pension question

[BigMoaner]

all, what does the difference between preserved and revalued mean in this context, a small pension i have from a previous job (civil service). is the revallued lump the amount i will get at 60, bumping up with inflation and the preserved is what i would get if i cashed it now (which i can't)

 

[MickiQ]

Without seeing the numbers it's hard to be sure but I think the preserved pension was the amount you had in the scheme on 01 Nov 2011 and the revalued pension is that pot of money as now increased by something like the CPI

 

[Lazy Llama]

Bit of googling says MickiQ is correct.
Preserved shows the values of annual pension and lump sum (where applicable) at date of leaving, revalued is the value of these with all the CPI increases to date applied.

 

[A380]

Civil service pension changed a number of times. Then those changes - which were all shit obvs- were later overturned by a court case (s) .

Your preserved bit was probably the earlier one. The new one is called Alpha. I think the one before was Nuevo? Your union will help.

 

[A380]

Alpha came in in 2015. Not sure about Neuvo

I imagine you have been all over this already. But just in case

nuvos scheme guide - Civil Service Pension Scheme

www.civilservicepensionscheme.org.uk

 

[Puddy_Tat]

i don't think civil service / final salary schemes work on the basis of a personal 'pension pot', there's a lump sum payable at retirement and an annual pension payable at retirement (whatever that scheme has as 'normal retirement age'

is 'revalued' more than 'preserved' here? i'm just not quite sure what the terms here mean.

is 'preserved' what it was worth as of 2011, and 'revalued' what it would be now (with inflation increases etc)?

i don't think any old pension entitlement will get transferred to any new pension scheme rules - i have a deferred local government pension for the job i was in 1992 - 2002, and i can draw it at 60, my current local government pension (i went back in to local government work a couple of years ago) i can only draw at 67 (unless i accept it being reduced for early retirement)

if you're really not sure wtf it means, there's probably a website for civil service pensions which might help, failing that there's probably someone you can phone.

 

[Elpenor]

Did you have any scheme changes around 2008?

 

[BigMoaner]

 

[BigMoaner]

money bags

 

[BigMoaner]

i think it just means how much it's grown with inflation. zero guidance on the website from what i can see

 

[Elpenor]

i think it just means how much it's grown with inflation. zero guidance on the website from what i can see

Yes that is what i think too, do they not send you an annual statement?

 

[BigMoaner]

i do need to ring them about another question too, so will ask. i would think tryign to speak to an actual person is goign to be difficult though, probably be on hold for 5 months.

 

[BigMoaner]

Yes that is what i think too, do they not send you an annual statement?

no, but they have my new address so that might help...

 

[Puddy_Tat]

Not going to quote in case you delete post 8, but yes - the bank of england inflation calculator comes up with something not far off the 2024 figure for that amount in 2011.

And at least it's going up in line with inflation - at one time they didn't include an inflation clause.

Mum-tat had a temporary job as a clerk typist with the SE Gas Board for a few months in the 60s, and it was worth about £ 5 a year when she turned 60. They let her have a lump sum instead.

 

[smmudge]

Yes the preserved is the lump sum and pension amount you had accrued at the time you stopped paying into the scheme, as per the accrual rules of the scheme.

The revalued is those amounts increasing in line with the scheme rules of revaluation (at least in line with legal minimums) designed to keep up at least to an extent with inflation (may be a cap).

 

[A380]

I’m going through this now with Alpha they did want three months notice of retirement. I gave them four and they still fucked up my first statement…

 

[Winot]

i do need to ring them about another question too, so will ask. i would think tryign to speak to an actual person is goign to be difficult though, probably be on hold for 5 months.

Mrs W is a career civil servant (since 1995). The pensions people are shit. Take up to a year to answer basic questions.

 

[A380]

Mrs W is a career civil servant (since 1995). The pensions people are shit. Take up to a year to answer basic questions.

It’s not like it’s with the most or second most expensive thing most people buy…

 

[BigMoaner]

I have other pensions and I think I’ll be just about okay, paying into pensions for about 70% of my working life. Have zero savings though and that terrifies me a bit, esp being single. Though have a share in a property. I’m 43 and staring to plan already. It’s not my “life style” maintenance that worries me but not being a burden/not being able to support my kids that does. Anyway over share, best for another thread perhaps.

 

[A380]

I have other pensions and I think I’ll be just about okay, paying into pensions for about 70% of my working life. Have zero savings though and that terrifies me a bit, esp being single. Though have a share in a property. I’m 43 and staring to plan already. It’s not my “life style” maintenance that worries me but not being a burden/not being able to support my kids that does. Anyway over share, best for another thread perhaps.

Does your union do pension advice events? Defo worth thinking about it and maybe moving stuff about.

As we boring fuckers say. “ the best time to start thinking about your pension was 20 years ago, the second best time is today…”

 

[Puddy_Tat]

Does your union do pension advice events? Defo worth thinking about it and maybe moving stuff about.

As we boring fuckers say. “ the best time to start thinking about your pension was 20 years ago, the second best time is today…”

yes.

although it's generally best to leave anything that's in a final salary / defined benefit pension where it is.

presume you're not in anything public sector now? i transferred some defined contribution pensions in to local government scheme when i started current job, and based on the estimated pension, increased what i'd get out of them by a worthwhile percentage.

if you've had years out of work / out of the UK, it may be worth looking to see how your national insurance contributions are, for the state pension - as things stand now, you need 35 years of enough NI contributions, so the odd year or two isn't a big deal.

Have zero savings though and that terrifies me a bit, esp being single.

obviously, i don't know your circumstances, but if you can put something away each month, it's worth doing. can be easier said than done, though.

there was a thread not so long ago about retirement plans, pensions and so on - What do you think about retirement and when will you do it?

 

[BigMoaner]

yes.

although it's generally best to leave anything that's in a final salary / defined benefit pension where it is.

presume you're not in anything public sector now? i transferred some defined contribution pensions in to local government scheme when i started current job, and based on the estimated pension, increased what i'd get out of them by a worthwhile percentage.

if you've had years out of work / out of the UK, it may be worth looking to see how your national insurance contributions are, for the state pension - as things stand now, you need 35 years of enough NI contributions, so the odd year or two isn't a big deal.



obviously, i don't know your circumstances, but if you can put something away each month, it's worth doing. can be easier said than done, though.

there was a thread not so long ago about retirement plans, pensions and so on - What do you think about retirement and when will you do it?

Yes goal is to save a few hundred a month. I’ve always lived in my means but any savings I shore up soon get wiped out by cars going wrong, filing for divorce, etc I’ll get there. I have more than many and I’ve always lived a very meagre life anyway so I should be okay. Wish I had more of a standing financially for my kids though but I cannot magic money out of thin air so just have to accept.

 

[BigMoaner]

yes.

although it's generally best to leave anything that's in a final salary / defined benefit pension where it is.

presume you're not in anything public sector now? i transferred some defined contribution pensions in to local government scheme when i started current job, and based on the estimated pension, increased what i'd get out of them by a worthwhile percentage.

if you've had years out of work / out of the UK, it may be worth looking to see how your national insurance contributions are, for the state pension - as things stand now, you need 35 years of enough NI contributions, so the odd year or two isn't a big deal.



obviously, i don't know your circumstances, but if you can put something away each month, it's worth doing. can be easier said than done, though.

there was a thread not so long ago about retirement plans, pensions and so on - What do you think about retirement and when will you do it?

Thanks Winot thwt thread was soothing to read tbh, I can feel very anxious and alone thinking about the financial future, part of it it being single with two kids to raise but feel more solidarity lol reading that thread. I’m okay and will be okay, live within my means and save is really the only way forward.

 

[nottsgirl]

yes.

although it's generally best to leave anything that's in a final salary / defined benefit pension where it is.

presume you're not in anything public sector now? i transferred some defined contribution pensions in to local government scheme when i started current job, and based on the estimated pension, increased what i'd get out of them by a worthwhile percentage.

if you've had years out of work / out of the UK, it may be worth looking to see how your national insurance contributions are, for the state pension - as things stand now, you need 35 years of enough NI contributions, so the odd year or two isn't a big deal.



obviously, i don't know your circumstances, but if you can put something away each month, it's worth doing. can be easier said than done, though.

there was a thread not so long ago about retirement plans, pensions and so on - What do you think about retirement and when will you do it?

35 years is for anyone who started working recently, for everyone else it depends and is worth checking your NI record. It’s pretty easy to do and is as you say worth doing.

 

[farmerbarleymow]

35 years is for anyone who started working recently, for everyone else it depends and is worth checking your NI record. It’s pretty easy to do and is as you say worth doing.

Yes, worth checking out your NI record in case there is anything you need to do to fix it. Only takes a few minutes to register for an account.

HMRC online services: sign in or set up an account

Sign in or set up a personal or business tax account, Self Assessment, Corporation Tax, PAYE for employers, VAT and other services.

www.gov.uk

 

[BigMoaner]

Yes, worth checking out your NI record in case there is anything you need to do to fix it. Only takes a few minutes to register for an account.

HMRC online services: sign in or set up an account

Sign in or set up a personal or business tax account, Self Assessment, Corporation Tax, PAYE for employers, VAT and other services.

www.gov.uk

I intend to do this, do they work it out for you or do you have to fill in all the dates, employment record etc?

 

[A380]

I intend to do this, do they work it out for you or do you have to fill in all the dates, employment record etc?

They do it all. It’s based on what you paid each year .

 

[farmerbarleymow]

I intend to do this, do they work it out for you or do you have to fill in all the dates, employment record etc?

You don't have to add any additional data - the NI record is there from when you started work. Not a huge amount of additional information if memory serves, but it will show if you have any NI gaps over the years - although I think there is a time limit for paying extra to plug these.

 

[Hollis]

Mrs W is a career civil servant (since 1995). The pensions people are shit. Take up to a year to answer basic questions.

Their helpline is stunningly useless from the employer side as well. Actually the Civil Service appears to have more than its fair-share of unhelpful helplines... this combined with a 'self-service' model... i.e. directing you to endless web-links can make for a somewhat frustrating time. It's quite odd as when you get past this initial blocking, people do seem to be generally helpful.

 

[BigMoaner]

Their helpline is stunningly useless from the employer side as well. Actually the Civil Service appears to have more than its fair-share of unhelpful helplines... this combined with a 'self-service' model... i.e. directing you to endless web-links can make for a somewhat frustrating time. It's quite odd as when you get past this initial blocking, people do seem to be generally helpful.

Enshittification of customer service. Me and my folks were laughing today about how you used to ring the doctors and after a few rings someone would pick up the phone.