Is it worth me leaving the Civil Service?

mapleoak

Hi JerrySimon

I’m hoping to leave when I’m 59 - will have completed 41 years so “full” pension so to speak - or possibly go for partial retirement so wife can catch up a little as although she’s also been in CS since 18 she’s 5 years younger than me - so perhaps go P/T until 62. I think I can take lump sum at 59 so can use that to invest/save after paying a few things off and also help daughter out with uni costs etc. It’s good to hear from someone in a broadly similar position for whom it seems to have worked out well.

jerrysimon

mapleoak wrote: »

Hi JerrySimon

I’m hoping to leave when I’m 59 - will have completed 41 years so “full” pension so to speak - or possibly go for partial retirement so wife can catch up a little as although she’s also been in CS since 18 she’s 5 years younger than me - so perhaps go P/T until 62. I think I can take lump sum at 59 so can use that to invest/save after paying a few things off and also help daughter out with uni costs etc. It’s good to hear from someone in a broadly similar position for whom it seems to have worked out well.

Can highly recommend going part time. I wanted that or VER but never got either. Voluntary work has filled the gap of not going part time and enables me to give something back, for the fortunate position I now find myself in.

My wife has a small TA DB pension which we have just taken early again as she is 58 and makes up for the difference in what I lost taking mine early. We have our state pensions to look forward to, but as its not essential hope to put some asside for our two new grandchildren, which also keep us very busy.


Good luck.

Marcon

You're in your 20s and you are letting pension arrangements drive your career? Really? Since when did the knowledge that you'll get a good pension in 40 years motivate you to get you out of bed on a wet Monday morning to do a job you don't really seem to be enjoying and which has such limited scope for promotion?

Pensions are no longer the 'only' source of retirement income as they might once have been for many. There are plenty of other savings vehicles, many of them tax efficient and much more flexible. You may not get such a good pension deal in the private sector, but look at the other benefits - the potential for bonuses, share schemes, private healthcare, hefty salary increases...

Focus on your career, not the pension scheme. That's important but shouldn't be the driver for your decisions, certainly not at such a young age.

DairyQueen

Marcon wrote: »

Focus on your career, not the pension scheme. That's important but shouldn't be the driver for your decisions, certainly not at such a young age.

Exactly what I was thinking. An exemplar of tail wagging dog.

Lord's sake OP. You have your whole life ahead of you. Go and grab it.

MankyVegSoup

DairyQueen wrote: »

Exactly what I was thinking. An exemplar of tail wagging dog.

Lord's sake OP. You have your whole life ahead of you. Go and grab it.

Absolutely. Do what makes you happy. Chances are that pensions will have changed out of all recognition by the time you retire. (But DO still pay into a pension, whatever you decide to do).

Joey_Soap

OP, you don't necessarily have to leave the CS to get on. I do know of someone similar age and circumstances to yourself. Recently, they applied for and got a job in another CS dept, securing about a 45% pay rise in the process. So, it can be done, but I'm guessing it partly depends on your skill set and how in demand across the various government departments your skills are. Good luck, don't give up.

femalemonarchfemalecanine

Beartricks wrote: »

Thanks for your reply.


I'm a bit reticent to post personal details on here but I'm in my late 20s and make slightly less than the national average salary. I know that's a respectable amount of money, but I had some personal issues in my mid-20s that left me less financially well of than I would have liked so am currently rebuilding; my credit is fine and I have had no legal issues but my outgoings were far more than I would have liked and it couldn't be helped.


This might be obvious but I'd appreciate as much money as I can get. What I'm trying to balance is more money now, or more money later.

at your age I'd definitely say go for it, certainly if there is no change of govt. The things that made the CS worthwhile are being eroded, and certainly if - god forbid - the tories get in again there will be very little point in waiting for minimum wage to catch up with your pay, which will soon merge the two lowest grades, seeing your pension date recede into the distance and your pay keep falling, and so the value of your pension keep falling. Make yourself decent provision for retirement in the private sector of course, but if I was your age I'd have no hesitation in leaving. So wait till the 13th of December and if tories; make your escape plans.
good luck!

Beartricks

Joey_Soap wrote: »

OP, you don't necessarily have to leave the CS to get on. I do know of someone similar age and circumstances to yourself. Recently, they applied for and got a job in another CS dept, securing about a 45% pay rise in the process. So, it can be done, but I'm guessing it partly depends on your skill set and how in demand across the various government departments your skills are. Good luck, don't give up.

Thanks for the advice. Same to everyone else in this thread.


I think I'm going to apply, have a go at the interviews and see how it goes. I can always turn it down.