post 2004 retirement

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pushkin123

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Hi all,
I know I can retire from public service at 60, and also have the option of cost neutral from 50, but does this mean that if I go cost neutral during my 50's that I will receive my reduced pension and lump sum straight away, I don't have to wait until 60 to claim both?

another question, for a public service employee post 2004 but pre 2013, at what age MUST they retire? Thank you
 
pushkin123 said:
if I go cost neutral during my 50's that I will receive my reduced pension and lump sum straight away
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Yes. If you apply for Cost Neutral Early Retirement (CNER) and it's accepted, your benefits (lump sum and annual pension) are paid straight away, but are actuarially reduced.

A New Entrant (post 2004 pre 2013, with a preserved pension age of 65) can only take CNER from age 55.

The Pre-1995 and 1995 - 2004 Pension Scheme members can retire (and drawdown their pension) from age 60 without having to take a haircut on their benefits. These scheme members can access CNER from an earlier age (at age 50).

If you say you can take CNER from 50, are you a non-New Entrant (joined the Public Sector Scheme before 2004)?

pushkin123 said:
for a public service employee post 2004 but pre 2013, at what age MUST they retire?
Click to expand...

There's no compulsory retirement age for a post-2004 and pre-2013 according to this general guide.
 
yes, I joined in October of 2003, so yes, an non New entrant. so yes, thank you, I wasn't sure if I could claim the pension and lump sum if I did decide to go before 60.
For the post 2004- pre 2013 employee, can they retire at 65 , claim their work pension and lump sum then, and claim supplementary or job seekers until 66 and then state pension?
Thank you for you help!
 
For a post 1995 and pre 2013 entrant the minimum retirement age is 65. At that stage you can receive a civil/public service pension and lump sum in the normal way I.e. based on Pensionable Remuneration at retirement and years of service.
You would also be able to claim the 'Benefit Payment for 65 year olds' from DSP (unlike Job Seekers Benefit you wouldn't have to 'actively' seek employment).
You could also claim a supplementary pension from your former civil/service employer, but your entitlement would depend on whether the 'gross,' supplementary pension value (based on years service) was higher than the 'Benefit Payment for 65 year olds'. If so you would get the 'net' supplementary pension (gross value minus the BP for over 65 year olds). for the year before qualifying or the State Pension (Contributory).
 
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