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Partial retirement and impact on Alpha Pension

indiasign
Posts: 57 Forumite


Hi everyone, hopefully a quick question.
I’m a 59 yr old Civil Servant, currently in the Alpha scheme. I’m thinking of taking partial retirement when I hit 60, dropping down to 4 days a week, as I have an element of Premium pension that I can take that will pretty much offset the drop in wages.
But I’m not sure what impact going part time will have on my Alpha pension - is there any way to calculate that?
I emailed MyCSP a few weeks ago, but have heard nothing back
I’m a 59 yr old Civil Servant, currently in the Alpha scheme. I’m thinking of taking partial retirement when I hit 60, dropping down to 4 days a week, as I have an element of Premium pension that I can take that will pretty much offset the drop in wages.
But I’m not sure what impact going part time will have on my Alpha pension - is there any way to calculate that?
I emailed MyCSP a few weeks ago, but have heard nothing back
0
Comments
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Presumably the only impact will be a lower amount accumulated due to less days being worked?2
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Alpha simply adds 2.32% of your gross pensionable pay to your pension each year, so if you earn £25000 full time that would add £580. Dropping to 4 days takes gross pay to £20,000, meaning £464 would be added.
If you look at your latest annual benefit statement you’ll see that calculation for the year just ended.
edit: are you actually taking partial retirement (I.e. taking some or all of your pension accrued to date) or simply going part time because the difference is made up by Premium?Long-haul Supporters DFW 120
Debt @ LBM (October 2007): £55187
Debt Now (April 2014): £0
Debt-free-date: [STRIKE]July[/STRIKE] April 2014 :j:j:j0 -
Thanks for the replies, and particularly the calculation, that helps a lot.And yes, it’s partial retirement, as that’s a requirement of taking the Premium element - I have to drop my hours by at least 20%0
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Is your Premium pension more or less than 20% of your FTE salary? As if it’s more then presumably you will be affected by abatement?0
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