Private pension to Civil Service Alpha?

mggftz30

Has anyone any idea of how long it may take to transfer pension into Alpha?  Can anyone share their experience of this process? I recently started a job with civil service and to be honest I absolutely hate it, it’s just excruciating and not sure how much longer I can bear it. I’m hoping things will change though 🤞

dunstonh

It depends on the ceding scheme and you haven't mentioned what type of pension or who that is with.  Some can be about 3 days. Some can be 3-6 months.

mggftz30

dunstonh said:

It depends on the ceding scheme and you haven't mentioned what type of pension or who that is with.  Some can be about 3 days. Some can be 3-6 months.

Nothing takes 3 days in the civil service! Pension is with Hargreaves Lansdown

Marcon

mggftz30 said:

dunstonh said:

It depends on the ceding scheme and you haven't mentioned what type of pension or who that is with.  Some can be about 3 days. Some can be 3-6 months.

Nothing takes 3 days in the civil service! Pension is with Hargreaves Lansdown

Sounds like it's a SIPP, so transfer should be towards the lower end of the timescale. It'll get you vesting (the right to a deferred pension) in the CS scheme, but given you'll have such very short service, if you hate the job that much then whether or not your transfer has gone through probably isn't going to be a deciding factor in becoming an escape committee of one.

michaels

I filled in forms first in April/May and money finally left II a week ago, this was completely vanilla transfer

I think if you get in before the end of the FY you pay the start of year rate but then get the annual inflation uplift which is 10% this year.

Are you sure you don't have to be with the CS for 2 years before your pension becomes 'confirmed'?

NedS

michaels said:

I filled in forms first in April/May and money finally left II a week ago, this was completely vanilla transfer

I think if you get in before the end of the FY you pay the start of year rate but then get the annual inflation uplift which is 10% this year.

Are you sure you don't have to be with the CS for 2 years before your pension becomes 'confirmed'?

Yes, normally if you leave within 2 years, but I believe when purchasing added pension or transferring in as the OP is doing, the 2 year rule no longer applies.

mggftz30

Aargh over 6 months to transfer in a pension!  I don’t know if I can last in job that long. 

Why is everything so slow in the Civil Service? Please someone tell me they managed a quicker transfer in than that and how! 

I’m sure I did read somewhere that the two year rule doesn’t apply if you’ve transferred in a pension.  

michaels

mggftz30 said:

Aargh over 6 months to transfer in a pension!  I don’t know if I can last in job that long. 

Why is everything so slow in the Civil Service? Please someone tell me they managed a quicker transfer in than that and how! 

I’m sure I did read somewhere that the two year rule doesn’t apply if you’ve transferred in a pension.  

It seemed to take a fair while for me to even get set up enough in the pension scheme to start talking to myCSP....

MyCSP definitely had my transfer in request by 6th June and I replied to every contact form them same day and sent regular chasers by phone and email plus also messaging my sipp provider regularly to check they were getting comms from myCSP and then chasing myCSP when this had not happened.  Funds left my sipp approx 5 months later although I haven't had anything form myCSP yet confirming transfer is complete....

silvercar

Sorry to hijack. Until reading this thread, I didn’t realise you could transfer in. I have the smallest pension imaginable from a short contract I had with NHS. I was thinking of transferring it out to a SIPP to keep hold of the employers contribution, I didn’t realise I could transfer in. Is there anything to be gained given my final salary will be the current one with no prospect of increases or the value given will be based on the same salary as when I leave.

michaels

silvercar said:

Sorry to hijack. Until reading this thread, I didn’t realise you could transfer in. I have the smallest pension imaginable from a short contract I had with NHS. I was thinking of transferring it out to a SIPP to keep hold of the employers contribution, I didn’t realise I could transfer in. Is there anything to be gained given my final salary will be the current one with no prospect of increases or the value given will be based on the same salary as when I leave.

Transfer needs to be started within 12 months of joining the scheme so not sure if you qualify.

I see it as a cheap way of buying an index linked annuity with a DC pot so that is probably your best starting point for any transfer in decision.  My transfer (pro rata) was approx £25k DC given up for 'an annuity' that would cost £40k currently (more than £50k when I started the process)

mggftz30

How much might it cost to buy £10k alpha pension for a 50 year old?

Does this cost change in line with inflation / markets or stay the same regardless of anything other than your age when buying?