updates on FBU, Civil service pensions

sammyjammy

Dazed_and_confused wrote: »

No doubt swiftly followed by either a reduction in the pension that can be accrued moving forward or an increase in the contribution rates.

That £4 billion has to come from somewhere

I agree but the longer it takes them to make the change the more benefits we receive in the previous pension, Classic in my case.

Seabee42

The easiest fix for this will be just to ramp up the contributions in the meantime.

chubsta

sammyjammy wrote: »

I agree but the longer it takes them to make the change the more benefits we receive in the previous pension, Classic in my case.

All of my figures show I am better off on Alpha, so am always interested in other peoples opinions in case my workings-out are incorrect.

My wages are unlikely to change - don't want promotion and apparently another ten years of minimal or no pay-rises by the sounds of it - and to me Alpha seems to give me a better return, not massively, but enough to make a difference

swanny65

I am also in the same boat as an earlier poster.

Age 54 with a fraction over 30 years in classic been moved to Alpha in 2015 (i think)

My dilemma is i was promoted in 2017 and went to London to work - primarily because i could not afford to retire at 60 had i stayed in my old job. I had a 60% salary uplift. It was always my intention to take the 30% hit on my Alpha to go at 60.

Not sure whether reverting to classic is best as currently my annual alpha pension is increasing by approx £1000 a year (£700 assuming the going early reduction).

I also intend to try for the next grade in a couple of years and that would further increase my salary by £13000 a year.

I think if i get promoted then reverting to classic is best. Remain in the current grade then Alpha looks like it wins out marginally.

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Turned_out_nice.

swanny65 wrote: »

I am also in the same boat as an earlier poster.

Age 54 with a fraction over 30 years in classic been moved to Alpha in 2015 (i think)

My dilemma is i was promoted in 2017 and went to London to work - primarily because i could not afford to retire at 60 had i stayed in my old job. I had a 60% salary uplift. It was always my intention to take the 30% hit on my Alpha to go at 60.

Not sure whether reverting to classic is best as currently my annual alpha pension is increasing by approx £1000 a year (£700 assuming the going early reduction).

I also intend to try for the next grade in a couple of years and that would further increase my salary by £13000 a year.

I think if i get promoted then reverting to classic is best. Remain in the current grade then Alpha looks like it wins out marginally.


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I left this year a month before I was 55 and had 13 months in Alpha 37.5 in Classic. My forecast for Classic was based on best of last 3 years which was 18/19 (got some overtime and on-call in). If you get a good rise before 60 it may be good to go back into classic if you want to retire at 60. If you're staying 'til 67 Alpha seems good as well, horses-for-courses I suppose .