/employers/employer-pension-guide/section-7-your-responsibilities-when-staff-leave-at-or-after-pension-age/71-introduction/

Have you contacted the Administrator to enquire about your specific figures?

OldBeanz

chubsta said:

Quote from CS pension website - 'All classic members contribute 1.5% of their salary towards a pension for their spouse or civil partner in the possible event of their (the member’s) death. If the member never married and remains single until the point of retiring, they may be eligible to receive a refund of these contributions'.

I will fit this criteria, so is there any (hopefully simple) way of calculating what such a sum may be? I am very into the fine details of my pension as I get closer to potential retirement and am not comfortable with not being able to check that any such sum I may receive may not be correct, after all, even our payslips say it is our responsibility to make sure the payments we receive are correct!

MyCSP follow the old Queen mother's line of never complain never explain, if you exclude the never complain part. They come up with a figure and you accept - is the way it works.

Andy_L

Appendix A

https://www.civilservicepensionscheme.org.uk/media/yiapsmei/crb-1-april2016.pdf

Contributions are refunded plus interest, less an amount needed to cover the risk of you remarrying after retirement and them having to then pay a widows pension

No indication of how interest is calculated - I would guess the same rules as per pension increases

No indication of how the "late marriage insurance" is calculated

hugheskevi

Andy_L said:

Appendix A

https://www.civilservicepensionscheme.org.uk/media/yiapsmei/crb-1-april2016.pdf

Contributions are refunded plus interest, less an amount needed to cover the risk of you remarrying after retirement and them having to then pay a widows pension

No indication of how interest is calculated - I would guess the same rules as per pension increases

No indication of how the "late marriage insurance" is calculated

Interest rate is covered in Scheme Rules:

in the case of a person who ceases to be a civil servant on or after 1 April 1990, compound interest added to the relevant sum (1) at a rate of 5 per cent a year, with yearly rests, up to and including 31 March 1990; (2) at the yearly average of the Building Society basic rate as announced annually by the Minister, with yearly rests, from 1 April 1990 up to and including 31 March 1994; (3) at the yearly average of the Building Society average rate for share accounts as announced annually by the Minister, with yearly rests, from 1 April 1995

chubsta

Thanks for the replies - so, basically it is in the hands of the Gods as to the amount and there is no realistic way of checking. 
Does anyone know if the figure is given when you ask for a pension forecast prior to retirement or is it just a case of when you get your first pension payment you get this, or do you have to wait and hope for the best?

bluenose1

chubsta said:

Thanks for the replies - so, basically it is in the hands of the Gods as to the amount and there is no realistic way of checking. 
Does anyone know if the figure is given when you ask for a pension forecast prior to retirement or is it just a case of when you get your first pension payment you get this, or do you have to wait and hope for the best?

Not sure, but everyone I know who has had it has been pleasantly surprised by the amount they received.

davidr1964

chubsta said:

Thanks for the replies - so, basically it is in the hands of the Gods as to the amount and there is no realistic way of checking. 
Does anyone know if the figure is given when you ask for a pension forecast prior to retirement or is it just a case of when you get your first pension payment you get this, or do you have to wait and hope for the best?

You can ask for a quote. I did this in 2019 and although there was a premium to be deducted from the amount in case I was to marry, my WPS refund was nearly £11k.