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,
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,