Civil Service Pension Alpha or Partnership?

Turned_out_nice.

No my 37.5 years are banked as it were but the pension will be based on whatever my final salary is (best of the last 3years) when I decide to retire,so will start afresh next year on a new scheme.

Kynthia

Turned_out_nice. wrote: »

No my 37.5 years are banked as it were but the pension will be based on whatever my final salary is (best of the last 3years) when I decide to retire,so will start afresh next year on a new scheme.

If you moved to Partnership though, won't your Classic pension be calculated on your best year of pensionable pay in the last 3 years before leaving the DB scheme? Whereas if you move to Alpha you maintain the link between your salary and Classic pension so it will use your best salary in the last 3 years of employment.

So has your full time equivalent salary been fairly consistent or increasing over the last 3 years and is that set to continue, were you previously on a better full time equivalent salary or do you anticipate your salary decreasing in the future?

taking_stock

worth noting - a crucial point that Kynthia is making - your Classic is based on the final salary when you finally leave service, not the final salary when you transition across. If you're anticipating any significant pay increase (ie more than CPI), then remaining in alpha makes even more sense.

Turned_out_nice.

Plenty to ask MyCSP next year as the Partnership schemes let you join in either April or October. As it's a Civil Service partnership and, how I read it I could transfer back into Alpha at anytime and also I haven't left my employment so understand that there has been no break in my continuous service.

Don't see my wage changing too much in the next few years, it's been very consistent as most Government employees know all too well.

Thanks for taking the time to answer.