Sorry,my question wasn't clear- what I was asking was,if final lump sum is based on being on a 3 day week,in year of retiring,instead of a 5 day week.Presuming you are in the PS, doing any sort of job-share / part-time / 3 day week, etc. obviously reduces your service, and so affects both the pension and the lump-sum.
Thanks everyone,for the replies. Ill only have 33 years by age 60,just I either want to retire then or do a 3 day week for a few years.When I retired I think I was able to show my last 3 years P.60's to average out my final salary. I can't remember the details but it might be worth investigating.
This might be the lump sum available to you on your taxable income, rather than your pensionable income.Thanks everyone,for the replies. Ill only have 33 years by age 60,just I either want to retire then or do a 3 day week for a few years.
Isle Of Man,thank you-this is what is causing confusion. I have heard of colleagues being on 3 or 4 day weeks for years and then they go back up to full week about a year or two before they retire and supposedly to do with making sure they get the lump sum on a five day week.Ill check it out further.
This may be to do with pensionable allowances that are only available to staff on full-time duties.I have heard of colleagues being on 3 or 4 day weeks for years and then they go back up to full week about a year or two before they retire and supposedly to do with making sure they get the lump sum on a five day week.
What is pensionable remuneration? Generally, pensionable remuneration is final pay (i.e. salary payable on the last day of reckonable service), plus, effective from 1st April 2004 the average of the best of three consecutive years’ pensionable allowances in the final ten years of service.
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