Classic plus pension scheme
What do I get when I retire?
- A pension and lump sum as in classic for your service before 1st October 2002; that is pension based on 1/80 of your final pensionable pay for each year of reckonable service; and a tax-free lump sum of 3 times your pension.
- A pension and optional lump sum as in premium for your service from 1st October 2002, a pension based on 1/60 of your final pensionable pay for each year of reckonable service and if you want a lump sum, you can exchange some pension for that lump sum. We will give you £12 of lump sum for each £1 of yearly pension you give up.
The maximum lump sum will be increased from 1 October 2007. We have produced a calculator which shows the maximum lump sum for a given amount of pension and the effect that taking a lump sum would have on your remaining pension, for those taking their pension from 1 October 2007 onward..
Lump sum calculator [XLS] This calculator uses Microsoft Excel. If you do not have Excel, ask your pensions administrator helpline to do the calculation for you.
How much do I have to pay?
Contributions increase to 3.5% of your pensionable pay for service from 1st October 2002.
What happens about special terms I have in the PCSPS??
If you have a reserved right to a pension age lower than 60, you will keep that. However, you will lose the right to any other special terms and conditions that affect your future service.
What happens to my service before October 2002 in PCSPS??
Your service before October 2002 is not affected.
What if I want to top up my pension?
You have the following choices:
- You may be able to buy added years in classic plus.
- You may be able to invest Additional Voluntary Contributions in a money purchase pension arrangement.
- You can contribute to a Stakeholder pension.
With the first two options above, you cannot contribute more than 15% of your pay, including your contributions to classic plus.
What if I become too ill to work?
If your health breaks down permanently so that you cannot do your job, we may pay your pension early.
If you cannot take any employment at all, we may pay you a higher pension than if you can still do some work.
What if I get made redundant?
If you are under 50, your employer will pay you compensation for losing your job. We will pay you your pension at your normal pension age.
If you are over 50, your employer will pay you compensation when you leave. They will then pay you an Annual Compensation Payment (ACP) until we pay your pension at pension age.
Your employer will give you the choice of:
- another lump sum compensation when you reach pension age; o
- another ACP for life.
This package is designed to be worth the same as in classic.
What happens if I leave the scheme before pension age?
We will keep your pension and pay it to you at age 60
Alternatively, you can ask about transferring your pension rights to another scheme.
Can I get a refund of contributions?
If you are not married on 1st October 2002 and you remain single until age 60, you may be eligible for a refund of some of the contributions you made before October 2002. This will not affect your pension.
You cannot receive a refund of any contributions you pay after 1st October 2002.
Does the scheme pay any lump sum if I die in service?
We will pay a lump sum of three times your pay to the person or people you have nominated.
What will my husband, wife or civil partner get?
They will get a pension based on 1/160 of your final pensionable pay for each year of reckonable service you have paid contributions for at the full rate.
If you die in service, we will increase your reckonable service, depending on your age and length of service.
If your husband or wife remarries or lives with someone else as husband, wife or civil partner, we will reduce their pension to the part that relates only to your service from October 2002.
What will my partner get?
If your partner meets our qualifying conditions, we will pay them a pension based on 1/160 of your pensionable pay for each year of reckonable service from October 2002.
If you die in service, we will increase your reckonable service, depending on your age and length of service. “Partner” can include a partner of the same sex.
Will my children get anything?
We will pay a pension to children who were dependent on you when you died. This is on top of any pension we pay to your husband, wife or partner.
Find out more
For more information, read the sections on Leaving, Changing circumstances and Boosting your pension. We also have a range of leaflets covering the following topics, which you can download: