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    • ceecee1
    • By ceecee1 19th May 17, 10:22 AM
    • 376Posts
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    ceecee1
    Civil Service Pension advice please
    • #1
    • 19th May 17, 10:22 AM
    Civil Service Pension advice please 19th May 17 at 10:22 AM
    Hi,
    I have just taken partial retirement at the age of 60 with 42 years of Classic pension.

    I had thought that I would automatically be transferred over to the Alpha scheme but still paying into Classic. I telephoned as was told that whichever scheme I was in that they were both limited to a maximum of 45 years.

    Realistically I will be working for another 6 years until SPA - I am unsure whether it would be beneficial to stop paying into Classic and take the Partnership contributions into an outside pension.
    My earnings are in the region of £10k a year - so will not get much either way.

    I am not clear what will happen to pension contributions when I have worked the 45 years - the only advice I got was to ask my line manager - they will know less than I do

    Can anyone point me in the right direction please
Page 1
    • BobQ
    • By BobQ 19th May 17, 12:58 PM
    • 9,699 Posts
    • 12,602 Thanks
    BobQ
    • #2
    • 19th May 17, 12:58 PM
    • #2
    • 19th May 17, 12:58 PM
    You should ask the question of MyCSP the pension administrators.

    Remember if you are partially retired then your continuing pension will accumulate more slowly based on the how part time you are working.

    The Partnership Scheme will provide a contribution of 17.75% from your employer in return for you paying just 3% so its almost as good as Classic. Until recently you were ineligible for Partnership but now you can join it

    With public sector pay having real time cuts I would probably opt for Partnership and take the benefit of CPI indexation of the remaining classic pension you have not yet drawn.

    But that is not advice, just an unqualified opinion.

    ETA
    On closer inspection you are only allowed to join Partnership if you joined Classic after 2008. Therefore if you reach 45 years in Classic and cannot remain in it any longer I am not sure how your employer handles that if they still must provide a pension. Does anyone know?
    Last edited by BobQ; 24-05-2017 at 5:32 PM.
    Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
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