CSPS: Some (probably very stupid) questions about Civil Service benefits statement

pandejengibre

Hello!

I've been a member of the CSPS since 2010. I've paid very little attention to pension statements hitherto, happy that it's whirring away in the background.

Now I'm 40, I'm trying to ensure I'm better informed as my husband and I make decisions about his SIPP/our mortgage liabilities/how much money we save for our kids versus for ourselves for retirement. Also whether I can work more part-time in the coming years or consider retiring say at 60 not at SPA.

My 2025 Pension Statements lists me as having:

" [does not include any projected pension benefits]

Annual alpha pension: £13,225 (claim from SPA)

Annual nuvos pension: £18,406 (from 65)

[…]

Projected pension table:

Age 55: £11,928, Age 60: £17,085, Age 65: £25,545"

So, here are my stupid questions:

• Am I correct that these figures are the minimum and preserved amounts that I would get at each age, based on contributions until the date of the statement? So even if I quit right now, I could claim these amounts from each age in future?
• To work out how these amounts might increase, would I calculate 2.3% of annual pensionable earnings and simply add that amount to the pot, plus some form of CPI adjustment? So for example, say I earn £90k/annum (currently salary) and for argument's sake that stays the same until 65, I would add £2070 per annum, so £51,750 to the pot, which should then be added to the above amounts?
• What calculation can I use to project how that figure (if correct or more or less) would be reduced if I retired at 60? In other words, presuming I carry on earning at least my current salary, what might I expect to have as a pension across nuvos and alpha if I were to retire at 60?

Many thanks in advance for any help!

SimonSeys

Yes that’s right, although the Alpha accrual rate is 2.32% so your £2,070 figure should be £2,088. If you left the CS now, you would receive those amounts (£13,225 and £18,406] updated by CPI, each year from 67 (if that’s your SPA) and 65 respectively

Another 25 years of service would gain you another £52,200 of annual pension.

If you retire earlier, and choose to claim your pension earlier, then your pension is actuarially reduced because it will be paid for longer. The factors used to calculate this are here:

https://gadfactorguidancehub.co.uk/guidance/csps_gb/factor-workbooks/

Table x-404 is the table for Alpha with a Normal Pension Age (NPA) of 67 for example.

pandejengibre

https://forums.moneysavingexpert.com/discussion/comment/81863311#Comment_81863311

Thank you very, much!