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Civil Service Added Pension - Alpha or Premium
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Bravepants
Posts: 1,640 Forumite
Hello,
I currently buy Added Pension in the Premium PCSPS. This is a final salary scheme.
From 1 April I will be on the new Alpha scheme, which also allows Added Pension to be purchased. However, this is career average AND has a later retirement age. I will retain the benefits of PCSPS I have accrued until now.
According to the FAQ on the Civil Service Pensions website, if I have an ongoing agreement to pay Added Pension into PCSPS after 31 March I can continue buying Added Pension and benefit from the final salary scheme.
In my mind it seems that I would be better off continuing to purchase Added Pension in the PCSPS than switching to Added Pension in Alpha?
Is that correct?
Does anyone else please have any thoughts on this?
Cheers,
Paul
I currently buy Added Pension in the Premium PCSPS. This is a final salary scheme.
From 1 April I will be on the new Alpha scheme, which also allows Added Pension to be purchased. However, this is career average AND has a later retirement age. I will retain the benefits of PCSPS I have accrued until now.
According to the FAQ on the Civil Service Pensions website, if I have an ongoing agreement to pay Added Pension into PCSPS after 31 March I can continue buying Added Pension and benefit from the final salary scheme.
In my mind it seems that I would be better off continuing to purchase Added Pension in the PCSPS than switching to Added Pension in Alpha?
Is that correct?
Does anyone else please have any thoughts on this?
Cheers,
Paul
If you want to be rich, live like you're poor; if you want to be poor, live like you're rich.
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