Is there any benefit in taking my civil service pension early ?

Scrounger

@Turned_out_nice.  - please see my earlier post here:
http://forums.moneysavingexpert.com/discussion/comment/79439581#Comment_79439581

It could have been written about you!


Scrounger

JIL

Extract from csp pamphlet, would your lump sum not be based on the past and not the future if that makes sense? 
Will losing 5% make a difference?

Is it worth doing some sums?

kassy64

As mentioned earlier the automatic lump sum is usually 3 x your annual pension, so as explained earlier if you pension equates to £15k pa then the lump sum would be £45k. 

sammyjammy

Don't forget to offset the fact you miss out on x monthly pension payments when working out if deferring is worthwhile.

Scrounger

Turned_out_nice. said:

60 at very beginning of April 2024 so it seems that the 9th will be the date I will take mine .... 

@Turned_out_nice., yes of course you're right; 9th April 2024 will include the 2023 CPI increase.  And hopefully the McCloud options, double whammy

Marvellous, well done! 

Scrounger

Turned_out_nice.

Cheers Scrounger, my birthday is the 2nd but until recently didn't realise about the uplift dates so thought I'll wait a week and start a new tax year afresh as well.

Scrounger

Turned_out_nice. said:

Cheers Scrounger, my birthday is the 2nd but until recently didn't realise about the uplift dates so thought I'll wait a week and start a new tax year afresh as well.

That makes perfect sense.

Shame you didn't make the full 40 years (or wangle a CER) but you've still done OK.


Scrounger

Turned_out_nice.

No, I left for another employer at the same location doing very similar work with same workmates for much more money so as youngsters say "no brainer" decision. 
At last some luck came my way as 13 years ago I lost about £9,000 per year as our shift work was ceased, now that would have been a nice pension if it had carried on but c'est la vie.

Scrounger

Turned_out_nice. said:

At last some luck came my way as 13 years ago I lost about £9,000 per year as our shift work was ceased, now that would have been a nice pension if it had carried on but c'est la vie.

Ah, I see. 

Fortunately I was still on shift work when booted out of the CS with CES (my colleagues got CER but I was too young).

Scrounger

JIL

kassy64 said:

As mentioned earlier the automatic lump sum is usually 3 x your annual pension, so as explained earlier if you pension equates to £15k pa then the lump sum would be £45k. 

Thanks, I didn't word it very well.  I feel the op needs to do his sums, not sure how old they are but if less than 60 the 5% may make a big difference or not...