Pension Leveling

[Phil1964]

I am currently in a Civil Service Pension Scheme called Alpha. I am planning to retire around 56 to 57 years old and would like to know if Pension Leveling is an option with Civil Service Pensions?

[fiction-factory]

I suggest you ring up and ask and/or start by reading this
https://www.civilservicepensionscheme.org.uk/members/alpha-scheme-guide/
I'm not sure what you eman by levelling- do you mean a fixed income which doesn't go up each year? A serach of the site shows no matches for 'levelling'

[fiction-factory]

I assume you mean this by 'levelling'
- A pension levelling option allows a member to reshape their scheme pension to better integrate with the State Pension, such that they receive a level total income throughout retirement, is something that many schemes have always had in place.

[fiction-factory]

I can't see any reference in teh scheme booklet.
You need to ask.
If you are keen to smooth your income (ie get more work pension before state pension age then a lower value when state pension kicks in) you may need to consider transferring out and putting into some form of flexible drawdown. Or stay in Alpha, take the tax free lump sum and invest it somewhere where you can draw down on it over a period that takes you to state retiremnt age

[fiction-factory]

https://www.civilservicepensionscheme.org.uk/members/alpha-scheme-guide/
No mention of levelling option here

[fiction-factory]

^see section 02E and all parts of section 5
Answer seems to be NO

[Phil1964]

They are slow to answer usually. Increase pension now then when reach NPA pension age Civil service pension is reduced. So basically a level pension throughout retirement

[Alonelywriter]

The Social Security Leveling Option is a pension plan payout option offered by pension plans to level out the income of someone who retires early. The leveling applies to the amount of pension payments and not to the amount of Social Security you will receive.

[fiction-factory]

I think those notes may have come from a website covering arrangements in somewhere like the US, but yes in essence it is the same principle as Phil mentioned earlier. Phil just needs to know now whether his pension scheme provides it, although I think it is very unlikely that it does

[Alonelywriter]

thanks for posting this content.

[Peter Pedant]

Having been a civil servant myself ( 1970 hur hur hur)
you have the option of being in the CSU ( civil service union or whatever it became - not the First Division Ass., I wdnt expect you to be asking us) and they MUST have a pension advisory service

if the question is 'new' and I dont think ( I want to retire early what are the options?) this one is - it takes a few years for the correct answer to percolate through

[Peter Pedant]

eek!
no wonder you are asking us

As you have benefits in alpha and also previously in either classic, classic plus or premium you may be able to retire from age 50.

However, it is only the benefits from your classic, classic plus or premium service that may be able to be paid from 50 years of age.

Your benefits within the alpha scheme cannot be taken any earlier than your 55th birthday and as a result this message warns you that to see the effect your alpha benefits have then you will need to increase your retirement age to 55 years or greater.

Please note if you joined classic, classic plus or premium after 5 April 2006 that it is likely that you will not be able to retire until age 55 from that scheme too.

so you have four schemes to check up on
from Modeller ....

[fiction-factory]

I think he's planning to retire at 56-57 though rathe rthan before aged 55- and the user name suggests he may have been born in 1964 amking Phil 54 or 55 now. I think the question is just about whether here is a pension levelling option (higher than normal CS pension initially with the extra being offset by a lower CS pension once state pension kicks in)