The civil service pension scheme, the Principal Civil Service Pension Scheme (PCSPS) is to be revamp...
The civil service pension scheme, the Principal Civil Service Pension Scheme (PCSPS) is to be revamped this October with existing members given a choice of three schemes and new entrants choosing between two schemes. Existing members will see the current PCSPS scheme renamed Classic which will remain the same, with pension based on 1/80th of final salary, contributions at 1.5% of pay and a tax free lump sum of three times the pension. The renamed PCSPS scheme will be joined by two new schemes named Premium and Classic Plus for existing members. The Premium scheme sets employee contribu...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
