Civil Service Pension Lump Sum

Turned_out_nice.

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.

pinnks

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...

Turned_out_nice.

Thank you pinnks but the pension was deferred in March 2019.

pinnks

Apologies - missed that crucial word.  I am sure someone will have the answer at their fingertips...

GrubbyGirl_2

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.

Turned_out_nice.

Thanks GrubbyGirl_2, will be worth an extra £5000 + so fingers crossed.