MyCSP, Capita and retirement modeller

indiasign

Hi everyone, my wife and I (59 and 61 respectively) are both civil servants looking to take early retirement next May, but now I’m starting to get worried about they delays being caused by the MyCSP strikes and the proposed transfer to Capita.

We’ll have another 5 years to wait before my State Pension kicks in, and we have enough in savings to bridge that gap, so a delay of a few months or so won’t be the end of the world, but the amount of cover we require from savings is based on the figures from the retirement modeller, so I’m also concerned whether they are accurate.

Ive been checking them regularly, and they’ve stayed pretty much the same, other than yearly adjustments, so am I worrying unnecessarily?

m_c_s

I had quite a few issues with MyCSP when recently claiming my pension. In the end they corrected everything although I had to chase them via several phone calls to get things dealt with. They are very pleasant to speak to and did expedite my application after accepting responsibility for an error they made. To be fair they paid the lump sum and arranged the monthly pension on time.
I suspect the strikes have had an impact and they are still trying to catch up on delays.
The key point I would make is that you need to get your application in at least 4 or 5 months before you intend to take your pension. You are not obliged to take your pension at that time but you do get a formal quote which should reflect your pension value(s) you can expect to receive. You only commit to your pension when you send back your signed forms you get with the formal pension quote.
I have read that the transition to Capita seems to be in trouble and there could be a delay but it would be speculation to say whether that would affect anyone. I did get an email saying my login in details to the Civil Service pension portal will change when Capita take over so I assume they will be using a different software platform in future. Again how that will impact end user experience will not be known at the moment.

hugheskevi

indiasign said:

Hi everyone, my wife and I (59 and 61 respectively) are both civil servants looking to take early retirement next May, but now I’m starting to get worried about they delays being caused by the MyCSP strikes and the proposed transfer to Capita.

We’ll have another 5 years to wait before my State Pension kicks in, and we have enough in savings to bridge that gap, so a delay of a few months or so won’t be the end of the world, but the amount of cover we require from savings is based on the figures from the retirement modeller, so I’m also concerned whether they are accurate.

Ive been checking them regularly, and they’ve stayed pretty much the same, other than yearly adjustments, so am I worrying unnecessarily?

You are probably worrying unnecessarily, but there are a few things you could usefully do:

• Your pension depends on your past service and salary - gather as many details as possible about these in preparation (old payslips, P60s, etc). Hopefully this won't be needed, but it will ensure you are as informed as possible.
• Go through your latest Annual Benefit Statement with a fine toothcomb, look at every number and confirm as far as possible that it looks right. Query any oddities.
• Go through your HR system at work and ensure everything looks right and up to date there, especially your service record and contact details. Query/correct any oddities.
• Currently you are asked to give 4 months notice of retirement. That would mean giving notice in January. Regularly check back in case this changes with the move to Capita - there could be a new policy, or there could be temporary delays promting a temporary change of approach. 
• Ensure you give the 4 months of notice (it goes through your employer, so start lining it up with your employer before then), but don't give much more than that, and in any event don't apply before the transition to Capita in December, that would just be asking for an application to be pended and lost/delayed in transition (not saying that would happen, just that it would be an unnecessary risk with no benefit). Doubtless there will be some issues early in December as the change happens, so that would be a bad time to submit an application too.
  

indiasign

Thanks for the replies, both. 

Hugheskevi, in our department we’ve always been told we have to give 5-6 months notice to MyCSP, so we’d planned on putting the forms in later this month, but what you say about waiting till Capita takes over makes sense (that was one of my concerns)

Of course, that’s always assuming the transfer actually takes place, because, as far as I’m aware, there still hasn’t been a “go/no go” decision, has there?

hugheskevi

indiasign said:

Hugheskevi, in our department we’ve always been told we have to give 5-6 months notice to MyCSP, so we’d planned on putting the forms in later this month, but what you say about waiting till Capita takes over makes sense (that was one of my concerns)

Of course, that’s always assuming the transfer actually takes place, because, as far as I’m aware, there still hasn’t been a “go/no go” decision, has there?

The scheme asks for 4 months of notice - it actually suggests telling the employer 4 months before, so arguably asks for less than 4 months, given it will inevitably take the employer some time to do their thing. Assuming everything is straightforward, approaching employer about 5 months before retirement date would be prudent.

There has been much Press in the last week about whether the December transition from MyCSP to Capita will take place or not, with The Telegraph (amongst others) quoting the Public and Commercial Services (PCS) comments about the contract progression.

For example, this GB news article  dated 3rd November states:

The Public and Commercial Services Union has warned that serious problems have emerged during the handover of the Civil Service pension scheme, raising fears of payment delays and service disruption across the £8 billion-a-year system.

With less than five weeks to go, MPs are also worried that Capita may not be ready to take over the contract.

The Cabinet Office has yet to confirm whether the transfer will still go ahead on December 1, following a troubled two-year transition that was meant to ensure a smooth handover from current administrators MyCSP.