Classic Preserved Pension

Tullig2810

I have been receiving CSP statements through the years showing CPI increases , however, I have now received my pension quote showing pension and lump sum figures the same as the date I left civil service in 2002. I queried this and was told the higher figures were predictions. Surely CPI/ PI should have applied ? I have a letter from Capita in 2012 to say CPI will be applied every year. I really am at a loss on this, can anyone enlighten me? Thank you.

DE_612183

yes, thats sounds wrong - your pension should increase year on year.

hugheskevi

Are you under 55?

xylophone

Pensions increase

Pensions in payment increase every year in line with the cost of living. All pensioners aged 55 or over get these increases. 

Preserved benefits are also increased to maintain their value up to the date they become payable.

You will also receive the cost-of-living increases if you are aged under 55 and if:

• you retired because of ill health; or if

• the pension is paid to a widow, widower or

  surviving civil partner; or if

• the pension is paid for a child

https://www.civilservicepensionscheme.org.uk/retired-left-or-leaving/retired-and-receiving-your-pension/yearly-pensions-increase-pi/

Tullig2810

hugheskevi said:

Are you under 55?

I'm 60 next month.

hugheskevi

Tullig2810 said:

hugheskevi said:

Are you under 55?

I'm 60 next month.

Something odd going on then. Increases are set out in increase tables. A pension deferred in 2002 should be a bit over 90% higher now than the values as at date of leaving. Only MyCSP will be able to explain what is going on.

agelesswanderer

Tullig2810 said:

I have been receiving CSP statements through the years showing CPI increases , however, I have now received my pension quote showing pension and lump sum figures the same as the date I left civil service in 2002. I queried this and was told the higher figures were predictions. Surely CPI/ PI should have applied ? I have a letter from Capita in 2012 to say CPI will be applied every year. I really am at a loss on this, can anyone enlighten me? Thank you.

Have you managed to get any explanation from MyCSP yet? I’m half expecting my pension quote to be wrong. The figures they gave me on the phone were the same as on leaving in 2011.