Civil Service Pension 9 March at 2:57PM in Pensions, annuities & retirement planning 12 replies 531 views

chipsdog5a

I left the civil service many years ago, I am in the classic pension, I am a female 62.  I am reading that my lump sum or my annual pension will not increase as I am over 60.  If I don't start drawing the pension do I lose the years that I don't draw it.  I am still working and don't need the money so haven't given it a thought, but, I am wondering if I am losing out  thank you

Marcon

chipsdog5a said:

I left the civil service many years ago, I am in the classic pension, I am a female 62.  I am reading that my lump sum or my annual pension will not increase as I am over 60.  If I don't start drawing the pension do I lose the years that I don't draw it.  I am still working and don't need the money so haven't given it a thought, but, I am wondering if I am losing out  thank you

Where are you reading this 'information', which doesn't sound correct?

Contacting the scheme and asking them for accurate info could do much to set your mind at rest: https://www.civilservicepensionscheme.org.uk

JoeCrystal

Indeed, there are no actuarial enhancement after 60 in CS  classic scheme. So you basically lost out of two years pensions. ☹️

GrubbyGirl_2

If it's not going to increase then it makes no sense not to draw it

chipsdog5a

JoeCrystal said:

Indeed, there are no actuarial enhancement after 60 in CS  classic scheme. So you basically lost out of two years pensions. ☹️

yes that is how I am reading it, so I could have received 2 years more money  haha

hugheskevi

I am reading that my lump sum or my annual pension will not increase as I am over 60.

Lump sum does not increase, annual pension is linked to uncapped CPI.

If I don't start drawing the pension do I lose the years that I don't draw it.

No.

JoeCrystal said:

Indeed, there are no actuarial enhancement after 60 in CS  classic scheme. So you basically lost out of two years pensions. ☹️

Although in this case the member was deferred when she reached age 60, so when she claims the pension will receive arrears back to age 60. So more of a case of not gained, rather than actually lost (although inflation will be reducing the value of the arrears, as it is just arrears of the cash amount due in the past which will be paid).

JoeCrystal

hugheskevi said:

I am reading that my lump sum or my annual pension will not increase as I am over 60.

Lump sum does not increase, annual pension is linked to uncapped CPI.

If I don't start drawing the pension do I lose the years that I don't draw it.

No.

JoeCrystal said:

Indeed, there are no actuarial enhancement after 60 in CS  classic scheme. So you basically lost out of two years pensions. ☹️

Although in this case the member was deferred when she reached age 60, so when she claims the pension will receive arrears back to age 60. So more of a case of not gained, rather than actually lost.

Ah thanks! Didn't realised that!

chipsdog5a

Thanks everyone - I am clueless!  I don't need the money shall I leave it or shall I start drawing the pension, I am a higher tax payer if that makes any difference

xylophone

Have you obtained a state pension forecast?

If so, what  exactly does it say?

chipsdog5a

State Pension says - I can retire 22/7/27 forecast £179.60 or £9.371.27 pa

does this have any bearing on me drawing my Civil Service pension?

xylophone

does this have any bearing on me drawing my Civil Service pension?

No - the question was really to establish whether you would have the possibility of improving your forecast through voluntary contributions and if so, whether you might use the arrears of CSP to do it.

However, if your forecast is £179.60 at 5/4/22 and you are still working and paying NI for the current and following year, you'll reach full NSP without voluntary contributions.