Civil Service Pension Confusion

MOTLEEDSUTD

I am struggling to understand why the modeller shows Classic lump sum less than the Alpha lump sum. How do you know which option to choose or doesn't it work like that? Do you get an option to select one or the other when you choose to retire?

Vitor

 -  Do you get an option to select one or the other when you choose to retire? -

Depends on your age. If you were moved onto Alpha in 2015 you may fall into the age-group subject to the McLeod Remedy where you can elect to remain on Classic during the 'remedy period' from 2015 to 2022 when commencing your pension. 

MOTLEEDSUTD

Past retirement age, 68 and planning on retiring next year. Yes subject to McLeod remedy. 

MOTLEEDSUTD

So are you saying you would be paid the classic pension from 2015 -2022 and then the Alpha pension after this as the portal gives an A option Classic lump sum and option B Alpha lump sum the Alpha lump sum is more than the Classic and so are the monthly amounts.

george_jetson

There is no automatic lump sum in Alpha you will have to give up some of your pension at the lousy commutation rate of 12:1. In the modeller check the lump sum slider for the Alpha option is set to 0%

MOTLEEDSUTD

The Alpha modeller slider showed a greater figure when moved up to the 25% marker so this is what is confusing me.