If you bank around £1000 per annum

IAMIAM

In a civil service career average pension, be it TPS or Alpha.
How much are you looking at, in say 25 years times with a cautious 1% pay rise yearly and average inflation rises?
With £5k already banked....

El_Torro

Your best bet is to ask the pension scheme provider. Normally a career average pension scheme would give you a fraction of what your career average salary was. So for example 25/60ths after 25 years of service. 

westv

The CSPS website Retirement Modeller would show you but you can't adjust the default 0% inflation rate.

hugheskevi

In a civil service career average pension, be it TPS or Alpha.

A Civil Servant would not be in the Teacher's Pension Scheme.

If you bank around £1000 per annum...How much are you looking at, in say 25 years time with a cautious 1% pay rise yearly and average inflation rises? With £5k already banked....

Assuming:

• Inflation (CPI) is 2.5% in all future years
• Salary increase is 1% in all future years
• Starting salary is £43,103 (as this gives £1,000 of alpha accrual)
• Starting alpha pot of £5,000
  

Then after 25 years you would have an alpha entitlement of £48,323 in cash terms, which is £26,065 discounted back to current price terms.

Note the assumption of real wage falls every year for 25 years would generally be considered unrealistic.

tacpot12

It sounds like the OP might already have been contributing for about 5 years. If they continue for a further 25 years, they will have a pension that is about 70% of their average salary (over their life adjusted for inflation). Assuming 1% salary rises per annum, this means their pension will be 70% of 85% of their final salary, which is about 60% of their final salary so not too different to what might be expected under a traditional final salary scheme. Note that if pay rises are more than 1% this reduces the average over your career so that it is less than 85% of your final salary BUT your pension amount will be higher as your pay rises mean you have a much higher final salary. 

So the upshot of this is you are going to have a pension that will pay you at least 50% of your final salary and probably a good deal more than this.
 
Note that this assumes that you will be retiring at your State Retirement Age, which is the retirement age that the Alpha Scheme assumes you will be retiring at. Adding your state pension to a full Alpha scheme pension and you will have a very comfortable retirement, assuming you can work until your retirement age. Not many people are able to do this though, and the result is that you might have to accept a significant reduction in your Alpha pension if you want to retire early. 

If you are already concerned about your retirement date, it might make sense to start saving to give you the flexibility to retire earlier than your state retirement age. The Alpha scheme has an option for you to purchase additional pension. I would look at this option first.

IAMIAM

hugheskevi said:

In a civil service career average pension, be it TPS or Alpha.

A Civil Servant would not be in the Teacher's Pension Scheme.

If you bank around £1000 per annum...How much are you looking at, in say 25 years time with a cautious 1% pay rise yearly and average inflation rises? With £5k already banked....

Assuming:

• Inflation (CPI) is 2.5% in all future years
• Salary increase is 1% in all future years
• Starting salary is £43,103 (as this gives £1,000 of alpha accrual)
• Starting alpha pot of £5,000
  

Then after 25 years you would have an alpha entitlement of £48,323 in cash terms, which is £26,065 discounted back to current price terms.

Note the assumption of real wage falls every year for 25 years would generally be considered unrealistic.

I have a contract as a teacher and a contract with civil service. You can have both.