Civil Service Pension

[Drowningindebt]

I worked for the Job Centre a between 97-2000 and paid a pension in my wages. I know this is only pennies, but what will happen with this? Will I get a little money when I retire or is there someway of getting any of this back.

Sorry if this sounds silly or greedy, I just want to cover all my bases incase I miss out on anything!

PS.I'm not sure if this is the right area to post this in.

[stanroyal]

I can see no reason why you wont get a pension from them. The figure is based on your annual salary at the time you left - and then index linked. It wont be a fortune but worth claiming. You can get an estimate of your entitlements - and they should send you an annual statement. Contact the pensions agency and make sure they have your correct address and you will receive an annual statement of your estimated benefits.

[paulgmb]

You cannot access these monies before your normal retirement age (NRA) unless you are retired early usually on medical grounds. You can apply for (without obligation) a cash transfer value if you were looking at transfering this fund to either another employers scheme or even your own personal pension if you have one or were going to set one up. You do not have to do this even if you apply for the transfer value.

You should have a pension scheme booklet which will give contact details of the scheme administrators who will be able to advise you on your retirement dates etc. You should always obtain advise from an independent financial adviser before even considering transfering funds.

If you do nothing, you will receive a small pension from the civil service scheme at your NRA.

Regards,

Paul.

[bed32]

The civil service always used to be "final salary" schemes, which actually are extremely good value for the employees. From what you say you can expect to receive a pension of about 3-5% of your final salary (index linked).

Although you will have the right to transfer the money to a different scheme it is highly unlikely that you will be better off by doing so.

[Drowningindebt]

Thanks people. I am only 31 so it'll be a while before I retire haha, but it's always worth knowing.

"You can get an estimate of your entitlements - and they should send you an annual statement. Contact the pensions agency and make sure they have your correct address and you will receive an annual statement of your estimated benefits."
"

I haven't received any info, but I have moved address in 99. How do I go about finding who to contact?

[Conniff]

Give the Paymasters office a ring on 0845 121 2514 and I'm sure they will give you the details of who looks after you.

[Drowningindebt]

Thanks, I will try them at the start of the week and let you know how I get on.