Can someone please help me figure out if my defined benefit pension is any good?

Bostonerimus1

QrizB said:

Bostonerimus1 said:

Yorkie1 said:

Can confirm many of the points made above.

Progression up the pay scale was abolished by the Government many years ago, so unless you achieve a promotion then your salary has gone up by less than inflation every year for well over 10 years, if it's gone up at all (a few years of 0%).  Owing to this, my salary has dropped by 24% in real terms value since 2010. Like the doctors, it would take an increase of well over 30% to reinstate it to actual terms value - but we got less than 5%.

Under those circumstances, Alpha with its inflation-proofing outweighs Classic when doing McCloud calculations for me.

But it will be different for others, obviously, and I do note the caveat from hugheskevi about not strictly comparing like for like.

This should make the OP think and look at the terms of their DB pension closely

OP isn't in a UK civil servant, though. All this discussion of FS vs CA pensions has been a digression.

...but I think a useful digression as the OP asked whether or not their pension was any good and so comparison with other schemes is interesting. Understanding FS vs CA benefits will help the OP assess their own pension.