Civil Service voluntary exit scheme - which option, HELP!

sleepless_saver

blossomhill wrote: »

Is there a missing option here, one where you can defer taking your pension and lump sum until age 60 and try to live off the compensation (£30K tax free and £10k taxable) + and carer's allowance? Sorry if you have already considered it and ruled it out, but that one would mean that you could try living on a reduced amount in prep for pension days, but at any time during the 9 years, ask to take the pension early.

Say you could manage for 5 years, the actuarily reduced pension amount would be reduced by less than an actuarily reduced amount taken now

If you don't take the pension straight away, I think you may have to wait till the normal scheme retirement age before you can take it.

lincroft1710

BINGO wrote: »

this is definitely something I need to look into - it was not given to me in the paperwork, but if that is a possiblity then I would also be able to get some reduced lumpsum pension at the same time as the reduced pension?
many thanks for spotting the possibility.!:T

If the option wasn't mentioned in the paperwork then it may not be available to you. From memory different schemes had different leaving options and there were even different departure dates within the same department/agency.

blossomhill_2

sleepless_saver wrote: »

If you don't take the pension straight away, I think you may have to wait till the normal scheme retirement age before you can take it.

If the OP is in PCSPS classic then it is an option, but if course needs to check for themselves