Partial Retirement - Tax & NI Question

german_keeper

Have you got state pension forecasts for you both? The new state pension is very beneficial to those of us who have always been contracted out. It was a real game changer for us. My wife, who was contracted out for about 15 years, is already entitled to full state pension. I will be there in April 23.

Have you looked at the Partnership pension? Alpha is definitely better for the vast majority but I am in Partnership. I do accept that many in my position would still have chosen Alpha, even if just for the guaranteed CPI increases in accrual, but I am still happy with my decision.   

drummersdale

Hi German Keeper
We are both in Classic and have been since we both joined the CS. The main attraction being the lump sum on retirement - I’m sure it’s not perfect and things like the poor commutation rate often get slated on here but it is good enough for us. I will taper into Alpha this year and my wife went straight in from 2015.  I think if I was starting as a fresh faced 18 year old again I would consider Alpha to be more attractive than Classic in terms of value but not being able to take it without penalty until 67 (I think?) is less attractive. I have checked my state pension forecast and will should get the full amount - haven’t checked the wife’s as yet.