Civil Service Pension Transfer 4 February at 9:29PM in Pensions, annuities & retirement planning 5 replies 338 views

Cameron1590_2

Hello,

I have a small workplace pension from a previous private employer with legal and general. The civil service have provided me with a transfer in valuation as follows:

L&G pension value £3,129

Annual Pension from Civil Service £418.88

I think (rightly or wrongly) that I would be best to transfer in as the scheme is significantly better and adds a guarantee £418 to my annual pension until I croak it but I maybe wrong.

Any help, much appreciated

Thanks 

TheMilkmansDad

if it were me - I'd transfer this to your Civil Service pension 100%

Dazed_and_C0nfused

I'd transfer it.

You can always start a new SIPP and get back to the current position if need be but are unlikely to get the opportunity to transfer in again.

Universidad

The other benefit to a transfer in is that it will (I believe) vest your civil service pension early.

That means that if you do find you have to leave the job in less than two years, you get to keep the pension you've earned so far - normally up to that point you'd just get a chance to transfer out / return of contributions.

mark5

It will also increase with inflation so even better, I wish I had managed to accumulate a few more years in my civil service pension years ago when I compare it to what I pay into my dc pension now. 

NedS

One issue to remember is that the scheme NRA is linked to State Pension age, which may increase further. That said, you can always take your pension early, albeit with actuarial reduction. I would transfer in though, for the reasons you give.

Out of interest, how old are you (quotes will likely vary with age)? Based on your quote, I'm guessing you are late 20's, around 27?