Free Calculation??

PoGee

I've worked with nhs since age 21. Took a private pension for a few years which bought 3 years nhs pension, when I joined the scheme at age 27. I'm over 55 so can take a reduced pension. They used to do free calculations to show what the actual pension is at the moment. Does anyone know if they still do them? I have the annual statement which doesn't really help as it's an estimation for age 60. Tried the online calculator but don't think that takes into account the McCloud remedy. Besides, when I did use the calculator, it gave a higher figure at age less than 60, when compared to the statement estimate at age 60. I contacted the SPPA about what my pension would be if I retired in Jan 2023 but they said they couldn't help. 
How do I get an accurate figure for what I would get if I retired in Jan 2023?

Dazed_and_C0nfused

Took a private pension for a few years which bought 3 years nhs pension, when I joined the scheme at age 27. I'm over 55 so can take a reduced pension.

Seems confusing.  Do you mean you were in the NHS pension scheme for 3 years about 30 years ago?

Do you know the NHS scheme name?

JoeCrystal

I think the OP meant that three years credits was bought with the private pension transferred into it when starting the job maybe?

Dazed_and_C0nfused

JoeCrystal said:

I think the OP meant that three years credits was bought with the private pension transferred into it when starting the job maybe?

Got it, they bought 3 years extra and continued in the scheme until now 

Flugelhorn

How do you get an accurate figure? goodness knows, I didn't know until I actually applied for my pension - though it wasn't far off what I had estimated  by the time they finally got the right figures 18 months later.  I wasn't Mcloud/2015 so that should have made it simpler but didn't.
The TRS  and estimates are so out of date it makes it very hard to know what is going on

PoGee

JoeCrystal said:

I think the OP meant that three years credits was bought with the private pension transferred into it when starting the job maybe?

Yes that's what I mean. It's very confusing. Does superannuation 'pension' go up and down in value/amount with financial markets?

Marcon

PoGee said:

I've worked with nhs since age 21. Took a private pension for a few years which bought 3 years nhs pension, when I joined the scheme at age 27. I'm over 55 so can take a reduced pension. They used to do free calculations to show what the actual pension is at the moment. Does anyone know if they still do them? I have the annual statement which doesn't really help as it's an estimation for age 60. Tried the online calculator but don't think that takes into account the McCloud remedy. Besides, when I did use the calculator, it gave a higher figure at age less than 60, when compared to the statement estimate at age 60. I contacted the SPPA about what my pension would be if I retired in Jan 2023 but they said they couldn't help. 
How do I get an accurate figure for what I would get if I retired in Jan 2023?

On what grounds are they saying they can't help?

PoGee

I asked what my pension would be if I retired in January 2023. They said they couldn't tell me. I think they mean to fill out the form and hand in my notice to retire. But I can't really do that unless I know what the figures will be. I'm based in Scotland.

Qyburn

My missus is in the SPPA teachers' scheme.  Her union has a payroll and pensions rep, and he was able to get estimates for her.

Marcon

PoGee said:

I asked what my pension would be if I retired in January 2023. They said they couldn't tell me. I think they mean to fill out the form and hand in my notice to retire. But I can't really do that unless I know what the figures will be. I'm based in Scotland.

That's nonsense. Nobody is going to retire early without some projected figures. Have you written and asked them for projected figures (sounds as if it might just have been a telephone call?), because if not, that might be your next action. If the exchange was in writing, write again and ask them why they can't provide projections and how you are supposed to make a decision if you don't have possible figures.

german_keeper

Marcon said:

PoGee said:

I asked what my pension would be if I retired in January 2023. They said they couldn't tell me. I think they mean to fill out the form and hand in my notice to retire. But I can't really do that unless I know what the figures will be. I'm based in Scotland.

That's nonsense. Nobody is going to retire early without some projected figures. Have you written and asked them for projected figures (sounds as if it might just have been a telephone call?), because if not, that might be your next action. If the exchange was in writing, write again and ask them why they can't provide projections and how you are supposed to make a decision if you don't have possible figures.

I think that's what happens in the Civil Service nowadays. Any projections have to be done by the individual using the calculators provided on the website, which are of course heavily caveated with things like "this is just an estimate". And also because of the complicated nature of the calcs with likely to be both Legacy scheme and Alpha entitlement, maybe actuarial reduction, lump sum commutation, reverse commutation, the process is full of possible pitfalls. I tended to do my own calculations and then use the calculators to check but many won't have the understanding to do that.

Applying for retirement and then withdrawing that request just to get an accurate estimate is frowned upon. Not sure exactly what that means but maybe they can refuse to the withdrawal of the request and insist on the retirement.