Should I transfer my teachers pensions into my Civil Service Alpha Pension?

boffbfc88

Hi,

I recently joined the Civil Service after 5 years as a teacher. I am looking for advice on whether I would be bets transferring my teachers pension into my Civil Service Alpha pension, or whether I would be best leaving these separate?

Any advice would be greatly appreciated.

Kind Regards

Marcon

boffbfc88 said:

Hi,

I recently joined the Civil Service after 5 years as a teacher. I am looking for advice on whether I would be bets transferring my teachers pension into my Civil Service Alpha pension, or whether I would be best leaving these separate?

Any advice would be greatly appreciated.

Kind Regards

Have you asked the CS for a quote showing what your transfer value from your TP would 'buy'? That's your first step - and remember you have to proceed within a year of joining Alpha if you choose to go ahead with a transfer, so at least get the investigations underway.

hyubh

boffbfc88 said:

I recently joined the Civil Service after 5 years as a teacher. I am looking for advice on whether I would be bets transferring my teachers pension into my Civil Service Alpha pension, or whether I would be best leaving these separate?

Assuming the 5 years weren't ages ago, then you don't have any final salary pension to transfer, just CARE. The main benefit of transferring will be that under 'Club' rules, CARE pension transfers between public sector schemes involve the transferred pension maintaining the old scheme's in-service revaluation rate. Since in Teachers this is CPI+1.6% (vs. just CPI if deferred), that will make transferring preferable, so long as there isn't too much of an adjustment to your opening CARE pension credit in Alpha. So, get the quote as Marcon suggests, then you can make a more accurate comparison.