Classic and Alpha pension leaving CS mid-year

kassy64

Scrounger said:

I concur with your comments and observations.

Pending a response from myCSP, would you consider deferring a little longer until 11 April 2023 if you want the extra (tax free) cash @kassy64 ?

Scrounger

Yes definitely, but I’m done now, my last day at work was last week and officially retire 31/8/22. All papers signed and put in back in April/May time, pension goes in to payment with lump sum next month (hopefully). With hindsight and what I now know may be would have been different. However I’m not regretting it and with inflation still rising where do you stop. I’m happy with what I’m getting after 40+ years in the civil service. 

Scrounger

kassy64 said:

Scrounger said:

I concur with your comments and observations.

Pending a response from myCSP, would you consider deferring a little longer until 11 April 2023 if you want the extra (tax free) cash @kassy64 ?

Scrounger

Yes definitely, but I’m done now, my last day at work was last week and officially retire 31/8/22.  I’m happy with what I’m getting after 40+ years in the civil service. 

Enjoy your retirement - you've earned it.

I've been thinking a bit more about this:

Imagine a CS classic member, 60th birthday 9 April 23 and applied to take the pension on that day with say a £50k lump sum.

Assuming no 'second bite' (and a Sept 22 CPI figure of 10%), had they waited a day or two, that lump sum would have increased to £55k.  An easy £5k more tax free!


Scrounger