Civil Service 'Classic' Pension at 55

anotherdollar55

I've put in my form to the CS Pensions Office in Liverpool, so now I wait to see what the forecast is. I've heard the old cliche about 'retirement', i.e. how did I find time to work! Well my whole year is booked now already with list of things to do and places to go, and of course some part time work too. I'll keep you posted on how it goes when I get my official offer.

anotherdollar55

I've got my quote. Taking my civil service pension 5 years early means a 21.2% reduction in my annual pension and 15%, less lump sum. For me it was a no brainer. The reduction is not bad as far I'm concerned and the money very useful now indeed. The lump sum is 3 times my annual pension and that's it. As I left the Civil Service before 1st October 2007 there is no option of commutation. Not that I would have wanted it. Thanks for the advice.

xylophone

Have you obtained a state pension forecast for future planning?

https://www.gov.uk/check-state-pension

anotherdollar55

Hi yes on process of doing this. Thanks.

Suffolk_lass

You mention that commutation is not possible because you left the CS before 2007 - do you happen to know if the same applies to inverse commutation (giving up lump sum for increased pension income)?

I have not heard of this before.

In terms of timing, another factor to consider - I have just taken my Classic Pension myself, and by leaving in-tax-year I have been overpaid via a tax refund with my final salary payment - this is something else to be aware of - the normal practice would have been to spread the repayment over 12 months but I don't want the reduction in my monthly pension so I have asked to repay it as a lump, either in my March Pension or as a direct payment from my CA. I can vouch for the indexation - my best year was in 2016-17 and it has already had the CPI uplift for the last two years applied to it, and will get the next one in April.