Civil Service Pension Retirement Modeller

Klare1

Hi, I know there are. Lots of CSP experts on here so hoping someone can reassure me please.

I’m just shy of 38 years service (aged 56), no strange circumstances/shift work, a few years part time when the kids were little but mainly full time.

My circumstances have changed dramatically over the last few weeks and so I’m looking at my options including taking early retirement..

My modeller shows a decent pension if I retired today plus lump sum.  Made up of (mainly) classic and Alpha.
I appreciate that there is McCloud to take into consideration and modeller figures quoted are not 100% accurate but if I did put my ticket in, has the modeller already done the Actuarially Reduced calculation? And therefore figures on the modeller are more or less accurate?  Or have I missed something?

Many thanks 

hugheskevi

Klare1 said:

Hi, I know there are. Lots of CSP experts on here so hoping someone can reassure me please.

I’m just shy of 38 years service (aged 56), no strange circumstances/shift work, a few years part time when the kids were little but mainly full time.

My circumstances have changed dramatically over the last few weeks and so I’m looking at my options including taking early retirement..

My modeller shows a decent pension if I retired today plus lump sum.  Made up of (mainly) classic and Alpha.
I appreciate that there is McCloud to take into consideration and modeller figures quoted are not 100% accurate but if I did put my ticket in, has the modeller already done the Actuarially Reduced calculation? And therefore figures on the modeller are more or less accurate?  Or have I missed something?

Many thanks 

As long as you have set your retirement date to today (or sometime soon) the actuarial reduction is included in the figures.

Given you are a classic/alpha member, all the figures should be about right assuming that your pension record (and hence Annual Benefit Statement) are accurate and that you have entered figures correctly. If you apply for early retirement, MyCSP will carefully examine your record to correct any discrepancies and then produce a formal early retirement offer based on calculation of pension under scheme rules (which is slightly different to that used for Annual Benefit Statement, but is very unlikely to lead to material differences in your case).

Klare1

hugheskevi said:

Klare1 said:

Hi, I know there are. Lots of CSP experts on here so hoping someone can reassure me please.

I’m just shy of 38 years service (aged 56), no strange circumstances/shift work, a few years part time when the kids were little but mainly full time.

My circumstances have changed dramatically over the last few weeks and so I’m looking at my options including taking early retirement..

My modeller shows a decent pension if I retired today plus lump sum.  Made up of (mainly) classic and Alpha.
I appreciate that there is McCloud to take into consideration and modeller figures quoted are not 100% accurate but if I did put my ticket in, has the modeller already done the Actuarially Reduced calculation? And therefore figures on the modeller are more or less accurate?  Or have I missed something?

Many thanks 

As long as you have set your retirement date to today (or sometime soon) the actuarial reduction is included in the figures.

Given you are a classic/alpha member, all the figures should be about right assuming that your pension record (and hence Annual Benefit Statement) are accurate and that you have entered figures correctly. If you apply for early retirement, MyCSP will carefully examine your record to correct any discrepancies and then produce a formal early retirement offer based on calculation of pension under scheme rules (which is slightly different to that used for Annual Benefit Statement, but is very unlikely to lead to material differences in your case).

Thank you, that is helpful, I’ve just used the figures already pre-populated into the Modeller by my CSP not populated them myself.

kassy64

hugheskevi said:

Klare1 said:

Hi, I know there are. Lots of CSP experts on here so hoping someone can reassure me please.

I’m just shy of 38 years service (aged 56), no strange circumstances/shift work, a few years part time when the kids were little but mainly full time.

My circumstances have changed dramatically over the last few weeks and so I’m looking at my options including taking early retirement..

My modeller shows a decent pension if I retired today plus lump sum.  Made up of (mainly) classic and Alpha.
I appreciate that there is McCloud to take into consideration and modeller figures quoted are not 100% accurate but if I did put my ticket in, has the modeller already done the Actuarially Reduced calculation? And therefore figures on the modeller are more or less accurate?  Or have I missed something?

Many thanks 

As long as you have set your retirement date to today (or sometime soon) the actuarial reduction is included in the figures.

Given you are a classic/alpha member, all the figures should be about right assuming that your pension record (and hence Annual Benefit Statement) are accurate and that you have entered figures correctly. If you apply for early retirement, MyCSP will carefully examine your record to correct any discrepancies and then produce a formal early retirement offer based on calculation of pension under scheme rules (which is slightly different to that used for Annual Benefit Statement, but is very unlikely to lead to material differences in your case).

But bear in mind it can take between 4-6 months to get your figures from MyCSP, from the date you commit to retire by notifying your HR dept. I used my own calculations and the remodeller so pretty much knew what my pension would be. I didn't actually get the final statements until after I had left work (I submitted retirement indication in early April and my last day at work was 31st August).

indiasign

“Thank you, that is helpful, I’ve just used the figures already pre-populated into the Modeller by my CSP not populated them myself.”

When you say you haven’t populated the figures yourself, have you adjusted the sliding scale to calculate your retirement age of 56 or 57 or whenever?

Every time I log onto the modeller, it defaults to retirement at 65, so needs to be adjusted for an earlier retirement date

michaels

Grr - got password wrong multiple times (silly rules on password format) and now even though password reset appears to work it seems (according to google results, website itself just says wrong password) that the account is locked and I need to wait for however long it takes for them to reply to a contact us to unlock the account

chubsta

I know it’s not likely to be huge amounts but the actuarial reduction figures are likely to change slightly in favour of the retiree - they haven’t been updated yet on the pensions website but there is a note to say new figures are due to be released.

Klare1

indiasign said:

“Thank you, that is helpful, I’ve just used the figures already pre-populated into the Modeller by my CSP not populated them myself.”

When you say you haven’t populated the figures yourself, have you adjusted the sliding scale to calculate your retirement age of 56 or 57 or whenever?

Every time I log onto the modeller, it defaults to retirement at 65, so needs to be adjusted for an earlier retirement date

Yes thank you, I did change the age on the sliding scale, so hopefully it gives me a great ball park figure to work with 

Mr_Countdown

Hi. Apologies for jumping on this post but I’ve a question about the retirement modeller. 

I finished my time in the civil service aged 54 (now 55) but won’t be taking this pension for 1-2 years. 

Even after I finished work I could still access the modeller but recently when I log on it isn’t there to view. 

Is this the same for other people who have finished work or has the modeller moved somewhere else?
thanks. 

westv

Don't forget that you don't have to log in to use the Retirement Modeller - it just won't have figures automatically entered..

sandpie

I'm reassured to find this thread... I left the CS last year and just requested a quotation as I am considering taking my pension early. I was alarmed to get a quote that was about a third of the value in the modeller (adjusted using the slider to current age). I had previously called the helpline to check that the modeller was actuarially adjusted. I think they have got mine quite wrong (the fact that I got two separate letters with completely different values, dates, final salary amount etc I think reinforces that something is awry...) Anyway, I have spoken to them and now have to wait for the valuation team to look again. Fingers crossed it's closer to what I was expecting or I'm rapidly rethinking the next few years!