Partial retirement from civil service advice

jamesd

OldBeanz wrote: »

How many ordinary investors are going to be constrained by being pension millionaires? How many ordinary investors can afford to place £40k pa into a pension given that the average salary is around £27k.

For the million, all of them at a salary of 27k for a normal fifty year 18-68 working life who have the 2019 auto-enrollment 8% contribution level on their whole rather than qualifying salary and achieve average UK stock market performance of about 7% assuming BoE inflation target of 2% is met. Expected result is £980k. Using after inflation 5% and also indexing the million it comes to around 480k instead in today's money.

It's not that hard to get to be a pension millionaire if you start early enough and have some serious sustained commitment to the objective.

The annual allowance is for peak contributions more than average, limiting people more in their highest earning 40s to 50s when they are also likely to be paying more attention to pensions.

Muscle750

Plus of course we had no choice in having our FS scheme ripped from under our feet however i gather some are still retiring on FS schemes from the public sector some 10 years after we had ours stopped. We also wanted what we were promised .
Knowing quite a few who have worked and some still do at GCHQ i certainly dont see any complaints from them. One other point of GCHQ is that they pay £5 a day for you not to take your car to work so they all park on the surrounding side roads walk the last bit and adding another approx £100 a month to their income, £1200 a year. Plus they now have their own coaches all kitted out tables leather seats etc as those who were travelling to London on the train etc were putting in massive exspence claims. .....................Still at least they could look out the window both in the morning and the afternoon

hyubh

Muscle750 wrote: »

Read this and tell me im talking out my backside

You may or may not be talking out of an unexpected part of your anatomy, but you've certainly done your best to derail someone else's thread. If you want to rant, just start your own.

hyubh

johndough wrote: »

It aint rubbish, and YES I did have the circular for early retirement giving the Civil Service as an example.

Something I knocked up whilst an LGPS bloke (circa 2009)

What you claimed was wrong for the LGPS though (I claim complete ignorance about the PSCPS) - it's quite common for there to be continuous employment in a LGPS flexible retirement case, i.e. the employment is just split for pension purposes. In fact, during my time in LGPS admin, this was the normal case (was a bit of a pain at EOY, as you'd always have to go back to the employer to request the details provided be split).

In some cases you start anew (Academies come to mind) and so your length of service for redundancy is zeroed.

This is just false, sorry. It's covered by standard TUPE, let alone the additional rights (i.e. continued LGPS access) afforded for these cases.

Andy_L

LeoTLion wrote: »

The Royal Electrical Mechanical Engineers.

joiner/carpenter do you?

https://www.civilservicejobs.service.gov.uk/csr/index.cgi?SID=cGFnZWNsYXNzPUpvYnMmcGFnZWFjdGlvbj12aWV3dmFjYnlqb2JsaXN0JmpvYmxpc3Rfdmlld192YWM9MTUxMjU3NyZvd25lcj01MDcwMDAwJmNzb3VyY2U9Y3Nxc2VhcmNoJm93bmVydHlwZT1mYWlyJnNlYXJjaF9zbGljZV9jdXJyZW50PTEmdXNlcnNlYXJjaGNvbnRleHQ9MzE5Njc2NDgmcmVxc2lnPTE0ODU2OTczMTQtMGY2OTE4NzQwNjAyNGY0YmExNGYyZWU2NjFlZDBmYzA5YjMyYWFiZA==

Andy_L

Or the Met Police want "....the ability to work on a CNC machine, milling, turning, sheet metal work, welding and industrial guillotine operation. "

http://content.met.police.uk/Vacancy/Mechanical-Engineer/1400038929265/1300003182489

BobQ

johndough wrote: »

Hi

It aint rubbish, and YES I did have the circular for early retirement giving the Civil Service as an example.......


The Civil Service one aint that different. It is about negotiation with the employer.

The OP was asking about the CS scheme. Your reply was incorrect and the CS one is different based on what you posted above. For example:

You can only draw the full available amount of the pension you have built up, you can’t draw a part and save any until later.

The CS does allow this. Also the scheme uses abatement as I described.

You may be trying to help but there are differences.

I note someone else thinks you have misunderstood the LGPS too!

BobQ

johndough wrote: »

hi

"but your service would be continuous and he would retain any rights related to length of service."

for the civil service maybe, but not for all employments.

In some cases you start anew (academies come to mind) and so your length of service for redundancy is zeroed.

but the op is asking about the civil service scheme

BobQ

johndough wrote: »

Hi

"but your service would be continuous and he would retain any rights related to length of service."

For the Civil Service maybe, but not for all employments.

In some cases you start anew (Academies come to mind) and so your length of service for redundancy is zeroed.

I think you may be confusing resigning and rejoining the same employer (where there is a break in service) with the system of partial retirement in the CS.

The aim of CS PR is to provide a transition from full time to retirement. The benefit to the individual is that it less abrupt (so working only 3 days a week for a period) and retains the same income. The benefit for the employer is that it means particular skills and experience is not lost in an abrupt way and it does not provide any increase in income. In that case T&C are not affected as employment is continuous. It is just the same as asking an employer to move to part time working, you are not treated as a new employee for doing this but your working pay is reduced pro-rata. For PR working pay is then supplemented by part of your pension being paid.

jamesperrett

Muscle750 wrote: »

please inform me where in the public sector i can go welding and such like.

In addition to the examples already mentioned, we have a fully equipped machine shop at NOC and employ around 15 mechanical technicians including a couple who specialise in welding.