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Accessing my Civil Service pension

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I am a 46 year old ex civil servant. I am now working part time self emloyed and am on a fairly low income and in receipt of Tax Credits.

I spent about seven years in the civil service during the nineties. At the last count I had ammassed a lump sum pension of about £3,000. Could you tell me if there is any way i can gain access to these funds now instead of when I retire? What is the earliest I can officially obtain the money? Are there any organisations that will buy my pension from me? My pension is linked to inflation, so is there any way I can ascertain what it's equivalent value would be today?

Thank you for your attention.

Comments

  • Andy_L
    Andy_L Posts: 13,021 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    No, you cannot access the pension until you retire

    The earliest you can do this is 50 but you will have it reduced for taking it early

    NB there are no "funds" as such - current employer/employee contributions are used to pay the pensions of the retired

    if you look on the website you can find out the annual rpi rates used to increase the pension or you can contact them & ask for an estimate

    http://www.civilservice-pensions.gov.uk/
  • dunstonh
    dunstonh Posts: 119,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I spent about seven years in the civil service during the nineties. At the last count I had ammassed a lump sum pension of about £3,000

    seven years service and a transfer value of just £3000 seems extremely low. Are you reading that right? Could it be £3000 a year?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Andy_L
    Andy_L Posts: 13,021 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    tbh I jumped to the conclusion it was the annual pension - put the OP on about 46k when they left (top 5% of civil servants so plausible)
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