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  1. #1

    Civil service pension early

    Hi. I am a member of the Clasic scheme and am considering taking my pension early at 52.
    I understand the lump sum will be reduced by 3% per year for every year under the age of 60.
    My query is how much will the pension be reduced by.
    The guidance isn't very helpful as its states" about 5% "per year.
    On a previous forum someone mentioned its 3% per year under 55 and 5% over 55.
    I have phoned and asked for a pension forecast but this could take 9 weeks. I am unable to use the online calculator as they only work from age 55 upwards.
    Thanks

  2. #2

  3. #3
    Thanks for the link.
    It seems to confirm what I had read elsewhere however when I spoke to My CSP they were adamant it was 5% per year from the age of 50 (I'm hoping they are wrong!) I guess I'll just have to wait for the forecast to come through.

  4. #4
    I always thought it was 5% per year to retire early after 50.

    Link

    Do I have to wait until scheme pension age to get my pension?
    You can apply to MyCSP to have your pension paid early on a reduced basis at any time after reaching age 50 (55 if you joined the Civil Service on or after 6 April 2006). You should note that your benefits will be reduced permanently by around 5% for each year before scheme pension age.

  5. #5
    Inflation increases are also not applied until after 55 though at that point I think they are backdated ?

    I have taken mine at 56.5 years old i.e. 3.5 years early and it was reduced by 15%

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