What are the Civil Service Alpha survivor benefits?

michaels

I have currently about £25k of civil service alpha if taken at 67, all with the 37.5% spousal benefit, my DW is older than me (so will reach SRA/Alpha standard payment age before I do).  I am trying to understand what she would receive were the worst to happen to me at various points:
1) Currently employed
2) If I were to stop working before 55 and obviously not have claimed any pension
3) If I had stopped working and was between 55 and 67 and had not claimed any pension
4) If I had stopped working and was between 55 and 67 and had taken the pension early with actuarial reduction

There is info on the myCSP website but I am not certain I understand the detail.

Thanks

hugheskevi

michaels said:

I have currently about £25k of civil service alpha if taken at 67, all with the 37.5% spousal benefit, my DW is older than me (so will reach SRA/Alpha standard payment age before I do).  I am trying to understand what she would receive were the worst to happen to me at various points:
1) Currently employed
2) If I were to stop working before 55 and obviously not have claimed any pension
3) If I had stopped working and was between 55 and 67 and had not claimed any pension
4) If I had stopped working and was between 55 and 67 and had taken the pension early with actuarial reduction

There is info on the myCSP website but I am not certain I understand the detail.

Thanks

From memory, so wouldn't 100% swear to all the below being 100% accurate, but think this is right...

(1) Alpha pension is enhanced (the amount depending on your length of service) and she receives 37.5% of the enhanced amount along with 2 x salary death benefit

(2) She receives 37.5% of the deferred amount, and a death lump sum of 5 times the pension you would have received 

(3) Same as 2

(4) She receives 37.5% of the unreduced pension. If you die within 5 years of taking pension, she receives the difference between 5 x annual pension and what has already been paid to you.

michaels

hugheskevi said:

michaels said:

I have currently about £25k of civil service alpha if taken at 67, all with the 37.5% spousal benefit, my DW is older than me (so will reach SRA/Alpha standard payment age before I do).  I am trying to understand what she would receive were the worst to happen to me at various points:
1) Currently employed
2) If I were to stop working before 55 and obviously not have claimed any pension
3) If I had stopped working and was between 55 and 67 and had not claimed any pension
4) If I had stopped working and was between 55 and 67 and had taken the pension early with actuarial reduction

There is info on the myCSP website but I am not certain I understand the detail.

Thanks

From memory, so wouldn't 100% swear to all the below being 100% accurate, but think this is right...

(1) Alpha pension is enhanced (the amount depending on your length of service) and she receives 37.5% of the enhanced amount along with 2 x salary death benefit

(2) She receives 37.5% of the deferred amount, and a death lump sum of 5 times the pension you would have received 

(3) Same as 2

(4) She receives 37.5% of the unreduced pension. If you die within 5 years of taking pension, she receives the difference between 5 x annual pension and what has already been paid to you.

Thank you - do you know in each case when the benefit would become payable to her - would it be from death or when she reaches SPA or when I would have reached that age?

Do you have any link to her getting 37.5% of unreduced even if I have taken early with reduction?

Thanks

hugheskevi

michaels said:

hugheskevi said:

michaels said:

I have currently about £25k of civil service alpha if taken at 67, all with the 37.5% spousal benefit, my DW is older than me (so will reach SRA/Alpha standard payment age before I do).  I am trying to understand what she would receive were the worst to happen to me at various points:
1) Currently employed
2) If I were to stop working before 55 and obviously not have claimed any pension
3) If I had stopped working and was between 55 and 67 and had not claimed any pension
4) If I had stopped working and was between 55 and 67 and had taken the pension early with actuarial reduction

There is info on the myCSP website but I am not certain I understand the detail.

Thanks

From memory, so wouldn't 100% swear to all the below being 100% accurate, but think this is right...

(1) Alpha pension is enhanced (the amount depending on your length of service) and she receives 37.5% of the enhanced amount along with 2 x salary death benefit

(2) She receives 37.5% of the deferred amount, and a death lump sum of 5 times the pension you would have received 

(3) Same as 2

(4) She receives 37.5% of the unreduced pension. If you die within 5 years of taking pension, she receives the difference between 5 x annual pension and what has already been paid to you.

Thank you - do you know in each case when the benefit would become payable to her - would it be from death or when she reaches SPA or when I would have reached that age?

Do you have any link to her getting 37.5% of unreduced even if I have taken early with reduction?

Thanks

In all cases, benefits are payable from the date of your death.

Rule 108 2a of the Alpha rules sets out that it is the full amount (ie not the actuarially reduced amount) used to calculate survivor benefits. Also, any lump sum commutation taken would not affect survivor benefits.

michaels

Thanks hugh, you are a star