Civil service alpha - added pension or via standard life stakeholder?

philjo

I am currently a member of civil service alpha with NPA of 67. (now age 44)

I previously had 16 years service in the NHS 1995 scheme, which is deferred so I can take that at age 60.
(My current post will be on a lower salary than when I was contributing to the NHS scheme so it was best to defer the NHS service protected at the previously higher salary than transfer it to the CS scheme)
I am on pay protection for the next 3 years so my salary actually drops in 2020 - so want to pay in extra contributions while still on the higher salary.

While I was in the NHS scheme I also paid into the NHS stakeholder policy with Standard life which I am still paying into.
Is it better to pay increased contributions into the standard life policy or to take out added pension or EPA with the CS alpha ? (or do a mixture of both)
The assumptions when the standard life policy was taken out was it would be taken at age 65 but I think this is more flexible than the alpha dates?
If paying extra into Alpha, is choosing Added pension better than EPA?

Many thanks.

dunstonh

Stakeholder pensions are largely a niche option nowadays. In 2001 they were the main option but personal pensions beat stakeholders in all but the smallest premiums nowadays.

Its a case of picking what is right for your objectives. If funding for earlier retirement in a period where the main scheme would have a penalty applied, then using a personal pension makes sense. If planning for the same age as the main scheme, then the in-house options can be more viable (although less flexible).

[Deleted User]

philjo wrote: »

I am currently a member of civil service alpha with NPA of 67. (now age 44)

I previously had 16 years service in the NHS 1995 scheme, which is deferred so I can take that at age 60.
(My current post will be on a lower salary than when I was contributing to the NHS scheme so it was best to defer the NHS service protected at the previously higher salary than transfer it to the CS scheme)
I am on pay protection for the next 3 years so my salary actually drops in 2020 - so want to pay in extra contributions while still on the higher salary.

While I was in the NHS scheme I also paid into the NHS stakeholder policy with Standard life which I am still paying into.
Is it better to pay increased contributions into the standard life policy or to take out added pension or EPA with the CS alpha ? (or do a mixture of both)
The assumptions when the standard life policy was taken out was it would be taken at age 65 but I think this is more flexible than the alpha dates?
If paying extra into Alpha, is choosing Added pension better than EPA?

Many thanks.

Exactly the same situation here with schemes here. Considered the added pension but given you cannot access till 67 and the returns from the spread sheet calculator for me did not look attractive. Plus I'll get the full state pension at 67 so why bother...


Instead I opened and actively contribute to a SIPP as I can access that from age 55 [regular monthly payments/RHI/FITs/stoozing int/Quidco/bonuses etc]. 55 no longer seems that far away when in mid 40's!


SIPP was also great for consolidating old DC schemes. I may not access it at 55 but the option is there so great for early retirement/funding gaps/flexibility etc & 67 is a loooong way past 55


Like you part of my civil service scheme will be payable at 60 so I like the idea of money coming on stream at different times as I wind down.


Also... I guess that as these are 'my' contributions I'd like to drawdown when I wish/suits and not be locked into scheme rules. I'm just looking or a tax efficient place to save for the future


Lastly also have a 10 years in a DB scheme from an old employer and never thought I ever request a CETV! So that could be something else going into the SIPP...


Cheers


PS also on pay protection ...