Member Info for JordiMendes

There's a temporary pause on transfer value quotes:

"Some pension services linked to transfer values are temporarily paused while calculation factors are being updated. This is due to a change in the Superannuation Contributions Adjusted for Past Experience (SCAPE) discount rate announced by HM Treasury on 19 May

Therefore, we are unable to provide cash equivalent transfer values (CETVs) or process transfer requests that rely on these calculations. Any requests received will be held and processed once the new factors are available."

Must say, does seem an absolute faff.

They have again stated: "Quotes update: All outstanding retirement quotes will be issued to members by the end of June. Please see our Quotes Hub for information and support. Please note we cannot escalate any quotes in advance of the end of June whilst we work through this distribution"

3 and a half weeks left

Https://www.civilservicepensionscheme.org.uk/memberhub/

Nobody can really answer that. Prices do sometimes drop a bit after a steep rise, but no real substance I can give. Walleye have reduced which gave them a good chance to do so. Manipulation? Who knows

Can't see how shorts would load up if there was the chance of a buyout, doesn't make sense. Not looked at all the longs so don't know if the shorts are playing it safe by betting both ways. Shorts at Greggs very high and that is a solid business, so who knows what they are up to. Capita just have to get things right and as said many a time, the state the business is in right now warrants a higher price.

@Trisor, shorttracker website still has 9 but sometimes a day behind. Two Sigma Investments, LP are the one showing on shorttracker but not on lse.

Topped up again? 3.75

@AdamWoodman Indeed mate, message they sent me in April was "Yes that is the expectation– as we say in the statement - we continue to work closely and transparently with the Cabinet Office and are committed to delivering the plan we have developed in partnership by the end of June 2026."

But can't deny there are civil servants still not getting the right service and I've seen the comments first hand. Main thing is obviously keeping the contract (which I think they will) and binning off the contact centre. Huge year this year. If they don't do it, they never will. Suppose why they are still priced to fail.

Potentially Trisor.

Not to be negative but I have been sent of snippet of comments. Quite a few not happy. The pension moddler which I presume is to forecast how much you will get apparently isn't working and hasn't done for a while. When trying to put in your postcode, apparently there is an issue with that now. Capita are struggling. Hopefully it was in such a mess, that any company would struggle and Capita have done well to get it where it is, but I'm not too sure. I appreciate civil servants that have retired won't have been on the teams call, so there won't be any examples of where things have been sorted. Does seem to be a bit of mess, but as per IR's message yesterday, they are making headway.

Update straight from civil service on 2nd April was that Capita expect it to take 3 or 4 months to clear the outstanding quotation queue. So end of June an agreed date for a certain amount of the crap to be sorted but potentially August before the queue has been cleared.

Spoke to a civil servant today. There was a call earlier on teams and the csps was mentioned. Some of the civil servants have been waiting since December and still not had a quote

Max, IR won't be able to give any more unfortunately. Just going to be a wait and see.

Update on the 14th May was 2,500 quotes by the end of the week which would have been Friday 17th. As I said earlier, the info doesn't state when they started working on those 2,500 so moving forward, we don't know if 2,500 per week was the target. The update before the 14th May one stated there were 23,000 in total. 800 between the last 2 updates doesn't seem to be a great amount, but as stated in this latest update, Capita and employers are working to ensure the data used is correct. Seems an absolute mess they are having to sort out but as I also stated earlier, with 4 weeks to go, they are going to know if they are going to hit target. Everything would have to be in order for them to smash out the quotes. Anyway, what will be will be I guess.

Imho

Heat - Dan the man knows less than Aim

Who knows what will happen. It would be peak Capita to not hit this end of June target, literally got 4 weeks. They would know now if they are going to do it or not, so if they don't update the market before hand, I would see that as a good thing. If they are going to do it, they must have got everything ready for the next 4 weeks and know how many quotes they are going to be able to smash out.

Hi Jordi

As you can imagine we’ve had a few queries on this today!

I’m not able to provide a number but I can confirm that the number of quotes issued continues to increase and we are seeing progress in the stabilisation of the service. We continue to focus on improving the call centre and back-office operations, resolving urgent cases as well as improving wider case resolution times. I will let you know and share a link to any further updates on our newsroom, we are aware of our market obligations and will update as necessary.

Thanks,

Any response Max? Last time it took a while to get a response as apparently my email went in her junk folder.

Rolex, we all know Aim just writes nonsense for banter, ignore her.

I have messaged IR about the latest update.

"Capita has committed to post over 2,500 quotes by the end of this week and expects to maintain this increased level of quote production between now and the end of June" - That was what was said and only 800 quotes from 14th May to 1st June. As Helen from IR said last time, they need to tell the market if there is a change to the plan / what is going to happen. Only thing I would say is that "2,500 quotes by the end of this week" doesn't state what dates this covers, it hasn't said 2,500 every week.

Indeed, the initial 2500 quotes, now only 800 since the last update doesn't add up. "We expect to see a significant uptick in dispatched quotes over the coming weeks" - I wonder how Capita plan to do this.