Civil service pension - retirement model problems

Roleon55

Has anyone had any update about if the new modeller is dodgy?
I've just tried the new one and my Role on 55 isn't looking likely, massive discrepancies to the previous modeller. 
I've a current Alpha and a deferred Classic and the remedy doesn't impact me. 
Like most, I've screenshots of the old modeller projections 55 upwards and tried all ages on the new one. I've emailed myCSP with the screenshots. I hope someone can tell me the new modeller isn't working properly?

Pastry_John

Roleon55 said:

Has anyone had any update about if the new modeller is dodgy?
I've just tried the new one and my Role on 55 isn't looking likely, massive discrepancies to the previous modeller. 
I've a current Alpha and a deferred Classic and the remedy doesn't impact me. 
Like most, I've screenshots of the old modeller projections 55 upwards and tried all ages on the new one. I've emailed myCSP with the screenshots. I hope someone can tell me the new modeller isn't working properly?

Frustratingly no. My latest enquiry resulted in an automated reply

"If you’ve contacted us about 2015 Remedy (McCloud) or the alpha scheme Unfortunately we can’t answer queries about the 2015 Remedy right now. We’ve made all information available on our website:"

A colleague, in same position is adamant that the modeller is showing options for the remedy period only for those affected, not our full pension benefits. The numbers I'm being shown kinda makes sense on that basis, but It's just his opinion. It's certainly not clear on the modeller that that is the case!

Wobble101

Me neither. It feels like you are shouting into a void really. I’m going to raise it through our HR to see if they know anything. 

Pastry_John

Pastry_John said:

https://forums.moneysavingexpert.com/profile/Civvie1984 - I'm in the same boat so it's comforting to hear I'm not the only one.

I queried what i considered to be a significant discrepancy in what my 2024 ABS was showing compared to the new modeller with CSP in Dec. I received a very short and confusing reply which essentially stated my ABS was wrong due the remedy period not being applied to a pension sharing order when I divorced in 2015. It felt like a brush off so I've written back with the following.

My current ABS is showing annual pension of Alpha £2,962 + Nouvos £25,147. It also states that Pension debits have been applied from pension sharing orders.

 Under the pension sharing order 19% of my pension was transferred to my ex-wife in 2015. My understand is that at that point a sperate pension was created for her. That being the case any adjustments under the remedy should be applied separately to our respective pensions. Further, under the remedy there should be no dis-benefit to our pensions.

 Under the modeller at age 65 (with no lump sum taken and no increase in salary) it’s indicating an annual pension of £13,034 (option A, legacy) or £21,713 (option B, Alpha).

 This is not a small discrepancy, based on those figures I’ll be working for another 6 to 7 years, increasing my pension benefits annually only to be in a worse position than the pension benefits I already have under my current ABS! Surely that can’t be right? Just to add, in May 2024 under the previous modeller it was showing an annual pension of £34,909 at age 65.

I'm happy to disclose any reply I get back in case there's others in the same position. One thing that did occur to me was whether the new modeller figures include the Local Authority pension I transferred into my CSP back in 2009. 

I said I'd share any reply I got back. This just dropped into my in-box, the most I can take from this is that the modeller isn't working accurately for everyone (not really news, I think I worked that out!).


"Thank you for your recent enquiry.

Your retirement modeller normally shows an overview of all benefits accrued, including the McCloud period.

The current Retirement Modeller is a new tool and whilst in most circumstances provides a more comprehensive illustration of options and benefits we realise that it may not be fully accurate in all circumstances. I will pass on your feedback in regards to the Modeller but unfortunately we are unable to investigate or provide responses in regards to members personal Modellers at this time."

I'm going to leave this alone now and watch for developments. I'll wait for my Annual Benefits Statement to see if anything's changed there.

Save_Yoda

Can someone tell me if I'm missing something?

My 2023/24 ABS shows a Premium pension of £14k at 60yrs (that's in 2026) but the modeller shows £17k at 60yrs (assumes no pay rise or lump sum).  The £17k is based on the % of my total that is 'Premium' (as specified in the modeller chart).  

That's a big discrepancy that can't be explained by last years' small pay rise. And the discrepancy seems to grow every time I run the same query a few days later!

Any ideas?

Wobble101

I also got a reply recently to my query to MyCSP which basically said the modeler can’t cope with EPA. 

In the end I paid for a 121 call with an advisor who specialize in public sector pensions - we talked through my statement (part of which i had misunderstood) and worked out a couple of estimated early retirement options. It was well worth it and I only wish I’d done it earlier. It’s clear to me now that the early estimates I got on the modeller were too optimistic, but I now feel I’ve enough understanding not to have to rely on it. 

Save_Yoda

I’d say the modeller can’t cope with the absolute basics.  Mine isn’t a complex situation, just Premium then Alpha and the modeller seems to fall over giving completely misleading figures.

MyCSP should be doing basic checks and turn the thing off it’s not up to it.  Still waiting for my response from them.

sonaldo

Wobble101 said:

I also got a reply recently to my query to MyCSP which basically said the modeler can’t cope with EPA. 

In the end I paid for a 121 call with an advisor who specialize in public sector pensions - we talked through my statement (part of which i had misunderstood) and worked out a couple of estimated early retirement options. It was well worth it and I only wish I’d done it earlier. It’s clear to me now that the early estimates I got on the modeller were too optimistic, but I now feel I’ve enough understanding not to have to rely on it. 

who did you speak to (and how much did they cost)?

Wobble101

sonaldo said:

Wobble101 said:

I also got a reply recently to my query to MyCSP which basically said the modeler can’t cope with EPA. 

In the end I paid for a 121 call with an advisor who specialize in public sector pensions - we talked through my statement (part of which i had misunderstood) and worked out a couple of estimated early retirement options. It was well worth it and I only wish I’d done it earlier. It’s clear to me now that the early estimates I got on the modeller were too optimistic, but I now feel I’ve enough understanding not to have to rely on it. 

who did you speak to (and how much did they cost)?

Pen-gage. £150. Well worth it for me - wish I’d spoken with them years ago.