Teacher's vs Civil Service Pension

brianfall

My partner is changing career from teaching into the civil service.

Looks like she could transfer her pension over.

Does anyone know which one is best?

Thanks!

hyubh

brianfall wrote: »

My partner is changing career from teaching into the civil service.

Looks like she could transfer her pension over.

Does anyone know which one is best?

Teachers has a higher accrual rate but a lower revaluation rate. So, much of a muchness, other things being equal. Also, a transfer of CARE pension (i.e. pension on membership from 1 April 2015 onwards) will carry over the revaluation rate of the old scheme, so even that difference doesn't mean much when considering whether to transfer or not.

However, if she has membership prior to 1 April 2015 (and therefore, final salary service to transfer), then she should consider her likely final rate of pay in the civil service compared to her final rate of pay on leaving teaching, uprated for inflation. If the civil service pay is likely to be materially higher, then she should transfer.