Civil Pension Lump Sum Payment On 60th Birthday

Truegho

JGB1955 said:

Just as an aside - I wouldn't expect you to get your first monthly pension payment until one calendar month after your birthday.  For example - my birthday is 5th January and I get my monthly pension on the 4th of each month.  There was a further delay in paying my lump sum and first payment - it took until the middle of March to turn up.

The Contact Centre of Civil Service Pensions told me that after they had completed the final statement for all three of my pensions on 5th March this year, I would get the lump sum about 10 days later. Don't know how the additional monthly payment for life works, and how much it will be, though.

Dazed_and_C0nfused

Any average isn't really relevant to you.

What you will get will be based on your service and full time equivalent salary.

Was the pension amount not shown on the paperwork you have received?

Is 60 the normal pension age for all the pensions or are you taking any earlier than the normal pension age?  If so there is a strong chance you will be a reduced pension as a result (and a smaller lump sum).

hugheskevi

They also told me that as well as getting my due lump sum for all three of my pensions together, I will also get a regular monthly payment "for life". I didn't know there was also a "for life" regular payment. So how exactly does this work, guys, and what is the average monthly paymentor for an ex-Civil Servant who will be 60 on 1st March this year?

So you have decided to commence the nuvos and alpha pensions early, and it appears you have also chosen to take lump sums from those arrangements as well. Are you aware the exchange rate is £12 of lump sum per £1 of pension, and given you should live about 25-30 more years at age 60, that is usually a terrible exchange rate?

The average annual Civil Service pension paid to a male pensioner member (excluding spouses and dependents) is £11,047 p/a, and for females it is £5,875. Although that is pretty irrelevant as there is very large variance across individuals.

hyubh

Truegho said:

I have now been in touch with Civil Service Pensions and they told me that my largest deferred amount due, the Premium one, is done separately from the two smaller ones. They also told me that as well as getting my due lump sum for all three of my pensions together, I will also get a regular monthly payment "for life". I didn't know there was also a "for life" regular payment.

As in, the pension in payment. You don't think well over a decade membership of the Civil Service Pension Scheme entitles you to a lump sum only...? In fact, the pension in payment is the main thing, the tax free lump sum is the cherry on the top.

So how exactly does this work, guys, and what is the average monthly paymentor for an ex-Civil Servant who will be 60 on 1st March this year?

You've previously alluded to a statement of benefits - surely that tells you. Looking at an 'average' pension is pretty meaningless, it's worked out according to your own pensionable salary and service (precise rules being different for different sections of the scheme).

TVAS

If I get a letter from an organisation saying they will give me something and I am doubtful I would phone them and ask them to reconfirm in writing. Why don't you do this?

sheslookinhot

A stranger thread I’ve yet to see.

Dazed_and_C0nfused

sheslookinhot said:

A stranger thread I’ve yet to see.

Have to agree, this is one of the most bizarre comments I've ever seen on here!

They also told me that as well as getting my due lump sum for all three of my pensions together, I will also get a regular monthly payment "for life". I didn't know there was also a "for life" regular payment.

Croeso69

Dazed_and_C0nfused said:

sheslookinhot said:

A stranger thread I’ve yet to see.

Have to agree, this is one of the most bizarre comments I've ever seen on here!

They also told me that as well as getting my due lump sum for all three of my pensions together, I will also get a regular monthly payment "for life". I didn't know there was also a "for life" regular payment.

Very worrying. Unless it is a wind up.

elouise01582

OP - Please be aware that your state pension age is no longer 65.

Kynthia

Your pensions don't come with an automatic lump sum. So it seems like you've decided to give up some of your annual pension in exchange for a lump sum now. It doesn't appear that you have considered whether this is a good thing for you to do or not. Are you leaving yourself with enough to live on for the rest of your life and do you actually need a lump sum when you're going to be getting a monthly income from them?

How much annual pension have you agreed to give up? I can't understand how you are able to have agreed this with the civil service pension administrator without knowing the before and after annual amounts. If you don't know the numbers, ring them back and ask for them.