Civil Service Pensions again!!

mick307

Hi, im 48 yo, been with this pension since Feb 2006 but i was in the AA pension for 16 years prior to that. I can move my benefits to the CS and i will get £48k, value of 4yrs and 325 days. Is this a smart move on my part do you think to move the fund across??

On a seperate issue i have an AVC fund of about £10k, could i also move this ???

Thanks in advance,

Mick.

dunstonh

Is this a smart move on my part do you think to move the fund across??

When you have done your TVAS (analysis of benefits on both schemes to see which is best on both income and benefits), which one came out best?

mick307

Erm, TVAS??

As you can tell im not too up on pensions, im at that age where im going to live forever:j

Mick

bigfreddiel

Move it now! No one but the government can nick your pension when its moved.

Also if early retirement schemes pop up in the future your years you buy in may be crucial.

I moved all mine in to Classic and glad I did.

Cheers

fj

Andy_L

mick307 wrote: »

Erm, TVAS??

As you can tell im not too up on pensions, im at that age where im going to live forever:j

Mick

16 years in the AA scheme will be worth £X at retirement age (prob 60 since it's an old scheme)

Just under 5 years in the CS scheme will be worth £Y at retirement age (again prob 60 - you should have got in before the age changed to 65).

Both will have various fringe benefits eg dependants pension, ill health pension, redundancy compensation etc

It then depends whether £X (plus fringe benefits) is more or less than £Y (plus fringe benefits)

Andy_L

bigfreddiel wrote: »

Move it now! No one but the government can nick your pension when its moved.

Really? How can the AA steal his pension under the current regulatory environment?

mick307

Thanks for the advice guys.

Andy L, one of the reasons i left the AA was due to its very uncertain future existance, theres already a reported large amount missing from the pension fund, my fear is that by the time i retire the AA and its fund will be extinct!! I think my money is safer with the government scheme for now.

Cheers all,

Mck