Civil Service Classic Pension queries

kjs31

chubsta said:

I wouldn't mind so much but I put in my application with 6 months to go, so good luck with your application!

Thanks. They do seem a bit rubbish but TBH I’ve now calculated that I’ll be better off delaying mine until tax year 25/26 as I’m going to only draw enough pension to pay standard rate tax and I’m not really bothered when they start paying it as long as it’s in that tax year. I have other pensions I can draw down from luckily. 

Turned_out_nice.

Afternoon chubsta & Kjs31,
I am going to get my CS pension early April. All went straight forward apart for the forms to check and sign.
Should have received them by February 9th but nothing by the 12th so decided to phone up. 

Apparently they were still there waiting to be sent, I got them a few days later so checked and signed and returned via signed for postage. Phoned again last week to check progress and all seems fine.

agelesswanderer

I was in the Civil Service Classic pension scheme between 1997-2011 when I left and became a deferred member. My pension is due to start paying at age 60 in June this year. I started the process of claiming my pension in November 2024 and am still waiting for my figures. I rang MyCSP in February to check they had received my form and was told I wont get any figures until on or around 5 May - a month before I retire. 

I rang again yesterday for an update and was told my figures had been finalised. Hooray! The agent then proceeded to give me the exact preserved amounts on leaving in 2011! I was told I’d have to query this when I receive the figures in May. 

Am I correct in thinking that the revalued amounts on the portal (same figures as on my 2024 Annual Benefit Statement) are what I should get when I retire? 

While the lump sum (3x the pension) looks right, is there a way to check the pension amount is correct? 

I’m rapidly losing confidence in MyCSP and can quite easily see my pension being delayed, wrong or possibly both at this rate. 

hugheskevi

I was in the Civil Service Classic pension scheme between 1997-2011 when I left and became a deferred member. My pension is due to start paying at age 60 in June this year.

Am I correct in thinking that the revalued amounts on the portal (same figures as on my 2024 Annual Benefit Statement) are what I should get when I retire? 

While the lump sum (3x the pension) looks right, is there a way to check the pension amount is correct?

Classic pension at the date of leaving is usually pensionable earnings in last 12 months before leaving multiplied by (years of service divided by 80). So you should be able to check that from old records and hopefully that is around £2,911.

Revaluation from date of leaving is set out in tables at this link, and should be an increase of about 45-50% depending on when exactly you left in 2011. The figures from the modeller in your post above show an increase of 43% so that all looks about right.

moo121

As hugheskevi says, use the pensions increase tables to find the correct amount to multiply the figure by.  Unfortunately, it looks like the figures you show have used the 2024 increase (×1.4327), the 2025 increase will be a little bit more (×1.4616).

agelesswanderer

moo121 said:

As hugheskevi says, use the pensions increase tables to find the correct amount to multiply the figure by.  Unfortunately, it looks like the figures you show have used the 2024 increase (×1.4327), the 2025 increase will be a little bit more (×1.4616).

Thank you. 

Here’s hoping the reason I wont get my figures until early May is because they want to add the increase first. 

agelesswanderer

Apologies if posting this in the wrong place. 

Wondering if any of you experts on Civil Service Classic deferred pensions could kindly run your eyes over my retirement quote and let me know if it looks correct. 

Pensionable earnings at date of leaving 15,809

Date of leaving 29 Sept 2011 

14 years 267 days

Preserved annual pension 2911.25

Preserved lump sum 8735

Retirement quote received 

Pensionable earnings at date of quote 23,107.37 (best of 3 years pensionable earnings)

Pension 4255.08 

Lump sum 12,765.25 

An increase of 1.4616 has been added to the preserved benefits at the date of leaving. 

I was under the impression that benefits would increase yearly in line with inflation (as shown on my Annual Benefit Statements). Have I misunderstood this? 

I have rung MyCSP, but as usual the advisor couldn't help, so am now waiting for an email. Time is ticking as my retirement date is the end of June. 

hugheskevi

Pensionable earnings at date of leaving 15,809

Date of leaving 29 Sept 2011 

14 years 267 days

Preserved annual pension 2911.25

Preserved lump sum 8735

Assuming earnings and service length are accurate, this is all fine.

Retirement quote received 

Pensionable earnings at date of quote 23,107.37 (best of 3 years pensionable earnings)

Pension 4255.08 

Lump sum 12,765.25 

An increase of 1.4616 has been added to the preserved benefits at the date of leaving.

The factor of 1.4616 is consistent with the revaluation factor for someone leaving on 29 September 2011, as set out in the revaluation tables.

I was under the impression that benefits would increase yearly in line with inflation (as shown on my Annual Benefit Statements). Have I misunderstood this?

They have increased in line with inflation since date of leaving, that is the 1.4616 inflation adjustment. Multiplication is commutative, so it does not matter whether the factor is applied to pensionable earnings or the final award, the outcome is the same.

agelesswanderer

Thank you hugheskevi thats put my mind at rest.