Tips on contacting MyCSP

SimonSeys

So I sent a message to MyCSP through their website in December, and followed up again three or four weeks ago.   I’ve not received a response so am planning on giving them a ring next week. 

I am thinking about moving into the partnership scheme and want a definite quote on my Alpha / Premium schemes. 

I was wondering what the likely response will be and whether anyone had any tips on when the best time to call is etc.

Thanks,
Si

Marcon

SimonSeys said:

So I sent a message to MyCSP through their website in December, and followed up again three or four weeks ago.   I’ve not received a response so am planning on giving them a ring next week. 

I am thinking about moving into the partnership scheme and want a definite quote on my Alpha / Premium schemes. 

I was wondering what the likely response will be and whether anyone had any tips on when the best time to call is etc.

Thanks,
Si

Likely response in what sense - the length of time you'll need to wait, or what the response will finally be? 

You won't be able to move your DB benefits into Partnership, which I think from the way you've worded your post is something you already know, so I don't think you are referring to a transfer value.

You say you want a 'definite quote' but unless you're actually at the point of taking your benefits (or extremely close to doing so), they can only provide projections.

hugheskevi

What do you mean by 'definite quote on my Alpha / Premium schemes"? 

The only time you will be getting a statement of exactly what you will get is in a retirement quote, as even a deferred statement doesn't necessarily contain that information for Premium. It does not sound like you want a retirement quote, so I would expect MyCSP to simply refer you to your 2024 Annual Benefit Statement and the Pension Portal.

Calling when phonelines first open is probably best, expect to be on hold for 20-30 minutes in general before call is answered, and avoid Monday.

Switching to Partnership is a very significant financial decision, which is often going to be a bad idea but in certain circumstances may be a very wise choice. Presumably you have a good reason for considering the switch?

SimonSeys

Thanks @hugheskevi  

I’d like to know what my premium will be using the ‘best of three’ approach which is different to my ABS.  I’ve done my own calculations but want MyCSP to confirm they are correct.  

P60s don’t quite work as I was erroneously paid by two Departments for the same month and the overpayment claimed back the following financial year.

I think partnership works better for me for now as I’m thinking of retiring in early 50s, and by putting in 60k into a SIPP (with HMG contributing 20k) then that’s more useful to me than ~£1k pa in 7 years time or ~£2k in 17 years (I’m approaching 49).

I also want to lock in the 10% CPI increase as I was promoted a year or two beforehand and the best of three gives me a bigger figure. 

I’m partway through drafting a more detailed post for The Number thread (or should a start a new thread)

will try MyCSP later next week.

Si

hugheskevi

I’d like to know what my premium will be using the ‘best of three’ approach which is different to my ABS. I’ve done my own calculations but want MyCSP to confirm they are correct. 

MyCSP won't confirm your figures, and will likely tell you that they cannot provide forecasts (no matter how clearly you phrase the question). Once they say that, you might persuade them to give you the factual information about which is the highest of the 3 leg tests if you leave on a specific date in 2056/26.

I think partnership works better for me for now as I’m thinking of retiring in early 50s, and by putting in 60k into a SIPP (with HMG contributing 20k) then that’s more useful to me than ~£1k pa in 7 years time or ~£2k in 17 years (I’m approaching 49).

Other things being equal, it is an overall loss of value but being able to access 100% of the benefit early in retirement is useful.

I also want to lock in the 10% CPI increase as I was promoted a year or two beforehand and the best of three gives me a bigger figure. 

Do some careful calculations about the difference between relying on best complete inflation-adjusted scheme year in the last 3 scheme years and the 13 year look-back figure (averaged over 3 years) if you were to remain in the scheme, often there isn't much difference as an individual changes from best of last 3 years to the best of last 13 years figure.

Depending on how things turned out, you could return to alpha 5+ years after switching to Partnership as then the Premium final salary link would be broken.

SimonSeys

@hugheskevi.  You are correct!   By pure coincidence MyCSP replied last week, unhelpfully pointing me in the direction of my ABS.  

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I have bitten the bullet and sent the forms requesting a switch to partnership.  The trade off is between a) an 17.75% employer contribution now, vs an employee contribution of 7.35% for an annuity of either 2.32% aged 67 or 1.39% aged 57 (ERF of 0.598)

I make that a trade off of £25.10 now vs an annuity of £1.39 aged 57, which gives a payback of 18 years.  My circumstances are such that I’d prefer the former.

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Also, given today’s news about potential redundancies, do you know about the tax circumstances of redundancy payments?   I know payments into a DB are tax free and not subject to annual allowance, but do you know about payments into a DC scheme such as Partnership?   (I’m aged 48 so will be below MPA)

Many thanks again for your help

Si

hugheskevi

Also, given today’s news about potential redundancies, do you know about the tax circumstances of redundancy payments?   I know payments into a DB are tax free and not subject to annual allowance, but do you know about payments into a DC scheme such as Partnership?   (I’m aged 48 so will be below MPA)

Payments into a DB scheme are tax free, and would count toward Annual Allowance if used to purchase Added Pension, but not if used to buy-out actuarial reduction (for those over MPA).

Payments into Partnership are tax free . You can make lump sum contributions to Partnerships via bank transfer. Those are relief-at-source contributions, and you can claim any higher/additional rate relief due from HMRC. They count toward Annual Allowance.

I don't know if payrolls will pay part of exit payments directly into Partnership - they could, but whether they will is another matter. But you can achieve the same thing with a lump sum contribution anyway, or even a contribution to a completely separate pension such as a SIPP.

SimonSeys

Many thanks.  It’s the annual allowance that will cause me issues.  

 If they do decide to run VES, then hopefully it will be after my MPA and I can use it towards reducing the ERF of my Premium scheme

hugheskevi

SimonSeys said:

Many thanks.  It’s the annual allowance that will cause me issues.  

 If they do decide to run VES, then hopefully it will be after my MPA and I can use it towards reducing the ERF of my Premium scheme

If a VES includes employer buy-out of actuarial reduction, that would only apply to an active member of the scheme, not someone in Partnership.

If a member buys out the actuarial reduction themselves (whether using an exit payment or not), all of the actuarial reduction in a scheme has to be bought out in full, there is no partial buyout.

SimonSeys

hugheskevi said:

SimonSeys said:

Many thanks.  It’s the annual allowance that will cause me issues.  

 If they do decide to run VES, then hopefully it will be after my MPA and I can use it towards reducing the ERF of my Premium scheme

If a VES includes employer buy-out of actuarial reduction, that would only apply to an active member of the scheme, not someone in Partnership.

If a member buys out the actuarial reduction themselves (whether using an exit payment or not), all of the actuarial reduction in a scheme has to be bought out in full, there is no partial buyout.

Thanks.  That’s very helpful.  I think I can swap every 12months so if a relevant VES scheme was offered then I could swap back to Alpha (takes two months) and then apply for VES. 

JohnluckPicard

Ive been trying to contact them over the last few days by phone. Ive currently been on hold for 55 minutes. When i did get through to them i spoke to someone last week who had no idea what i was talking about and ended the call.

I cant see anyway of contacting them by email on the portal. Only by post or 'ring them'. Post? really?

Oh, I was going to make a complaint but the webpage does not load correctly on Edge or chrome.

What a shambles of an organisation