Retired Civil Servant needing advice.

SOLOMAN

Greetings. I am 66 and like so many others, even though retired (since April 7th), I'm not expecting the remainder of my pension any time soon and have yet to receive any correspondence from Capita. I took partial retirement in March 2020 working 3 days 2020-2023 and reverted to two days a week 2023-2026. I am already in receipt of Mil pension 1976-2000 and Civil Service (classic) 2000-2020. My question relates to the pension for service in partial retirement 2020-2026 (Classic 2020-2022/Alpha 2022-2026).

Given the ongoing fiscal drag issue, I'm attempting to maintain the totality of my pension under the 40% tax threshold which, I will not be able to do once I'm in receipt of the pension for the period 2020-2026). If I was to take the Alpha portion (2022-26) without taking a lump sum - I'm wondering if it is possible for me to take the whole Classic component (for years 2020-2022) as a lump sum. That classic component was expected to be in the region of £810 per year from April 2026 with the previous portal showing a standard lump sum of roughly £2430. I hope that makes sense and any response appreciated. Many thanks.

Isthisforreal99

You do realise you are going to have to make a McCloud remedy decision for the period 2015-2022, either all Alpha or all Classic. And no, you can't take all the Classic as a lump sum.

horsewithnoname

the standard classic lump sum is three times your pension. You do know that the old MyCsp modeller defaulted to the maximum lump sum?
you can take a lump sum from alpha and extra lump sum from classic and when you get your forms from capita it will show you the standard figures and max lump sum figures for both McCloud options

Though the lump sum isn’t taxable, any income you get from is likely to be, so you may want to consider that if you’ve not already

I wish I paid a ton of tax - that would mean I had a massive income 😂

SOLOMAN

Many thanks for the info😊