Civil service pension

Kynthia

My post explained the likely reason you were offered the money and suggested you contact MyCSP. Their contact details will be on the website civilservicepensionscheme.org and you can write or call them. It may take time to get specific details of your employment as they need to go back to the employer, who may not have kept your personal file but tgry could explain why you were given the money and didn't qualify for a pension.

hyubh

msb1234 wrote: »

I must have missed your 'advice', the tone of your reply was more of an opinion, and a harsh one at that.
My whole point is that I am unsure exactly what the money I was refunded was from.

If a full refund was possible, I doubt a preserved pension with the scheme was. In other words, I think you may be imagining the decision to have been bigger than it actually was.

The ideal situation would have been: in the PCSPS past the 'vesting period' (whether this was 2 years as currently or 5 years as it was in the early/mid-80s) to get a preserved pension rather than the option of a refund; join the TPS when you did, and transfer the old civil service pension in; have 30+ years in the TPS. While you weren't able to do the full sequence, when it comes down to it, the 30+ years in the TPS (i.e. what you actually have) is by far most valuable part of it.

It's more likely that they would be women who had children in their very early 20s and did not return to work. The self same women who now find that their state pension will be paid many years later than they expected

On a personal level, you really haven't been hard done by...
- As previously discussed, only a minority of people have a quality DB pension like your TPS one.
- The end of 'contracting out' last year is now leading to you earning a higher state pension than you would otherwise have earned.
- Amongst those lucky enough to have 30+ years service with in a DB scheme, you and your fellow public sector scheme members will be privileged by the scheme fully indexing your 'GMP' (= element of your final salary pension roughly corresponding the additional state pension you would have had if weren't 'contracted out'), which won't be happening with the vast majority of private sector DB schemes.

All told - :beer:

AnotherJoe

PeacefulWaters wrote: »

If you are referring to a time when minimum wage existed that isn't in the last few years, no fee regulated financial advice was being dished out by just about every high street bank and building society. Every single one of those advisers would have told you the pros and cons of cashing in a bloody good pension in the way you did, enabling you to recognise that your action of taking the money and running was short term foolishness.

It may not have been a foolish decision. The OP at the time according to her was in dire financial straits and desperately needed the money. That money at that time may well have enabled her to get on the solid foundation that is now enabling her to have a gold plated teachers pension. So it may well have been a good decision. Rock and a hard place .....

The foolish part is now wanting to benefit from that money twice. Once at the time, once again now.

Not to mention, blaming CSP for the decision she took then rather than acknowledging it was her younger self that made that decision, and AFAICS even if it was the best decision, she still wants the pension as well ! Blame culture at its finest.

GunJack

plus, even if it was a refund of paid pension conts., the op would still have retained 6 yrs of state pension entitlement for that time, through the NI conts. paid during that period..

isasmurf

http://www.civilservicepensionscheme.org.uk/members/deferred/information-for-deferred-members/

I think I was a member of the Civil Service Pension Scheme in the past - how do I check?
You can request that we check any pension you may have using the information or change request form.

msb1234

Sorry, yes I am. Some glitch in logging in!

msb1234

Has anyone told you you're very bitter!!!
I will not have a'gold plated' teachers pension as you seem to think. I have paid a great deal over the years into my pension and wanted to check I get everything I'm entitled to. I am not blaming anyone, I made a very ill informed decision. I do not want to benefit twice for the same thing. I do not want compensation.
I do, however, want to ensure that I can retire in a few years time with some degree of financial security therefore not requiring me to claim benefits off the state, as many pensioners now have to do. Believe me, I won't be living the high life! BTW, is this a forum for advice, or a place where complete strangers can be extremely nasty?

AnotherJoe

msb1234 wrote: »

Has anyone told you you're very bitter!!!

No. You can read what you want into it but I'm not.

I will not have a 'gold plated' teachers pension as you seem to think. I have paid a great deal over the years into my pension You've paid nowhere near into it what someone in the private sector would have to pay in, to get the same level of benefits. (Dont read bitterness into that, I'm just stating a fact).

and wanted to check I get everything I'm entitled to.
Well, you've had the advice, including from me, how to do that.

I am not blaming anyone,
" I did not receive any advice on what impact taking this money would have on my pension when I retire" Thats not blame then? OK. It sounded like it. Maybe i misinterpreted it as you did my "bitterness"

I made a very ill informed decision. I do not want to benefit twice for the same thing. I do not want compensation.

It may have been ill informed but I suspect it was probably the correct decision.

I do, however, want to ensure that I can retire in a few years time with some degree of financial security therefore not requiring me to claim benefits off the state, as many pensioners now have to do. Believe me, I won't be living the high life! BTW, is this a forum for advice, or a place where complete strangers can be extremely nasty?

I thought it had been shown earlier on that you do in fact have such a pension, well in excess of what most have, which I dont begrudge you at all. Its just a fact, the employers contribution is well in excess of pretty much everyone outside civil service. Thats why they've been reducing the teachers pension (very short sighted IMO, but whatever...).

hyubh

msb1234 wrote: »

Has anyone told you you're very bitter!!!
I will not have a'gold plated' teachers pension as you seem to think.

As a statutory scheme, anyone with an internet connection can look up the details in a few minutes... and find that yes, it is a very generous scheme by contemporary private sector standards.

I have paid a great deal over the years into my pension

Not really, for the benefits earned.

I am not blaming anyone, I made a very ill informed decision.

That's not what people here have emphasised however. On the contrary, we have suggested that there possibly wasn't much of a decision to make, or perhaps, that there was and (in the circumstances) you made a good choice.

I do, however, want to ensure that I can retire in a few years time with some degree of financial security therefore not requiring me to claim benefits off the state

There is no chance of that given 30+ years TPS. An extensive occupational pension paid by the general taxpayer yes, but not benefits ;-)

Believe me, I won't be living the high life!

Won't be that much different to now when you are working however, once the state pension kicks in too...

GunJack

^^^ speaking of which, has the OP gone online and checked her state pension entitlement? wouldn't be surprised if the max of the NSP would be achievable with a few extra years of conts.

https://www.tax.service.gov.uk/check-your-state-pension