Civil Service Classic Pension in partial retirement

SOLOMAN

Greetings 

I am 61, working partial retirement (25hrs weekly) and intend working till SPA (66). I took the full Classic pension at 60 (based on full time working salary of 48k). I continue to contribute 5.45% towards my Classic partial retirement pension - my current salary is 26k. 

I haven't been able to work out what the additional pension will be in light of not being able to access the CS calculator - but are there any others on this forum in a similar position who could provide me with an estimate?. Appreciate any help and many thanks.  

SOLOMAN

Apologies but I should of added that I intend to work till SPA (66). Thanks

Dazed_and_C0nfused

Is your full time equivalent pay £26k or is that what you earn for working 25 hours?

Remember Classic closes at March 2022 so any accrual after that will be in the more generous (cash wise) Alpha scheme.

You may also be impacted by the McCloud judgement.

SOLOMAN

(Dazed and Confused) thanks for the reply. The 26k is based on 25hrs. The Full time working salary at the moment is £42k, however, my pension at 60 was based on 48k as a result of overtime/shift patterns. I was under the impression that I would remain on Classic until I fully retire at 66. Thanks

Dazed_and_C0nfused

You should have a read of this.

https://www.civilservicepensionscheme.org.uk/members/2015-remedy-mccloud/

Classic is based on 1/80th annual accrual (plus lump sum) whereas Alpha is 1/43rd. 

So in simple terms a Classic year working say 62% of the week on £42k salary will accrue £325 (plus lump sum).

Alpha would accrue £605 but no lump sum.

drummersdale

Hi Soloman

I’m in a similar position in that I’m looking to take partial retirement at 59 or 60 - my full time salary by then will be around £51k and I will have completed either 40 or 41 years so expect my pension to be in the region of £25k - have you managed to avoid abatement in doing the 25 hours a week?

Kind Regards 

SOLOMAN

(Drummersdale and D&C). Thanks for responses. Noted. Drummersdale, I've been quite fortunate in that I did 24 years in the RN then directly into Civil Service so have been drawing RN pension since 40. I was also fortunate to be able to have worked weekends in my last 2 years (58-40) which bumped my annual salary up to 48k, but only the 42k (salary grade) was taken into consideration when calculating abatement. For what it's worth, to me and my colleagues who are in similar positions, it's a no brainer - if you enjoy the work I think this process provides a good work/life balance for a period prior to full retirement, and the Dept retains some continuity of experience by maintaining a  pool of dinosaurs which can help the younguns develop. At least that's how I see it. Good luck!! 

drummersdale

Thanks for the response Soloman - others who are or have been in a similar position tell me the same thing - once you’ve completed 40 years then partial is a good option for a few years. Cheers