buying back years query

Hello,

I'm currently buying back years to retire at 60 (natural retirement age required for full pension would be 71). I joined the PS in 2003.

I have the following questions;

1. Will I be entitled to a tax free lump sum i.e. 1.5 x final salary at aged 60 when I retire?

2. If I decide at 60 that I don't want to retire yet and want to continue working until 62/63/64 for whatever reason can I still do so? and if this is possible do I simply defer the lump-sum payout until whenever I decide to retire? Is the revised lump-sum payout still based on final salary i.e can I avail of further increments between 60 and retirement age to enhance the lump sum payment?

thanks,

Don't the civil service have unions to explain all this kind of thing to people?

yes thanks Bronte, there is, but they are very slow getting back to me. I agree there is always a formal way of getting information but then isn't the point of this site to get information first hand from other people directly involved in a similar situation?

thanks in advance for any help people can give me here,

The benefits payable on retirement will depend on the particular PS scheme you are in. But normally the 1.5 times salary lump sum requires 40 years service (3/80ths x service - max 40). If you only joined service in 2003 then it seems unlikely you will get 1.5 times whenever you retire.
You don't state what the scheme's Normal Retirement Age is, but I suspect it would be 65. So even if you have bought back added years I doubt you will get maximum benefits at 60 (or even 65). If you retire before the Normal Retirement Age then your benefits would normally be reduced to reflect shorter service and earlier payment.
You do really need to check with your Employer or Union as to the exact rules that will apply.

thanks Conan - yes the scheme's normal retirement age is 65, I'll check further with the union - I needed to get some basic information here just to be able to ask the right the questions