Alpha CS Pension buying Pension

WiganAth

Can someone please help me to understand something.  If I was to put £3k lump sum into my Alpha pension in year 1 would I see a significant increase in the pension I eventually receive upon retirement?   I know how the pension is worked out etc and I will only be in the job around 7/8 years due to age.  Thank you.  

hugheskevi

WiganAth said:

If I was to put £3k lump sum into my Alpha pension in year 1 would I see a significant increase in the pension I eventually receive upon retirement?

The amount you receive depends on your age and whether or not you want dependent benefits. The Alpha Added Pension calculator tells you what you will get.

WiganAth said:

I will only be in the job around 7/8 years due to age.

Staying in post or not is irrelevant in terms of what you will get from Added Pension.

WiganAth

Thank you 👍🏻  I have tried the link but unfortunately it isn’t working for me.  

hugheskevi

WiganAth said:

Thank you 👍🏻  I have tried the link but unfortunately it isn’t working for me.  

It is to an Excel sheet, that is what MyCSP use.

Alternatively, you can wade through the actuarial guidance and calculate the relevant figures, although note this is in the process of being updated and the revised numbers will mean the price of Added Pension increases.

michaels

Making some assumptions, your 3k will buy you a pension in current prices of £195 per year for the rest of your life from age 67 or £178 if you want your partner to get 35% should you pre-decease.

WiganAth

Thank you