Deferred Civil Service Pension

PoundFoolish1

Hi,

I have a deferred Classic Civil Service Pension and am past the 60 age for claiming (just turned 61).
I know the money is backdated, does anyone know how this is paid (e.g. as a lump sum or spread over the year or some other way).
How long does it normally take to get the pension once claimed if you are deferred and over 60 

Thanks for your help 

xylophone

See

https://www.civilservicepensionscheme.org.uk/media/1crp5yae/mycsp-wte-claim-your-pension-september-2023.pdf

under You are a deferred member

As for the time before you actually  receive any money........it would appear to be eight weeks at the very least - expect that to be  a very optimistic estimate judging by other posts on the forum.

xylophone

Have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

Sunsh1ne54

I didn’t think you gained anything by not taking this type of pension on time… as far as I’m aware you lose the monthly payments not taken from age 60, but the lump sum increases slightly??

Sunsh1ne54

Here’s the link
https://www.civilservicepensionscheme.org.uk/media/yiapsmei/crb-1-april2016.pdf

Dazed_and_C0nfused

This section?

Do I have to take my pension when I reach pension age?

No. If you wish, you may defer taking your pension. If you take your pension later than age 60 it will not be increased to reflect the late payment. Your pension will, however, be increased in line with rises in the cost of living.

It's the increased comment that I'm not sure about, I wouldn't expect it to be increased but say you take it when you reach 61 do you get a back payment for the 12 months.

For example annual pension at age 60 would be £10,000 and yiu start it when you are 61 when inflation increase has taken it to £10,300/year.

Do you get £10,000 for the period from age 60 to 61?

Corrected so final paragraph reads age 60 to 61.

Sunsh1ne54

Dazed_and_C0nfused said:

This section?

Do I have to take my pension when I reach pension age?

No. If you wish, you may defer taking your pension. If you take your pension later than age 60 it will not be increased to reflect the late payment. Your pension will, however, be increased in line with rises in the cost of living.

It's the increased comment that I'm not sure about, I wouldn't expect it to be increased but say you take it when you reach 61 do you get a back payment for the 12 months.

For example annual pension at age 60 would be £10,000 and yiu start it when you are 61 when inflation increase has taken it to £10,300/year.

Do you get £10,000 for the period from age 69 to 61?

The way I read it is no.

hugheskevi

Dazed_and_C0nfused said:

This section?

Do I have to take my pension when I reach pension age?

No. If you wish, you may defer taking your pension. If you take your pension later than age 60 it will not be increased to reflect the late payment. Your pension will, however, be increased in line with rises in the cost of living.

It's the increased comment that I'm not sure about, I wouldn't expect it to be increased but say you take it when you reach 61 do you get a back payment for the 12 months.

For example annual pension at age 60 would be £10,000 and yiu start it when you are 61 when inflation increase has taken it to £10,300/year.

Do you get £10,000 for the period from age 60 to 61?

Corrected so final paragraph reads age 60 to 61.

As long as they were a deferred member when they reached age 60 they get arrears (no actuarial increase, no interest).

Dazed_and_C0nfused

hugheskevi said:

Dazed_and_C0nfused said:

This section?

Do I have to take my pension when I reach pension age?

No. If you wish, you may defer taking your pension. If you take your pension later than age 60 it will not be increased to reflect the late payment. Your pension will, however, be increased in line with rises in the cost of living.

It's the increased comment that I'm not sure about, I wouldn't expect it to be increased but say you take it when you reach 61 do you get a back payment for the 12 months.

For example annual pension at age 60 would be £10,000 and yiu start it when you are 61 when inflation increase has taken it to £10,300/year.

Do you get £10,000 for the period from age 60 to 61?

Corrected so final paragraph reads age 60 to 61.

As long as they were a deferred member when they reached age 60 they get arrears (no actuarial increase, no interest).

Thanks, every day's a school day 😃

Lemon_dr1zzle

No there will not be any arrears paid. You can defer past 60, you don’t have to have it paid at 60. This is different to a scheme which has to be paid at 60 and therefore arrears would be paid on late payment. 

hugheskevi

Lemon_dr1zzle said:

No there will not be any arrears paid. You can defer past 60, you don’t have to have it paid at 60. This is different to a scheme which has to be paid at 60 and therefore arrears would be paid on late payment. 

Check rule 3.11 of Classic rules which says that deferred classic pensions will be brought into payment at pension age (ie 60).

Also see the last few posts on this thread, in particular, marky_b_2 of 7 Feb who quotes a letter from MyCSP saying:

Once in payment, your preserved classic pension will increase each April by inflation. If you choose to defer claiming this pension until after your normal retirement age (60), it would still attract the same annual inflation increases, which continue past this age. However, it is important to note that the lump sum only attracts increases up to age 60. 

If you defer claiming your preserved classic pension, it will be paid in arrears and backdated to your 60th birthday. The arrears payment will be calculated as if the pension had been claimed at 60, reflecting the correct inflation rates applicable.