PCSPS Classic Scheme: no increases between 50 & 55

Meister60

Hi, I'm looking for advice... I retired from the civil service aged 50 last year and am have been receiving my pension on a monthly basis. No grumbles with amounts or lump sum - I had roughly 34 years service and received a reasonable offer; in truth, too good to turn down. So great to have been able to step off the hamster wheel at a youngish age.

However, I gather that due to a technicality in the PCSPS Classic Scheme there are no annual increases between ages 50 and 55. The question I have is: if there are no increases am I technically receiving a pension or is this annual compensation in lieu of giving up / losing a job? If so, is there a technical term for this amount e.g. annual compensation payment or annuity or whatever. I seem to recall something in guidance but can't lay my hands on it.

Question 2. I'm also aware that at age 55 my pension will receive an increase to cover the 5-years without adjustment - not sure if this entails a lump sum or just straight up rating? Does anyone know an answer?

Can anyone help?

molerat

I assume similar to the forces AFPS75 scheme, a pension from 40 with no increases for up to 15 years then the full inflation increased amount at 55. There is no 2nd lump sum.

sleepless_saver

I think molerat's right. And it's technically compensation. Have a look at the relevant info on CS pensions site if you left under the post Dec 2010 scheme.

Starship9

I am in a similar situation to yourself having retired last June aged 51 and in the Classic scheme.

My understanding (I've queried this a number of times with the pensions administrators and had it confirmed) is that my pension will remain the same until I am 55 but, at that point, the culmulative annual increases that have been agreed, using the CPI index now, will be added to my pension and I will receive any back pay owing too.

If my understanding is incorrect I'd like to know about it ASAP so at least I'm forewarned

Bellabee

Sorry, Starship, but you're only partly right. You'll get the cumulative increases, but there's no back pay. At least the cumulative increases give you a nice rise at age 55 - and at a time when public sector pay has been frozen.

Starship9

Thanks for that clarification Bellabee. Having re-checked the pension terms I see you are quite right. There is a nice rise at 55 in the pension as it is a culmulative % of the rises that have been applied since the pension came into payment. But they don't pay back pay

Still, better than a poke in the eye, as they say