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Civil Service Final Salary Question

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Hi 

I took partial retirement on 5th August so My CSP will have calculated my lump sum and monthly pension based on my latest available salary (of reference) - in my organisation our pay rise (2% I think) is applied on 1st August but when I took partial it still hadn’t been agreed - it has now so will be backdated and paid in January 23. 

The question I have is will it make any difference to what I received when I went partial both by way of lump sum and monthly amount?  

So if my salary was £53k on 1st August 2021 but then becomes £54k (uplifted by 2%) WEF 1st August 2022 would that be taken into account retrospectively by My CSP or does it need to have been paid for a certain length of time for it to be relevant? I know it wouldn’t be a fortune but even a couple of hundred pounds might pay for a few hours central heating lol 😆 

I will send an email to My CSP but wondered if anyone had a view.

Thanks 

Comments

  • GunJack
    GunJack Posts: 11,836 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    They should recalculate when they get the salary from the employer...I suspect you will need to chase up both parties to get it sorted...
    ......Gettin' There, Wherever There is......

    I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple :D
  • Cheers for that - I think it’s par for the course when it comes to My CSP…
  • Hi 

    I took partial retirement on 5th August so My CSP will have calculated my lump sum and monthly pension based on my latest available salary (of reference) - in my organisation our pay rise (2% I think) is applied on 1st August but when I took partial it still hadn’t been agreed - it has now so will be backdated and paid in January 23. 

    The question I have is will it make any difference to what I received when I went partial both by way of lump sum and monthly amount?  

    So if my salary was £53k on 1st August 2021 but then becomes £54k (uplifted by 2%) WEF 1st August 2022 would that be taken into account retrospectively by My CSP or does it need to have been paid for a certain length of time for it to be relevant? I know it wouldn’t be a fortune but even a couple of hundred pounds might pay for a few hours central heating lol 😆 

    I will send an email to My CSP but wondered if anyone had a view.

    Thanks 
    I think that might be a bit optimistic for 5 days of increased salary?

    Could it be,

    £53,000 x 360/365 = £52,273.97
    £54,000 x 5/365 = £739.73

    = final salary £53,013.70?
  • Thanks @Dazed_and_C0nfused that’s why I was asking the question - and I think you’re absolutely spot on - I’ll use anything I get to buy myself a nice coffee lol 😂 
  • GunJack
    GunJack Posts: 11,836 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    it depends on WHEN the rise is due from, and if it's true final salary or CARE... if CARE and due 1 Aug, I can see D&C being right, but if it was due from 1 April it'll change more, and if it's true FS then you should expect tye full inbackdated increase in pension.
    ......Gettin' There, Wherever There is......

    I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple :D
  • Thanks @GunJack mine was/is a Classic CS pension final salary scheme so my "salary" WEF 1st August 2022 will be c£54k (as pay rises in my organisation are effective from 1st August) - that being my 2021/22 salary of £53k plus the 2% pay rise being imposed. 

    However the higher amount will only have been in place for 5 days (as I partially retired on 5th August) so not sure if Final Salary in this instance would be that in the last 12 months prior to retirement - which would be the £53k as opposed to the £54k applicable from 01/08/22. 

    It's a moot point and will no doubt pan out over coming months - I'm not complaining as the pension itself will rise by around 6% next April (the CPI increase pro rata).
  • GunJack
    GunJack Posts: 11,836 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If it's CS Classic, then it's based on your best year of last 3 IIRC, so probably won't make much difference then :) 
    ......Gettin' There, Wherever There is......

    I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple :D
  • Ahh well, you win some, you lose some 😀
  • OldBeanz
    OldBeanz Posts: 1,436 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    GunJack said:
    If it's CS Classic, then it's based on your best year of last 3 IIRC, so probably won't make much difference then :) 
    I retired in 2016 (should have been 2015) and mine was based on my 2007 salary so certainly was more than 3 years and shows that unions now quoting below inflation pay rises for public servants dating back to 2010 should actually go further back into the Brown years.
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