55 in some cases
The earliest age at which most members can choose to take their classic pension benefits is from age 50. However, for a small group of members, the earliest age is 55. These members will have joined classic from a by analogy organisation on or after 6 April 2006.
Annual Allowance is the maximum growth in the value of your pension savings each year that can benefit from tax relief. The Annual Allowance applies to your entire pension savings with UK registered pension schemes. So, if you have any other pension savings apart from your Civil Service pension, you must also take those into account to determine if you have a tax charge to pay.
CSAVCS (Civil Service Additional Voluntary Contribution Scheme)
A defined contribution scheme where you pay contributions to the pension provider for investment in a fund or selection of funds. You can then use the accumulated investment fund to provide you with an income and/or lump sum in retirement
These are schemes that use the same rules as the Civil Service pension scheme for their own arrangements.
Someone who left classic and has preserved benefits.
A defined benefit pension scheme provides a pension based on set criteria, usually related to the members’ length of service and/or pensionable earnings (including any transferred in pension benefits).
Children who are financially dependent on you and who are:
- under 17;
- receiving full-time education or training (up to age 23); or
- permanently incapacitated and unlikely to be able to earn a living.
Guaranteed Minimum Pension (GMP)
The Civil Service pension scheme was contracted out of the State Earnings Related Pension Scheme (SERPS) prior to 6 April 2016. If you were a member of the Civil Service pension scheme between 6 April 1978 and 5 April 1997, GMP is the minimum amount that the scheme must provide for you at State Pension age (SPA).
Lifetime Allowance is the limit on the amount of pension benefit(s) that you can take from all of your registered pension arrangements before you incur a tax charge.
These benefits include:
- lump sums; and
- retirement income.
The Scheme Administrator (MyCSP)
MyCSP holds your pension records and administers your pension on your employer’s behalf, including working out and arranging pension payments.
Partnership Pension Account
The partnership pension account is a defined contribution pension arrangement. Members of the partnership scheme do not have to contribute but their employer will.
This is the earliest age at which you can choose to receive immediate payment of your classic pension without reduction. (In most cases, this is 60.)
All earnings that could count towards your pension. They may include non-cash items, for example, uniforms or accommodation.
Same as reckonable service (see below).
We will hold (preserve) the pension benefits you have built up if you leave the scheme before pension age and have decided not to transfer them to another pension scheme.
(We will only do this is you have built up more than two years’ qualifying service.)
Public Sector Transfer Club
A group of defined benefit occupational pension schemes, mainly within the public sector. The Club assists easier movement of staff between its members by providing broadly equivalent benefits when they transfer.
Generally, this is the number of years and days you have been a member of the scheme, and it qualifies you for certain benefits.
The service that counts towards a pension. Part-time service counts on the basis of the hours you have worked.
Scheme Medical Adviser (SMA)
Offers guidance to employers on medical issues relating to ill health retirement applications.
The Scheme Actuary provides actuarial advice to the scheme.
State Pension age
The age at which you can receive your State pension. www.gov.uk/state-pension-age
State Second Pension (S2P)
The additional State pension on top of the basic State pension (previously known as the State Earnings-Related Pension – SERPS). The amount you get depends on your National Insurance contributions. Please note this ended on 5 April 2016.
The value of accumulated pension rights within a pension scheme that may be used to transfer benefits from that scheme to another pension scheme.