Can you have two lump sums from Civil Service Pension - Partial then Full Retirement?

drummersdale

Hi All,

Hopefully a quick question with a quick answer (if anyone knows that is) - I have looked through the CS pensions website literature but can't see the answer.  I took partial retirement in August 23 and received a lump sum - am still working for the CS and paying pension contributions (Alpha) so building up further pension - when I eventually fully retire could I commute some of that pension for a lump sum or can you only take a lump sum once?

Thanks

horsewithnoname

You can take a lump sum from alpha if you want when you retire, I think it’s £1 of pension buys £12 of lump sum at the moment. If you use the MyCsp portal on their website or the app, there is a retirement modeller that will show your “ new” post partial retirement pension, and it also shows the maximum lump sum that you can take. 

There is no automatic lump sum like there was with the classic scheme, but you can still commute pension in alpha if you want a lump sum. 

drummersdale

Thanks @horsewithnoname - I just wasn't sure whether you only get one bite of the cherry when it came to a lump sum, so perhaps not.  I may not even look to take another lump sum, but it's helpful to know that it's there as an option - albeit I know the commutation rate is poor compared to other schemes.