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My own salary revaluation calculator

Discussion in 'Retirement' started by diddydave, Mar 21, 2019.

  1. diddydave

    diddydave Established commenter

    Prim and PeterQuint like this.
  2. PeterQuint

    PeterQuint Lead commenter

    That’s very much appreciated. I’ll check it out when I get home.
     
  3. PeterQuint

    PeterQuint Lead commenter

    BLOODY HELL, you've spent some time on tt.

    I owe you a pint.

    The issue would appear to be, we can see inflationary figures in the past, but can only guess as to the future.
     
  4. Prim

    Prim Occasional commenter

    Thanks Diddy Dave, that is very helpful.
     
  5. diddydave

    diddydave Established commenter

    Thanks but it was only a 5-10 minute job so no big issue.
    As for the future it only works for the final salary scheme and so won't be as relevant for too much longer!
     
    PeterQuint likes this.
  6. diddydave

    diddydave Established commenter

    Just used a copy using the 2018 figures to compare it to last year's statement and it's quite close but there is a difference of 1.7% so I've asked TPS to send me their calculation. It's close enough for me for the moment but as always I'm interested to see where I went wrong (or if I did ;) )
     
    Prim and PeterQuint like this.
  7. diddydave

    diddydave Established commenter

    Think I may have found the issue, still waiting for confirmation from TPS. Their salary revaluations were only done up until August 2017, so hopefully mine are correct :)
     
    PeterQuint likes this.
  8. richest1

    richest1 Occasional commenter

    When do they do the revaluations?
    I have applied for my pension last week leaving Aug 31st. Will my figs as they stand been upped?
     
  9. diddydave

    diddydave Established commenter

    My understanding is that it is to the day you take the benefits but this is the reason I'm talking them at the moment as there appears to be a discrepancy in the online statements for those of us who have left the scheme.

    I just had a reply telling me that the revalued average is the same now as it was 18 months ago, but it feels as though it's from someone replying through a script rather than actually looking at the issue - so I've asked again for further clarification as this would be a significant difference.
     
    richest1 likes this.
  10. richest1

    richest1 Occasional commenter

    Yes they love a script ive noticed. You not never get a CHAT with them. It is a concern rgearing the final figure. If they change it late on one cannot tell if it's correct or not.
     
  11. diddydave

    diddydave Established commenter

    Yes, that's exactly why I decided to do it myself and checking it against the earlier years it works to within a few pounds, so to be fair it looks as though what they do is right. Of course if you have a figure close to the actual time of retirement the only way it should go is up due to the extra time. So I'm only a little concerned, not majorly worried, that they are doing it incorrectly for those of us who have deferred taking the pension and I'm pretty sure that when it comes time to claim the revaluation is done again - just it would be nice if the website's statements reflected that too.
     
  12. diddydave

    diddydave Established commenter

    Ok, someone has made sense of it for me. Specifically for deferred members, that is those who have left the scheme but not taken the pension. Mathematically it works out the same as my sheet but they work out the pension at the point you leave the scheme using the best 3 from 10.
    Salary x Service / 80
    Then for each year after you've left but not taken the pension they increase it by the CPI figure (both the pension and the lump sum).
    Either way the CPI increase is factored in.
     
  13. Prim

    Prim Occasional commenter

    Plus the 5% (approx) you would have lost per year?
     
  14. diddydave

    diddydave Established commenter

    I did add in a bit on taking early retirement so I could see the effect it would have but I was more concerned with how, or indeed if, the CPI increases were handled as it's still a few years before I can even claim the AAB pension.
     

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