CS Classic lump sum - when paid?

chubsta

Quick question - today (May 1st) is the very first day of my retirement (although have been off for a few weeks with leave) so I am expecting to get my first pension payment at the end of May as it is paid in arrears. I am however a little confused as to when I get the Lump Sum - I received a letter from MyCSP a couple of days ago saying 'your retirement benefits are currently being processed in line with your planned retirement date', so all looks well, but it also states 'if you are due a lump sum payment we endeavour to pay this on or before your first monthly pension payment'. 

When should I expect to actually receive the lump sum - some colleagues have said it should be paid as soon as you retire but the letter implies it may not be until the end of the month when I am due my actual monthly payment.

What are peoples experiences who have retired - did you get the lump sum straight away or did you have to wait until you get your monthly pension? Don't mind waiting if that is what normally happens but am wanting to invest the whole lump sum asap so a months wait costs me money!

drummersdale

I partially retired from the CS on August 5th and got my lump sum on August 17th - not sure if that is par for the course....

Money5

They aim for within 10 working days after your retirement date but can take longer. I retired early March and think it took 18 days in total after making several phone calls. MyCSP are a private company and have the worst reviews on Trustpilot. However I think everything is sorted with my pension now so fingers crossed you hear something soon.
Quite often they promise letters in post/emails but nothing materialises.
However the money appears in the correct bank account and I even received a P60 and pay slip in the post today so things are looking up ! 

Phoenix72

From those taking partial retirement in my dept, the 'aim' is to pay with the first pension payment. Excuse is that there are ao many applications at present.

Turned_out_nice.

I left the CS over five years ago. I turned 60 on April 2nd but informed MyCSP that I wanted April 9th to be the date to claim my pension. I got paid a lump sum on the 5th and another smaller amount on the 8th which I assumed was for the uplift.
Today I received the first payment of my deferred pension. Everything was as I calculated except for 6pence on the lump sum. Fortunate with my ISA. Hope this eases any concerns.

pinnks

My lump sum landed in my bank within 9 days.

mybestattempt

My last day of service was 31 March 2021; my lump sum arrived in my bank account on the next day.

Phoenix72

I don't think what happened a few years ago is indicative of the reality of the service these days.

Turned_out_nice.

Just to confirm that mine was this year.

pinnks

and mine was 5 years ago.

Dizee123

I left work at 58 and claimed my pension at 60.  My retirement date was mid July last year and my lump sum/WPS refund and first pension payment were paid on 14th August.  I followed all the dates for submission, but unfortunately a couple of pages went missing, probably during their scanning process.  I had to resubmit the documents (luckily having kept copies) and they were very helpful when I phoned on confirming they had everything they needed and the timelines for finalisation and dates of payment.
This was at a time when others were reporting longer delays, so I consider that they did pretty well.
My friend who retired directly from work, had her lump sum the day after her formal retirement date - that was also last year.