Civil Service Pension.....Any advice

wazza24

Hi all am new to the pensions seen so am looking some advice.

I am due to start in the civil service soon and have been given information on the pension scheme. I have been given a choice but to be honest i know nothing about pensions. I am 29 and this is really the first time i have even thought about a pension ( i know i should have started years ago, but sure thats life).

So i have a choice of either: a high Quality, index-linked defined benefit pension scheme that currently has a 3.5% member contribution rate. we also make contributions and meet the bulk of the cost of the scheme;

or: a stakeholder pension with a contribution from ourselves. Our basic contribution is based on your age, and we pay this regardless of whether you choose to contribute anything. You do not have to contribute if you do not wish to but, if you do, we will also match your contributions up to an additional 3% of pay.

so this is word for word the options that i have, i would really appreciate any advice that could be given as i dont even really understand what the difference is between them and what the outcome at the end would be. is there risk with both of these pensions, with one or niether.

Many thanks :T

Andy_L

http://www.civilservice-pensions.gov.uk/
will tell you more than you ever wanted to know.

In particular
http://www.civilservice-pensions.gov.uk/new_entrants_300707.aspx
is the start page for explaining the difference.

wazza24

many thanks Andy L................:beer: