Deferred Alpha pension value

gtat

Hello,

I hope this is a stupid  question, but on MyCSP, for the alpha pension, can someone confirm that the 'revalued pension ' is IN ADDITION to the 'preserved annual pension '?

Thank you 

Dazed_and_C0nfused

gtat said:

Hello,

I hope this is a stupid  question, but on MyCSP, for the alpha pension, can someone confirm that the 'revalued pension ' is IN ADDITION to the 'preserved annual pension '?

Thank you 

No, I can't see that there is any chance of that being possible with approx 18 months service.

But it might be Classic/Premium pension.  We're you in one of the older schemes?

gtat

Thanks - I transferred in when I joined the Civil Service, hence the high annual pension for only 18 months service. I wasn't in Classic or Premium, only Alpha. 

I'm just concerned as the way it is phrased on MyCSP could be interpreted as my annual pension being only £2k? I wondered if someone else with a deferred Alpha pension could check theirs to see what it says in case mine is an error?

hugheskevi

gtat said:

Thanks - I transferred in when I joined the Civil Service, hence the high annual pension for only 18 months service.

I'm just concerned as the way it is phrased on MyCSP could be interpreted as my annual pension being only £2k? I wondered if someone else with a deferred Alpha pension could check theirs to see what it says in case mineis an error?

I can't say for certain, but I would expect the preserved annual pension to be the combined value of your transfer in plus alpha accrual at date of leaving, and the revalued annual pension to be solely your accrued alpha pension (and not your transfer in) revalued to 31 March 2023.

You might find details of your benefits arising from transfer in, whether revalued or not, elsewhere in the app?

gtat

These are the definitions for preserved and revalued, hence my confusion:

gtat

hugheskevi said:

gtat said:

Thanks - I transferred in when I joined the Civil Service, hence the high annual pension for only 18 months service.

I'm just concerned as the way it is phrased on MyCSP could be interpreted as my annual pension being only £2k? I wondered if someone else with a deferred Alpha pension could check theirs to see what it says in case mineis an error?

I can't say for certain, but I would expect the preserved annual pension to be the combined value of your transfer in plus alpha accrual at date of leaving, and the revalued annual pension to be solely your accrued alpha pension (and not your transfer in) revalued to 31 March 2023.

You might find details of your benefits arising from transfer in, whether revalued or not, elsewhere in the app?

Thank you. I've had a look but can't find anything. There is a section for my 'Annual Benefit Statement', but there are no statements available!

kuratowski

As a deferred member, you do not get annual benefit statements.  

In my case, the deferred civil service pension relates only to service, i.e. no transfers in, so it is somewhat simpler than your situation.  However, based on the numbers I can see on myCSP, I don't think the two figures should be added together.

The "preserved annual pension" is exactly the same as the figure shown on the letter I received shortly after leaving the civil service.

The "revalued annual pension" is exactly equal to the "preserved annual pension" multiplied by the relevant public service pensions increase multiplier, obtained from the spreadsheet here:
Public service pensions increase: 2023 - GOV.UK (www.gov.uk)

In your case this relationship obviously is not true.  Entering speculation territory now, but I have a hunch that the revalued annual pension you are seeing is just your revalued service entitlement, and does not include the transferred in element.  You could write to myCSP asking them to confirm this.

gtat

kuratowski said:

As a deferred member, you do not get annual benefit statements.  

In my case, the deferred civil service pension relates only to service, i.e. no transfers in, so it is somewhat simpler than your situation.  However, based on the numbers I can see on myCSP, I don't think the two figures should be added together.

The "preserved annual pension" is exactly the same as the figure shown on the letter I received shortly after leaving the civil service.

The "revalued annual pension" is exactly equal to the "preserved annual pension" multiplied by the relevant public service pensions increase multiplier, obtained from the spreadsheet here:
Public service pensions increase: 2023 - GOV.UK (www.gov.uk)

In your case this relationship obviously is not true.  Entering speculation territory now, but I have a hunch that the revalued annual pension you are seeing is just your revalued service entitlement, and does not include the transferred in element.  You could write to myCSP asking them to confirm this.

Thank you for your reply. I have contacted myCSP, but gather it will probably take them a few weeks to respond. 

I was in my role for 18 months earning 50k per year, and I left in Jan 2022, so I don't think the revalued annual pension is just my service entitlement revalued. But I could be wrong!

Hopefully I'm not in for any nasty surprises. 

michaels

gtat said:

kuratowski said:

As a deferred member, you do not get annual benefit statements.  

In my case, the deferred civil service pension relates only to service, i.e. no transfers in, so it is somewhat simpler than your situation.  However, based on the numbers I can see on myCSP, I don't think the two figures should be added together.

The "preserved annual pension" is exactly the same as the figure shown on the letter I received shortly after leaving the civil service.

The "revalued annual pension" is exactly equal to the "preserved annual pension" multiplied by the relevant public service pensions increase multiplier, obtained from the spreadsheet here:
Public service pensions increase: 2023 - GOV.UK (www.gov.uk)

In your case this relationship obviously is not true.  Entering speculation territory now, but I have a hunch that the revalued annual pension you are seeing is just your revalued service entitlement, and does not include the transferred in element.  You could write to myCSP asking them to confirm this.

Thank you for your reply. I have contacted myCSP, but gather it will probably take them a few weeks to respond. 

I was in my role for 18 months earning 50k per year, and I left in Jan 2022, so I don't think the revalued annual pension is just my service entitlement revalued. But I could be wrong!

Hopefully I'm not in for any nasty surprises. 

The amount seems right for it to be your service entitlement of 2.32% revalued

gtat

michaels said:

gtat said:

kuratowski said:

As a deferred member, you do not get annual benefit statements.  

In my case, the deferred civil service pension relates only to service, i.e. no transfers in, so it is somewhat simpler than your situation.  However, based on the numbers I can see on myCSP, I don't think the two figures should be added together.

The "preserved annual pension" is exactly the same as the figure shown on the letter I received shortly after leaving the civil service.

The "revalued annual pension" is exactly equal to the "preserved annual pension" multiplied by the relevant public service pensions increase multiplier, obtained from the spreadsheet here:
Public service pensions increase: 2023 - GOV.UK (www.gov.uk)

In your case this relationship obviously is not true.  Entering speculation territory now, but I have a hunch that the revalued annual pension you are seeing is just your revalued service entitlement, and does not include the transferred in element.  You could write to myCSP asking them to confirm this.

Thank you for your reply. I have contacted myCSP, but gather it will probably take them a few weeks to respond. 

I was in my role for 18 months earning 50k per year, and I left in Jan 2022, so I don't think the revalued annual pension is just my service entitlement revalued. But I could be wrong!

Hopefully I'm not in for any nasty surprises. 

The amount seems right for it to be your service entitlement of 2.32% revalued

Would you mind explaining the maths behind that please? Thank you

Dazed_and_C0nfused

gtat said:

michaels said:

gtat said:

kuratowski said:

As a deferred member, you do not get annual benefit statements.  

In my case, the deferred civil service pension relates only to service, i.e. no transfers in, so it is somewhat simpler than your situation.  However, based on the numbers I can see on myCSP, I don't think the two figures should be added together.

The "preserved annual pension" is exactly the same as the figure shown on the letter I received shortly after leaving the civil service.

The "revalued annual pension" is exactly equal to the "preserved annual pension" multiplied by the relevant public service pensions increase multiplier, obtained from the spreadsheet here:
Public service pensions increase: 2023 - GOV.UK (www.gov.uk)

In your case this relationship obviously is not true.  Entering speculation territory now, but I have a hunch that the revalued annual pension you are seeing is just your revalued service entitlement, and does not include the transferred in element.  You could write to myCSP asking them to confirm this.

Thank you for your reply. I have contacted myCSP, but gather it will probably take them a few weeks to respond. 

I was in my role for 18 months earning 50k per year, and I left in Jan 2022, so I don't think the revalued annual pension is just my service entitlement revalued. But I could be wrong!

Hopefully I'm not in for any nasty surprises. 

The amount seems right for it to be your service entitlement of 2.32% revalued

Would you mind explaining the maths behind that please? Thank you

£50,000 x 2.32% = £1,160

£1,160 x 1.5 = £1,740

£1,740 + 10.1% = £1915

Add in the fact that your service was a really a bit more than 18 months, the salary presumably wasn't £50,000 for the whole period and your 2021 and 2022 revaluations and that gets you closer to £2,055.