Civil service pension or private pension

Albermarle

Harrybrown100121 said:

so I am on 24000 and the job I am looking at is around 35000 to 40000. I get what you are saying about the civil service pension and how good it is but I can't afford to move out of my parent house without a career move. 

I would say that is a big enough increase to compensate for moving away from the CS and a bit more .
As already said make sure you join the new employers pension scheme, and add a bit extra to it when you can afford it .

Emmia

Harrybrown100121 said:

so I am on 24000 and the job I am looking at is around 35000 to 40000. I get what you are saying about the civil service pension and how good it is but I can't afford to move out of my parent house without a career move. 

Based on pay scales in the CS, you'd be looking to be promoted 2 grades to go from a £24k salary, to £35-£40k salary. So either an AO (London) to HEO (London) or an EO (National) to an SEO (National). 

If you can do that, then you can have your cake and eat it.

Edit: Please also consider commuting costs, leave entitlement and job security - you're a perm CS and difficult to get rid of, but leaving and joining the private sector makes you more easily dispensable for the first 2 years.

michaels

Harrybrown100121 said:

so I am on 24000 and the job I am looking at is around 35000 to 40000. I get what you are saying about the civil service pension and how good it is but I can't afford to move out of my parent house without a career move. 

If you are looking to replicate the public sector pension then you would need to put 12k of the extra salary into a DC pension and even then you would still not be guaranteed to be able to buy an equivalent pension annuity at SPA.

Albermarle

michaels said:

Harrybrown100121 said:

so I am on 24000 and the job I am looking at is around 35000 to 40000. I get what you are saying about the civil service pension and how good it is but I can't afford to move out of my parent house without a career move. 

If you are looking to replicate the public sector pension then you would need to put 12k of the extra salary into a DC pension and even then you would still not be guaranteed to be able to buy an equivalent pension annuity at SPA.

That's probably a bit of a 'worst case ' scenario, and in the meantime the OP will be in a much better position in the short/medium term to buy his own property , which is what they want .

Please also consider commuting costs, leave entitlement and job security - you're a perm CS and difficult to get rid of, but leaving and joining the private sector makes you more easily dispensable for the first 2 years.

All jobs will have some kind of probationary period , 3 to 6 months is typical . In my experience if you get past this point , then you are usually secure , unless the company goes into a downward spiral . Although in theory it is easier to sack people in the private sector , I don't think in reality it is than commonplace . Companies want/need good employees and try and hang on to them .

Albermarle

michaels said:

Harrybrown100121 said:

so I am on 24000 and the job I am looking at is around 35000 to 40000. I get what you are saying about the civil service pension and how good it is but I can't afford to move out of my parent house without a career move. 

If you are looking to replicate the public sector pension then you would need to put 12k of the extra salary into a DC pension and even then you would still not be guaranteed to be able to buy an equivalent pension annuity at SPA.

That's probably a bit of a 'worst case ' scenario, and in the meantime the OP will be in a much better position in the short/medium term to buy his own property , which is what they want .

Please also consider commuting costs, leave entitlement and job security - you're a perm CS and difficult to get rid of, but leaving and joining the private sector makes you more easily dispensable for the first 2 years.

All jobs will have some kind of probationary period , 3 to 6 months is typical . In my experience if you get past this point , then you are usually secure , unless the company goes into a downward spiral . Although in theory it is easier to sack people in the private sector , I don't think in reality it is than commonplace . Companies want/need good employees and try and hang on to them .