Civil Service Classic/Alpha Actuarial Reduction tables

kassy64

Just60 said:

kassy64 said:

I put my retirement request through in early April last year, to retire at the end of August (so 5 months). I actually retired without knowing what I would be receiving and finally got everything sorted in the October. 

Very helpful to see your experience. I gave 3 months notice recognising that  I was taking a risk of my pension not being sorted for a month or so, but here I am 6 months later still trying to get CSP to reply to my queries of 4 months ago on the quote they sent! 

It can be frustrating dealing with MyCSP, however I found it best to speak directly on the phone to them (some were good and some weren't). Keep notes (including date and time of call and name of advisor) of conversations  if possible. Rest assured you will get there eventually, it can be frustrating but stay calm and try to explain the issues in a clear and concise way. If your not happy with the response ask for a supervisor. I retired end of August 2022 and took a holiday mid September with my pension still not sorted. It wasn't the most relaxing holiday. Good luck. 

westv

Yorkie1 said:

german_keeper said:

I think the point being made is that with Alpha a combination of the almost double accrual rate and CPI link at accrual, versus the way below CPI pay "rises" since 2015 which will likely continue for many years to come and which will influence the final salary for Classic, make Alpha better for many if retiring at 60 even with 7 years AR. So no need for speculation about govt increasing SPA.

Promotion(s) will of course potentially improve the Classic picture.

The numbers may of course be different with TPS, I don't know enough about the 2015 changes to that scheme. But I assume TPS is the same as Civil Service in that the decision is only made at retirement age and the details of both options will be clearly (hopefully) explained. 

I agree. 

I'm 52 and had about 20 years in Classic up to 2015, then Alpha since then.

My aim is to retire at 60, then take Alpha at 65 (EPA +2 from this year onwards when I got my EPA backside into gear). 

I had assumed that taking the McCloud period (up to 2022) as Classic would be best, but looking at the maths so far, my salary has gone up at such a slow rate, compared to the Alpha CPI inflation, it may well be better for me to stay in Alpha for the whole period, take reduction for the non-EPA years at age 65, and look to fund the years from age 60 - 65 in another way.

Just need to get my AVC backside into gear now!

Don't forget that survivor benefits are 50% with Classic but only something like 30% with Alpha.

kassy64

westv said:

Yorkie1 said:

german_keeper said:

I think the point being made is that with Alpha a combination of the almost double accrual rate and CPI link at accrual, versus the way below CPI pay "rises" since 2015 which will likely continue for many years to come and which will influence the final salary for Classic, make Alpha better for many if retiring at 60 even with 7 years AR. So no need for speculation about govt increasing SPA.

Promotion(s) will of course potentially improve the Classic picture.

The numbers may of course be different with TPS, I don't know enough about the 2015 changes to that scheme. But I assume TPS is the same as Civil Service in that the decision is only made at retirement age and the details of both options will be clearly (hopefully) explained. 

I agree. 

I'm 52 and had about 20 years in Classic up to 2015, then Alpha since then.

My aim is to retire at 60, then take Alpha at 65 (EPA +2 from this year onwards when I got my EPA backside into gear). 

I had assumed that taking the McCloud period (up to 2022) as Classic would be best, but looking at the maths so far, my salary has gone up at such a slow rate, compared to the Alpha CPI inflation, it may well be better for me to stay in Alpha for the whole period, take reduction for the non-EPA years at age 65, and look to fund the years from age 60 - 65 in another way.

Just need to get my AVC backside into gear now!

Don't forget that survivor benefits are 50% with Classic but only something like 30% with Alpha.

That's good to know may just swing it in favour of Classic come McLoud decision time..... 

Yorkie1

westv said:

Yorkie1 said:

german_keeper said:

I think the point being made is that with Alpha a combination of the almost double accrual rate and CPI link at accrual, versus the way below CPI pay "rises" since 2015 which will likely continue for many years to come and which will influence the final salary for Classic, make Alpha better for many if retiring at 60 even with 7 years AR. So no need for speculation about govt increasing SPA.

Promotion(s) will of course potentially improve the Classic picture.

The numbers may of course be different with TPS, I don't know enough about the 2015 changes to that scheme. But I assume TPS is the same as Civil Service in that the decision is only made at retirement age and the details of both options will be clearly (hopefully) explained. 

I agree. 

I'm 52 and had about 20 years in Classic up to 2015, then Alpha since then.

My aim is to retire at 60, then take Alpha at 65 (EPA +2 from this year onwards when I got my EPA backside into gear). 

I had assumed that taking the McCloud period (up to 2022) as Classic would be best, but looking at the maths so far, my salary has gone up at such a slow rate, compared to the Alpha CPI inflation, it may well be better for me to stay in Alpha for the whole period, take reduction for the non-EPA years at age 65, and look to fund the years from age 60 - 65 in another way.

Just need to get my AVC backside into gear now!

Don't forget that survivor benefits are 50% with Classic but only something like 30% with Alpha.

Good point - not something I'd thought about (not relevant to my circumstances but it might be to others who are reading).