Frequently Asked Questions – 2017 Annual Benefit Statements (ABS)

When will I receive my 2017 ABS?

How do I update my death benefit nomination?

If I ask you to update my ABS, will you send me a new one?

No. We will update your pension record and any changes will be reflected in your 2018 statement. 

What should I do if I have not received my ABS?

Please contact your employer, who can check if you are eligible to receive an ABS. If you are, they can request one on your behalf. 

Can I get a replacement ABS?

You can request a copy of your statement by emailing: 

absqueries@mycsp.co.uk.

Copy statements are free if requested before 31 October 2017.

After 31 October 2017, a copy statement will cost £25.90.

Does my ABS take into account Pension Sharing or Earmarking orders?

What is Reckonable Service?

Reckonable service is the service that counts towards your pension benefits.

Please note that reckonable service does not include:

  • unpaid leave
  • career breaks
  • strike days
  • sick pay at pension rate
Early Retirement and Maximum Lump Sum calculators

Do you use previous service to calculate the benefits shown on my ABS?

We use your most recent period of active service and any previous service that you have joined (or ‘aggregated’) to calculate the benefits shown on your ABS.

If you have previous service in the Civil Service pension arrangements that you have not aggregated, you may have a deferred pension from that period of service. 

You can request a deferred benefit statement by emailing:

contactcentre@mycp.co.uk

How is my pay used to calculate the benefits shown on my ABS?

If you are a member of classic, classic plus or premium, we calculate the benefits shown on your ABS using:

  1. your basic salary and pensionable allowances at 31 March 2017; and
  2. any pensionable bonuses you have received in the last 12 months up to 31 March 2017.

When you retire, we will use your final pensionable earnings to calculate your benefits. The calculation for final pensionable earnings assumes you have left employment and pension increases may apply.

For more information about your final pensionable earnings in classic, classic plus, premium and nuvos, please read FAQ 11, below.

If you are a member of nuvos or alpha, we calculate the amounts shown on your ABS using the following:

  1. your basic salary and pensionable allowances earned in the year up to 31 March; and
  2. any pensionable bonuses you received in the last 12 months up to the 31 March.

You build up alpha pension by adding 2.32% of your actual pensionable earnings from each scheme year to your alpha pension.

Your total alpha pension is adjusted in line with prices every year that you are an active member of alpha.

You build up nuvos pension by adding 2.30% of your actual pensionable earnings from each scheme year to your nuvos pension.

Your total nuvos pension is adjusted in line with prices every year that you are an active member of nuvos.

How much must I contribute to my pension each month?

The contribution you make will depend on your salary.

You can view a table of employee contribution rates here.

How do you calculate my pension when I retire?

When you retire in classic, classic plus, or premium, we use your final pensionable earnings to calculate your pension.

The way we calculate final pensionable earnings for classic, classic plus and premium is shown below.

 

 

Final pensionable earnings

classic

Your final pensionable earnings will be the best consecutive 12 months’ of basic salary, pensionable allowances and pensionable bonuses you have earned in your last three years of reckonable service.


classic plus and premium

 

Your final pensionable earnings are the higher of:

  • your basic salary and any permanent pensionable allowances you have earned in the last 12 months; or
  • your basic salary and any permanent pensionable allowances you have earned in one of the last four scheme years; or
  • an average of your pensionable earnings over three consecutive scheme years in the last 13 years.

 

 

How do I get in touch with you about my Annual Benefit Statement?