It has come to our attention that in a recent retirement course it was stated that if members leave on VERS with a preserved award this will be frozen to age 60. We have reviewed the FAQ released with the VERS documentation in March and refer members to page 14 paragraph 2.20, which reads:Q.2.20. If I leave before the minimum pension age with a preserved award, can I draw that pension before I reach the normal pension age?
A. Yes. Anyone who has resigned or otherwise left the Civil Service with a preserved award can access their pension benefits at any time after reaching the minimum pension age. But bear in mind that it will be reduced if it is drawn before you reach the normal pension age.
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For the purposes of understanding this answer, it should be explained that all pension schemes define the minimum pension age and the normal pension age. This is explained in the rules of the particular scheme. The following summarises the position:
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The Principal Civil Service Pension Schemes of Classic, Classic plus and Premium all have a normal pension age of 60 and a minimum pension age of 50. (However, note that anyone joining on or after 6 April 2006 has a minimum pension age of 55 and this will include some Premium members.) The Nuvos scheme has a minimum pension age of 55 and a normal pension age of 65.
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The 1995 section of the NHS Pension Scheme has a normal pension age of 60 while the 2008 section has a normal pension age of 65. The minimum pension age for those in the 1995 who joined on or after 6 April 2006 and for all members of the 2008 section is 55. The minimum pension age for members of the 1995 section who joined before 6 April 2006 is 50.
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The Teachers Pension Scheme (TPS) has a normal pension age of 60 for those who were scheme members on 31 December 2006 and a normal pension age of 65 for those who joined on or after 1 January 2007. The minimum pension age is 55 for all members.
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Some members of the Principal Non-Industrial Superannuation Scheme/AWE Pension Scheme (PNISS) have a normal pension age of 65 and cannot receive full accrued pension benefits before that age.
The PCS recommends that all members considering accepting a VERS to check and double check with PPA and MyCSP before accepting an offer.
