Understand a CS ABS

Marcon

hara____ said:

Thanks Marcon, xylophone for the correction/details. I was assuming the OP had been a civil servant long enough not to be affected but agree that was assuming too much.

The problem is that a lot of novice users read this board, and (not unreasonably) they wouldn't put any caveats on your comment, but just assume it applied to 'all pensions'. As you've just discovered, catering for all readers and situations is an interesting challenge!

FIREDreamer

Marcon said:

monaebrook said:

So, I am in the hideous position of having to rethink everything because of the law change in 2028. OH and I are both CS, he is 5 years older than me and we planned to retire at the same time - him at 60 me at 55. 
The law changes 6 months before I turn 55 so I'm not able to get my pension for another 2 years..   Both of us are now weighing it all up to see if we can just push the button in April. 
To know if that's a goer, can someone help explain the ABS. Do the figures I have on my latest statement show what I would get if I stopped paying now? Or is there something else I need to take into account? Would still want to take it ASAP, so 57.
Thanks in advance, need to unpick the level of risk.

'Hideous position'? Really? This planned change was first announced in 2014, so you've had plenty of time to prepare...

Maybe they didn’t get the individual hand delivered signed letter. Oops …

Marcon

FIREDreamer said:

Marcon said:

monaebrook said:

So, I am in the hideous position of having to rethink everything because of the law change in 2028. OH and I are both CS, he is 5 years older than me and we planned to retire at the same time - him at 60 me at 55. 
The law changes 6 months before I turn 55 so I'm not able to get my pension for another 2 years..   Both of us are now weighing it all up to see if we can just push the button in April. 
To know if that's a goer, can someone help explain the ABS. Do the figures I have on my latest statement show what I would get if I stopped paying now? Or is there something else I need to take into account? Would still want to take it ASAP, so 57.
Thanks in advance, need to unpick the level of risk.

'Hideous position'? Really? This planned change was first announced in 2014, so you've had plenty of time to prepare...

Maybe they didn’t get the individual hand delivered signed letter. Oops …

Certainly doesn't merit the description 'hideous' ( which means shocking, awful, terrible, appalling). Unwelcome possibly, but the massive overreactions we are seeing on this board to the change in minimum age makes you realise how short-term many people think. Some have no option but to 'fund for today' but rather too many fail to grasp that their pension is intended for the longer term.

monaebrook

hara____ said:

@monaebrook can you confirm that you have only ever been a member of Alpha, i.e. you weren't a civil servant before 2015? Only because the statements get more complicated if you also have past service under schemes like Premium

I was a CS from 2000 to 2012, part time under classic. Left and rejoined in 2015, less than 3 years so same staff number etc, full time. 

hara____

monaebrook said:

hara____ said:

@monaebrook can you confirm that you have only ever been a member of Alpha, i.e. you weren't a civil servant before 2015? Only because the statements get more complicated if you also have past service under schemes like Premium

I was a CS from 2000 to 2012, part time under classic. Left and rejoined in 2015, less than 3 years so same staff number etc, full time. 

Okay, so a couple of the more complicated parts might be relevant to you:

- if you haven't already, it's worth checking whether the McCloud change or 'remedy' applies to you. I think this could depend on the exact date you left in 2012

- and for Classic you may need to check exactly how the 'final pensionable earnings' rules work as this isn't always as simple as the equivalent for Alpha