Transfer in to Civil Service pension (Alpha) - thoughts

bshpjo

I joined the civil service (alpha) in August 24 and considering if I should move my other 3 pensions into this scheme. I earn about £80k
I am 50, and hope to retire about 65.
My other 3 pots are:
£13,000 in a DC scheme
 then 2 benefits schemes with:
USS - partial DC of £10,500 +(£9K lump sum & 3k annual)
LGPS - with £64k lump sum and £10k annual / or £14k lump sum and £14k annual

I am uncertain whether to move any, some or all into the Alpha scheme.

Any guidance on what I can think about to help with my decision?

Dazed_and_C0nfused

bshpjo said:

I joined the civil service (alpha) in August 24 and considering if I should move my other 3 pensions into this scheme. I earn about £80k
I am 50, and hope to retire about 65.
My other 3 pots are:
£13,000 in a DC scheme
 then 2 benefits schemes with:
USS - partial DC of £10,500 +(£9K lump sum & 3k annual)
LGPS - with £64k lump sum and £10k annual / or £14k lump sum and £14k annual

I am uncertain whether to move any, some or all into the Alpha scheme.

Any guidance on what I can think about to help with my decision?

I think you need to look at this again as it actually reads as though you have four other pensions but only two of those are "pots" (defined contribution pensions), the others are defined benefit pensions which will have different rules around transfers (if even allowed).

The £13,000 in the DC scheme and the USS DC of £10,500 are one type.

The main USS and LGPS are DB pensions.

AlanP_2

I would ask for quotations for moving them all in to the CS scheme.

At the moment you know what they are worth where they are but have no idea what CS benefits would be purchased with them so how can you compare and reach a sensible conclusion?

Wobble101

I’m sure you’re aware of this but you only have 12 months from joining the CS to make the decision, and it will take time to get the information mentioned by Alan and then find out what that would convert to in terms of the CS scheme. You may also want to (or in fact be required to?) get independent advice. 

In a similar situation I left it too late and missed the chance - I regret that in relation to my situation but of course yours may be different. 

In summary it’s definitely worth finding out what’s available and you need to start now! Good luck. 

AlanP_2

Wobble101 said:

I’m sure you’re aware of this but you only have 12 months from joining the CS to make the decision, and it will take time to get the information mentioned by Alan and then find out what that would convert to in terms of the CS scheme. You may also want to (or in fact be required to?) get independent advice. 

In a similar situation I left it too late and missed the chance - I regret that in relation to my situation but of course yours may be different. 

In summary it’s definitely worth finding out what’s available and you need to start now! Good luck. 

When I transferred some pension into the Local Gov scheme you had to START the process by requesting quotes within 12 months as opposed to complete it.

CS mah be different but it will all get spelt out in black and white in the scheme rules.

Either way start the process ASAP as it can take a while to complete.