Civil Service Premium Pension

hugheskevi

german_keeper said:

And markyb2 seems to have given further confirmation that arrears are paid on a preserved/deferred pension. 

Note that although Classic, Classic Plus, Premium and Nuvos are all part of the same pension scheme (the Principal Civil Service Pension Scheme) each one is a section of the scheme and has its own rules about commencement of pension. Hence it cannot be assumed that if it works one way in classic that it works the same in other sections of the scheme.

Oscarhound

hi Markey-b-2,
Thank you so much for sharing your response from CSP. I wish I could get something as clear in relation to the Premium pension. My understanding is that Classic has different rules and is much more generous than Premium, but hopefully in relation to arrears it is the same as that quoted above.

hugheskevi

Oscarhound said:

My understanding is that Classic has different rules and is much more generous than Premium

Premium has more generous benefits than Classic, particularly for members who do not commute Premium pension into lump sum.

Between 2002-2015, Premium members paid a higher contribution rate to reflect the difference in benefits, but in 2015 contribution rates were equalised.

Premium's very long look-back using inflation-linked past pensionable earnings to determine final salary has proven to be far more valuable then ever envisaged, given the decline of many members' real pensionable pay over the last 15 years. 

Oscarhound

Hi hughheskevi,
that’s really interesting. I wish CSP were as knowledgeable as you are. I’m now onto quote number 3 all of which are different, 2 with a different multiplier for the 3 leg calculation, and one where it’s not clear which of the 3 options is being used. A bit of a lottery it seems, but I’m currently the looser.

thomasag1

I had to join a Legal and General concord scheme when moved to the Government Commercial Office. I have a preserved Premium pension which i would like to take because I have reduced my working week to 60%. MyCSP say I can’t claim my premium pension unless I either retire or opt back into alpha! Which I can’t do on GCO terms. I’m 63 and don’t want retire fully yet. Help!!!

QrizB

thomasag1 said:

I had to join a Legal and General concord scheme when moved to the Government Commercial Office ... I’m 63 and don’t want retire fully yet. Help!!!

@thomasag1 you have your own thread on this:

https://forums.moneysavingexpert.com/discussion/6585882/civil-service-partial-retirement