EPA coverage and commutation rates

[MichaelS12345]

1) I have EPA covering my baseline pension entitlement (about 15% of my total) but the rest comes from added pension/transfer in to which EPA does not apply, it would be nice to be able to model this

2) What commutation rate tables are you using, I understand these are in the process of being updated but have not seen the refreshed figures anywhere yet

Thanks

[r0w4n]

Hello,

I'd say the epa part of the modler is pretty poor at the moment and needs to looking at. I planned to do some work at Christmas on this but circumstances look like this is unlikely. If you had some time you could contribute to the modler.

Else I'll get to this feature request on my next motivation cycle.

Kind regards,

Rowan

On Mon, 20 Nov 2023, 12:32 MichaelS12345, @.***> wrote:

1.

I have EPA covering my baseline pension entitlement (about 15% of my total) but the rest comes from added pension/transfer in to which EPA does not apply, it would be nice to be able to model this 2.

What commutation rate tables are you using, I understand these are in the process of being updated but have not seen the refreshed figures anywhere yet

Thanks

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[MichaelS12345]

Thanks, your work is much appreciated. Wish I had the time to get my head around the coding but can't see that happening until after I retire!

Are you able to point me to the commutation rates table you used for the early retirement (as an aside the new state pension is the 22/23 figure, probably an easy fix to move to the 223/24?)

[r0w4n]

Hello,

I'm slightly confused to your question. The only epa tables I've seen are contribution rates ( https://www.civilservicepensionscheme.org.uk/media/jnwnnapj/epa-and-eepa-factors-and-guidance-alpha.pdf) which the modler doesn't provide.

I wasn't aware of the definition of commutation, but research suggests it means - "A commutation of pension is defined as giving up part or all of the pension payable from retirement in exchange for an immediate lump sum".

The modler doesn't provide any lump sum facility.

My epa knowledge is low compared to added pension. I'd made the assumption that epa is simply npa - epa, e.g., 67 - 2

This is then used to modify the retirement age and the application of the early retirement factors.

https://github.com/r0w4n/cs-pension/tree/main/src/data

Let me know if I've got any of that wrong.

Kind regards,

Rowan

On Mon, 20 Nov 2023, 22:47 MichaelS12345, @.***> wrote:

Thanks, your work is much appreciated. Wish I had the time to get my head around the coding but can't see that happening until after I retire!

Are you able to point me to the commutation rates table you used for the early retirement (as an aside the new state pension is the 22/23 figure, probably an easy fix to move to the 223/24?)

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[MichaelS12345]

Apologies, meant reduction factors not commutation factors - current set are here which I guess are what you have used but they are supposed to be being updated imminently.

https://www.civilservicepensionscheme.org.uk/media/oislhmme/early-and-late-retirement-factors-and-guidance-alpha.pdf

pension.js const statePension = 9660;

value for 23/24 is 10636 value for 24/25 will be 11542