Civil Service - Alpha Pension

DE_612183

hugheskevi said:

DE_612183 said:

horsewithnoname said:

Each year you accrue 2.32% of your pensionable pay, which is increased by the CPI rate for the previous September. So this year (to 31-3-2024) the increase is 6.7%. It will show on your annual benefit statement which is usually out about July/August. 

Thanks for that - makes sense (although why it takes 3-4 months to calculate seems odd )

Last day of scheme year=31st March

Interface due from employers=mid to late April

550,000 active members to calculate all benefits for, including hundreds of thousands with linked final salary benefits in schemes closed to new accrual.

If you could just press a button for all of these, then no problem, but there will be late data from some of the 300+ employers in the scheme, incorrect or suspicious data issues to resolve with employers, as well as some inevitable manual processes to undertake that are just not worth automating (eg, relatively rare things such as pension divorce debits, maybe Annual Allowance scheme pays debits, might not be fully automated, etc).

Statutory deadline for statements=31st August. 

Quite understand the delay for "edge" cases as you point out - but I would have thought the vast majority are easy to do - anyway it is what it is - that's the civil service I guess!

Universidad

DE_612183 said:

Quite understand the delay for "edge" cases as you point out - but I would have thought the vast majority are easy to do - anyway it is what it is - that's the civil service I guess!

Having just waited 3 weeks for a response that amounted to "we'll check and get back to you", it can seem like that's a civil service timescale thing.
But I'm not aware of any DB scheme that publishes annual statements before summer. 
I think one of my USS ones was in autumn, even though their turnaround times for queries have often been faster when I've got in touch.