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  • FIRST POST
    • Bravepants
    • By Bravepants 11th Apr 18, 4:48 PM
    • 431Posts
    • 485Thanks
    Bravepants
    Civil Service Alpha Added Pension Calculator - Wrong?
    • #1
    • 11th Apr 18, 4:48 PM
    Civil Service Alpha Added Pension Calculator - Wrong? 11th Apr 18 at 4:48 PM
    Hello,

    I wonder if anyone here is paying Added Pension in the Alpha scheme?

    I think the 2018 calculator provided on the MyCSP site is incorrect.

    Compared to last year's calculator my monthly payment seems to get me double the Added Pension!

    Would it please be possible for someone to double check this?

    I have emailed MyCSP about the issue.
Page 2
    • Tayloriw1
    • By Tayloriw1 10th Aug 18, 7:58 AM
    • 17 Posts
    • 0 Thanks
    Tayloriw1
    If I retire at say 56 how much reduction would my Alpha pension be ?
    As classic says 5% per year but Alpha just says a reduction
    • hugheskevi
    • By hugheskevi 10th Aug 18, 8:20 AM
    • 2,014 Posts
    • 2,511 Thanks
    hugheskevi
    If I retire at say 56 how much reduction would my Alpha pension be ?
    As classic says 5% per year but Alpha just says a reduction
    You can use the retirement modeller or the buy-out calculator to see.
    • Bravepants
    • By Bravepants 10th Aug 18, 9:13 AM
    • 431 Posts
    • 485 Thanks
    Bravepants
    Also, there is an Excel calculator available on the MyCSP site:


    "alpha-early-retirement-and-age-addition factors..." I got it in December 2017 and was valid from APril 2018.



    There is a worksheet tab for each normal retirement age.



    So in my case it would be 67 NRA, the table then presents a reduction factor for age (including months!) before NRA.



    For example, here is a list of reduction factors for your planned retirement age of 56 for each NRA:


    NRA = 68, reduction at 56 = 0.537
    NRA = 67, reduction at 56 = 0.568
    NRA = 66, reduction at 56 = 0.601
    NRA = 65, reduction at 56 = 0.635
    NRA = 60, reduction at 56 = 0.825


    So if your NRA is 68, and you retire at 56 you will get 0.537 times the amount due at 68.



    Check the site for an up-to-date calculator though.



    Cheers,
    P
    • marlot
    • By marlot 10th Aug 18, 9:41 AM
    • 3,571 Posts
    • 2,693 Thanks
    marlot
    Originally posted by hugheskevi
    I hadn't seen the retirement modeller on there previously. It even does Nuvos and Alpha. Very useful - thanks
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