Transfering a DB pension into Alpha?

feynman33

I'm starting a civil service position next month and looking for advise on transfering in my DB pension. I see DC transfers have had a lot of coverage here, but not so much on DB. 

I have nearly 9 years in a DB pension, as of 1/4/25 it's worth 3K per year and an 8.5k lump sum, increases by CPI up to 5%, i'm 47 (Yeah, i know  ) I ideally hope to stay with the CS until retirement. 

From what i understand i should expect a quote for a yearly credit with no lump sum. Obviously Alpha is a better pension, but i realise my transfer in isn't going to magically transform!

Being pre quote at this stage i don't expect a clear answer, but would appreciate any general thoughts or things i should be concidering etc, or if it's not even worth asking for a quote!?

Thanks!

JoeCrystal

Ask for the quote and see what it gets you and then make a decision. I think you be surprised how generous it will be.

Isthisforreal99

What's the NPA of the existing DB pension? What is your existing SPA?

feynman33

Isthisforreal99 said:

What's the NPA of the existing DB pension? What is your existing SPA?

The NPA is linked to SPA, currenty 68.

Silvertabby

Isthisforreal99 said:

What's the NPA of the existing DB pension? What is your existing SPA?

Could be offset by CS increases being uncapped CPI.  

As OP's current scheme doesn't appear to be public sector (CPI capped) the transfer wouldn't be under Club rules, which factor in any differences in NRA etc.  However, the conversion factors are still very generous.  Best to get a quote and then consider........

feynman33

Silvertabby said:

Isthisforreal99 said:

What's the NPA of the existing DB pension? What is your existing SPA?

Could be offset by CS increases being uncapped CPI.  

Does uncapped CPI apply from transfer up to retirement? I think i read that transfer in's keep the old scheme's rules, but it's hard to make sense of everything!

JoeCrystal

feynman33 said:

Silvertabby said:

Isthisforreal99 said:

What's the NPA of the existing DB pension? What is your existing SPA?

Could be offset by CS increases being uncapped CPI.  

Does uncapped CPI apply from transfer up to retirement? I think i read that transfer in's keep the old scheme's rules, but it's hard to make sense of everything!

Where did you read that? Your transfers would buy the earning credits as far as I am aware so the scheme rules you buy into applies. Why you think that it carries over totally different DB pension rules via transfer?

feynman33

JoeCrystal said:

feynman33 said:

Silvertabby said:

Isthisforreal99 said:

What's the NPA of the existing DB pension? What is your existing SPA?

Could be offset by CS increases being uncapped CPI.  

Does uncapped CPI apply from transfer up to retirement? I think i read that transfer in's keep the old scheme's rules, but it's hard to make sense of everything!

Where did you read that? Your transfers would buy the earning credits as far as I am aware so the scheme rules you buy into applies. Why you think that it carries over totally different DB pension rules via transfer?

From the alpha scheme guide, my DB is CARE, but i don't *think* it's a club transfer. I don't see any reference to this re non club transfers, but i just assumed it wouldn't be better terms.

How does a Club transfer in from a Career Average (CARE) scheme work?

Career Average transfers can be added directly to your alpha pension, provided the transfer meets the eligibility criteria. A transfer credit will be added to your benefits. This credit will be adjusted each year but using the method / amount that your previous scheme would have adjusted your benefits.

Marcon

feynman33 said:

JoeCrystal said:

feynman33 said:

Silvertabby said:

Isthisforreal99 said:

What's the NPA of the existing DB pension? What is your existing SPA?

Could be offset by CS increases being uncapped CPI.  

Does uncapped CPI apply from transfer up to retirement? I think i read that transfer in's keep the old scheme's rules, but it's hard to make sense of everything!

Where did you read that? Your transfers would buy the earning credits as far as I am aware so the scheme rules you buy into applies. Why you think that it carries over totally different DB pension rules via transfer?

From the alpha scheme guide, my DB is CARE, but i don't *think* it's a club transfer. I don't see any reference to this re non club transfers, but i just assumed it wouldn't be better terms.

How does a Club transfer in from a Career Average (CARE) scheme work?

Career Average transfers can be added directly to your alpha pension, provided the transfer meets the eligibility criteria. A transfer credit will be added to your benefits. This credit will be adjusted each year but using the method / amount that your previous scheme would have adjusted your benefits.

Check if your previous scheme is on this list: https://www.civilservicepensionscheme.org.uk/media/bqidlf4j/club-list-june-2025.pdf

Silvertabby

If this is a private sector DB then it almost certainly won't be a club transfer.  

feynman33

Check if your previous scheme is on this list: https://www.civilservicepensionscheme.org.uk/media/bqidlf4j/club-list-june-2025.pdf

Thanks! Listed under universities and looks like it withdrew 10 months after i joined the scheme...

WITHDREW 17/08/17   .....     O 1/4/78 R

Still not clear on the rules, but hopefully all will become clear when i apply!