Civil Service Pension, when to take?

Turned_out_nice.

I'm planning on taking my pension in under 4 (maybe sooner) years when I'm 60. I'm still working (different employer) so I'll be up to the 40% tax rate when I receive it. Just wondering if it's worth taking on my birthday at the end of the tax year or wait a few days for the beginning of the next? At the moment I have 37.5 years in classic and 13 months in Alpha which I won't take, obviously that part could change in the future.
Thanks.

drummersdale

Hi Turned Out Nice - I can't answer the tax question as I'm no expert in that area but there are plenty on here who are thankfully.  I'm interested in the response though as I am also looking to retire (either full or partial) in 2 or 3 years (59 or 60) and currently have 38 years in Classic and a few months in Alpha.  Closely following the current issues and possible outcomes around the McCloud judgement as they might impact on the CS pension, not necessarily the date I have in mind.

Turned_out_nice.

Hi drummersdale, are you still in the CS or have you left and thinking of part-time in the CS.
I'm still working full-time (not CS) and will do for a little while yet. Waiting for the judgement myself but obviously something else is going on. Whatever the outcome very pleased I have a pension coming soon that I didn't even think about at 16.

drummersdale

Hi, yes still in CS joined at 18 so will have completed 40 years in October - contemplating part time from 59 as I will have 41 years under my belt by then and people I know who have gone PT seem to say it’s a good way to transition to retirement and with not paying NI on pension aren’t especially worse off either.  Hoping to use some of the lump sum to help daughter through Uni etc.  Wife is 5 years younger than me so not contemplating retirement but just don’t fancy working until I’m 65!!  Any reason why you chose to leave CS and not just retire from there?

Turned_out_nice.

Wife is similar age to me and will only have her state pension really as two works pensions are small. Done the Uni bit twice and they should have their own families but no they're in lockdown with us :'( Sent you a PM.