Civil Service Pension (and refund of WPS contributions)

horsewithnoname

https://gadfactorguidancehub.co.uk/guidance/csps_gb/

everything you never even knew you wanted to know about the PCSPS!

Suzycoll

https://forums.moneysavingexpert.com/discussion/comment/81910269#Comment_81910269

Thanks horsewithnoname

The part I'm confused with....

Is it 1.15% of total classic pension or 1.5% of contributions paid or 1.5% or average career earnings ?

My useless math will not work it out, although if I knew how to I will give it a shot. Guessing I will have to rely on CS to work it out. 😑

NB I came out of Classic in 2017 & switched to alpha (still paying in alpha)

horsewithnoname

it’s 1.5% of your pensionable pay each year. You will be able to choose classic or alpha for 2015 to 2022. Obviously that would affect the amount of WPS refund. MyCsp did used to tell you the amounts of WPS refund so you could factor it in to your McCloud choice in fact.
I partially retired before 1 October 2023 so didn’t get the McCloud choice then. Still one of those waiting to get their options form by end of March 2027 they currently reckon, but who knows 🤷🏻‍♀️