Help with civil service pension remodeler

johnnyfreedosh

Hello all......

I am 56 and looking to retire within the next year.   I have 33 years completed in CS and pension was classic then Alpha. I am still working full time but had my fill and want out 😃 I have looked at remodeler and have option A or B which I understand ok......my question is remodeler shows my age as 57 although I am 56 ( 57 in October).    I know it says it will default to 55 or current age but just wondering why it shows my age as 57.   I'm guessing it's because in 2025 I will be 57?.   

 Also Can anyone confirm that the amount showing today (remodeler option  left at the lowest defaulted option age 57) is what I would get if I retired today?........reason I ask is amount increases daily by about £6 a day or thereabouts.   I keep slider to 0% lump sum as want a bigger pension as opposed to larger lump sum ( pension goes up by around £6 per day and lump sum goes up around £12-£13 per day)

Finally.....I did very recently get a pay rise (job role change)  but remodeler doesn't appear to have changed much. FAQs  says remodeler using "live data" from payroll so guessing things just need to update?

Anyway any advice/ answers greatly appreciated.  Thanking you 😃

Dazed_and_C0nfused

johnnyfreedosh said:

Hello all......

I am 56 and looking to retire within the next year.   I have 33 years completed in CS and pension was classic then Alpha. I am still working full time but had my fill and want out 😃 I have looked at remodeler and have option A or B which I understand ok......my question is remodeler shows my age as 57 although I am 56 ( 57 in October).    I know it says it will default to 55 or current age but just wondering why it shows my age as 57.   I'm guessing it's because in 2025 I will be 57?.   

 Also Can anyone confirm that the amount showing today (remodeler option  left at the lowest defaulted option age 57) is what I would get if I retired today?........reason I ask is amount increases daily by about £6 a day or thereabouts.   I keep slider to 0% lump sum as want a bigger pension as opposed to larger lump sum ( pension goes up by around £6 per day and lump sum goes up around £12-£13 per day)

Finally.....I did very recently get a pay rise (job role change)  but remodeler doesn't appear to have changed much. FAQs  says remodeler using "live data" from payroll so guessing things just need to update?

Anyway any advice/ answers greatly appreciated.  Thanking you 😃

Why do you think that would have much immediate impact on your Classic pension.

I think Classic is based on your best salary looking back over the past 3 years.

So say that was £30,000 for the year immediately prior to your job role change.  And your new job pays £36,000.

After a month of your new job the year prior to that would £30,000 x 11/12 (£27,500) + £36,000 x 1/12 (£3,000) = £30,500.  So not much of an change from £30,000.  But as each month passes it will gradually increase.