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Civil Service Pension Lump Sum
Turned_out_nice.
Posts: 40 Forumite
Just wondering if anyone knows if the pension lump sum is based on the day you turn 60 or when you start taking the deferred pension?
I will be taking mine on April 9th one week after I turn 60. Therefore the pension will have the uplift but what about the lump sum?
Many thanks.
I will be taking mine on April 9th one week after I turn 60. Therefore the pension will have the uplift but what about the lump sum?
Many thanks.
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Comments
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Your pension and this your lump sum are based on qualifying days of service, so if you retire a week after your birthday, you would have 7 more days in the calculations...0
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Thank you pinnks but the pension was deferred in March 2019.0
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Apologies - missed that crucial word. I am sure someone will have the answer at their fingertips...
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I don't know how the civil service pension works but if anything like the NHS pension the lump sum is 3 x annual pension. So if annual pension is uplifted so the lump sum will be too.1
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Thanks GrubbyGirl_2, will be worth an extra £5000 + so fingers crossed.1
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