Get ready to make a graceful landing on the final leg of your retirement journey. Discover what's in store for you as you approach retirement, including partial retirement, retiring early and support before and after retirement.
Partial retirement allows you to reduce your work hours while enjoying some of your pension benefits. You can even boost your pension further by continuing contributions, purchasing added pension, or making voluntary contributions.
Mo takes partial retirement when he’s 65 and his initial nuvos pension entitlement is £14,000 per year. He could take a cash lump sum of anything up to £60,000 but he decides to maximise his income and take no lump sum at all.
Mo decides to retire at 72, with a remaining nuvos pension entitlement of £7,000 a year. He now has the option to take a lump sum of anything up to £30,000. He cannot opt to use the lump sum entitlement he had when he took partial retirement.
When it's time for full retirement, your pension provides steady monthly payments, a potential tax-free lump sum, and any added pension or purchased years. Access the Pension Portal for a personalised retirement estimate and options. You can find out more about how your pension is calculated in the scheme guides
Preparation is key and It’s something we don’t often think about until we actually start the process, but the more research and planning you can do beforehand, the more prepared you’ll feel.
Making the decision to retire isn’t usually one that happens overnight. Here are some things one should consider:
The Pensions and Lifetime Savings Association (PLSA) urges savers to consider what outgoings they anticipate in retirement such as:
ABSs are produced every year, showing you your benefits at the 31 March. This will include your pension accrued, lump sum options & projected family benefits. Your ABS gives you the information you need to estimate your annual pension to the future.
The Retirement Modeller is automatically filled in with the information from your ABS to so you can get accurate projections. The modeller runs on the assumption of your current earnings when calculating your sums. The modeller considers any reductions for leaving early and/or taking a lump sum at retirement
Anyone retiring after 30 September 2023 will be given their remedy options with their quotation. This is called the Deferred Choice Underpin (DCU).
The Civil Service Pensioners’ Alliance (CSPA). The CSPA is an independent, non-political organisation working to protect your Civil Service pension. The CSPA is recognised by the Government with the mandate to speak on your behalf and have direct access to the Cabinet office.
The CSPA can offer you:
The Charity for Civil Servants (CfCS) supports civil servants, past and present, when times are tough, listening without judgement and offering practical, financial, and emotional support.
It’s easier when you and your family have got a whole community behind you.
The Civil Service Retirement Fellowship is a national charity dedicated to helping former civil servants and their dependents make the most of their retirement.
Friendship and support remain at the forefront of the CSRF’s work. It provides:
The Civil Service Pensions Podcast will help you get to grips with your pension and make more informed choices about your financial future, whatever stage of life you're at.
Available now, wherever you get your podcasts.
We're continuing to go green and print less. Our digital format delivers interactive content, videos, polls and more which you can read from your PC, laptop or mobile device.
We cover a range of topics including:
In this hour-long Starting Your Journey session from week 1, our experts covered the following topics: