Civil service pension - when is the lump sum paid?

stig

This may be a stupid question but I can’t find the answer anywhere.

I’m claiming my deferred civil service classic pension from a date next week. 

I understand  that the monthly pension is paid in arrears, so I won’t receive a payment until October.

But - when is the lump sum payment paid out? Is it the date from which  the pension is claimed, or is it on the date the pension is first paid?

I thought this would be easy to check, but no luck! 

Thanks 

Flugelhorn

can't help with civil service scheme but NHS (so still public sector) pays out the lump sum on the day of claiming / first day of being a pensioner etc. 
Both DH and I were deferred members and he got his on his 60th birthday and I got mine the day after a Bank Holiday (trust me to choose that day to retire) 

55ryan

stig said:

This may be a stupid question but I can’t find the answer anywhere.

I’m claiming my deferred civil service classic pension from a date next week. 

I understand  that the monthly pension is paid in arrears, so I won’t receive a payment until October.

But - when is the lump sum payment paid out? Is it the date from which  the pension is claimed, or is it on the date the pension is first paid?

I thought this would be easy to check, but no luck! 

Thanks 

I was going to claim mine early at 55 but went with another pension instead. I did ask many questions though. The lump sum would be paid the date the pension starts ie; pension starts 11 November, lump sum paid on 11 November.  As I am under 60 I could choose the start date.  That would be the lump sum payment date.

However, assuming you are under 60, I was told there is a 4 month usual waiting period before the pension starts. So If I claimed the benefits now in a letter with todays date, then in a couple of months they would send a letter telling me how much I would get in pension and lump sum along with application forms etc, then 2 months later the lump sum would be paid on 3rd January 2023 with a letter confirming pay date of the pension etc a few days before. I don't know the procedure of someone coming up to 60 and beyond. Whether they have to claim 4 months before I don't know.    

JIL

My husband received his the date he retired.
But the civil service website answers the question as per

stig

Thanks all - it looks like “shortly after the retirement date” - so before the first instalment of the pension arrives but after the actual retirement date. All the forms were submitted months ago so this shouldn’t (fingers crossed) cause any delays. 

OldBeanz

stig said:

Thanks all - it looks like “shortly after the retirement date” - so before the first instalment of the pension arrives but after the actual retirement date. All the forms were submitted months ago so this shouldn’t (fingers crossed) cause any delays. 

You obviously don't know how MyCSP function then In practice - you should get the money on your retirement date but I think they just leave some wiggle room.

stig

Not too much wriggle room I hope!

i think was confused by the fact that the guidance (see above) all talks about ‘when you retire’ when in fact I retired two years ago, what I’m doing now is drawing my deferred pension.