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Transfer dormant stakeholder into Civil Service Alpha

freestyle_gus
Posts: 19 Forumite
I have been working for the civil service for almost a year and am in the Alpha defined benefit pension. The Alpha scheme looks to be a decent pension from the research I have done.
The question is. Should I transfer my £30,000 pension pot (old company stakeholder that I am no longer paying into) into the Alpha pension? It will give me £3750 a year as part of the pension if I transfer. Can I expect more than this by leaving the current pot in the stock market?
I'd appreciate any thoughts :money:
The question is. Should I transfer my £30,000 pension pot (old company stakeholder that I am no longer paying into) into the Alpha pension? It will give me £3750 a year as part of the pension if I transfer. Can I expect more than this by leaving the current pot in the stock market?
I'd appreciate any thoughts :money:
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Comments
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freestyle_gus wrote: »I have been working for the civil service for almost a year and am in the Alpha defined benefit pension. The Alpha scheme looks to be a decent pension from the research I have done.
The question is. Should I transfer my £30,000 pension pot (old company stakeholder that I am no longer paying into) into the Alpha pension? It will give me £3750 a year as part of the pension if I transfer. Can I expect more than this by leaving the current pot in the stock market?
Depends how old you are and how successfully your stakeholder funds are invested.0 -
I'm 40. The stakeholder is invested with Scottish Widows. Not sure of the fund. I think it's a cautious one.0
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freestyle_gus wrote: »I have been working for the civil service for almost a year and am in the Alpha defined benefit pension. The Alpha scheme looks to be a decent pension from the research I have done.
The question is. Should I transfer my £30,000 pension pot (old company stakeholder that I am no longer paying into) into the Alpha pension? It will give me £3750 a year as part of the pension if I transfer. Can I expect more than this by leaving the current pot in the stock market?
I'd appreciate any thoughts :money:
That's a fantastic return, much better than you'd expect from the SM, plus its risk free, so definitely worth doing.0 -
I have been working for the civil service for almost a yearShould I transfer my £30,000 pension pot (old company stakeholder that I am no longer paying into) into the Alpha pension? It will give me £3750 a year as part of the pension if I transfer. Can I expect more than this by leaving the current pot in the stock market?
You say below that you think you in a cautious investment. You are probably heavily invested in gilts and bonds as much as the stock market.Not sure of the fund. I think it's a cautious one.I'd appreciate any thoughts
The Civil Service is in the process of switching its Defined Contribution pension arrangements to a Legal and General Mastertrust. One option would be to open a Civil Service AVC arrangement with a minimal monthly contribution and transfer the pensions into the AVC. You could of course transfer elsewhere.0 -
Thanks so much, this is great information!
I didn't intend to be cautious, that's the fund Scottish Widows put it into when I stopped contributing.
:beer:0
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