early retirement nics

jenny45

I have a deferred classic pension scheme with northern ireland civil service and I am going to take it two years early at 58 due to financial pressures and wanting to cut my hours at work.  I left service over twenty years ago and work for a different employer.

The two things that I am receiving different advice from pensions branch are

refund of wps.  I have remained unmarried.  Will I get this at 58 or 60.  I have been told two different answers from civil service pension branch. One say it will be paid when I get my pension at 58 and the other today said it would not be paid to 60

If I am working with a completely different employer can I reduce my hours and continue to work as well as getting my pension.  The pension is quite small and there is no way I could live on it but this would take such a burden off my head at present.

thanks for any advice as head turning lol

Phoenix72

You will get the WPS refund if you retire at 58.

Nothing to stop you reducing your hours and draw the pension....except your employer. They will have to agree to the reduced hours.

jenny45

Phoenix72 said:

You will get the WPS refund if you retire at 58.

Nothing to stop you reducing your hours and draw the pension....except your employer. They will have to agree to the reduced hours.

thanks good to know as it helps as trying to work out finances.  

xylophone

You can pick up your scheme guide here under 

How can I find more information about the pension scheme?

https://www.finance-ni.gov.uk/articles/deferred-members-faqs

Note that your pension will be reduced for payment before Normal  Scheme Pension Age.


You are bringing your pension into payment (albeit before NPA) and you no longer work in the CS so the partial retirement restriction does not apply to you.

See


https://community.hmrc.gov.uk/customerforums/pt/95224c46-98e9-ed11-913a-00155d978126

If you are unmarried throughout your service you are entitled to a refund of WPS contributions when your pension comes into payment. If you partially retire and claim your pension then the refund of WPS contributions will not be paid until you take full retirement.  

Phoenix72

xylophone said:

You can pick up your scheme guide here under 

How can I find more information about the pension scheme?

https://www.finance-ni.gov.uk/articles/deferred-members-faqs

Note that your pension will be reduced for payment before Normal  Scheme Pension Age.


You are bringing your pension into payment (albeit before NPA) and you no longer work in the CS so the partial retirement restriction does not apply to you.

See


https://community.hmrc.gov.uk/customerforums/pt/95224c46-98e9-ed11-913a-00155d978126

If you are unmarried throughout your service you are entitled to a refund of WPS contributions when your pension comes into payment. If you partially retire and claim your pension then the refund of WPS contributions will not be paid until you take full retirement.  

That last paragraph (not getting WPS refund until full retirement) seems obsolete now. People in my dept are getting the refund when going partial but 100% of their Classic pension - I assume on the basis that no further Classic will accrue and WPS does not apply to Alpha.