Civil service query (Alpha) - joining at 49!

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DennC
DennC Posts: 23 Forumite
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edited 9 December 2018 at 8:14PM in Pensions, annuities & retirement planning
Got a new job and been offered the chance to join the defined benefit pension scheme (alpha) or defined contribution pension scheme.

I've actually been auto-enrolled onto alpha but need to confirm I'm happy to stay in it. I'm just wondering if there's anything I should be thinking about joining at the ripe old age of 49.

Bit of context. I'm not intending to retire until 65-67 and can theoretically work till then in this new role, and the alpha option sounds attractive. The only spanner in the works is that I have a pension fund (about £30k+) from a previous job currently being looked after by Legal and General, which I'd like to transfer to the alpha if possible.

Any thoughts???

Thanks

DC
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  • xylophone
    xylophone Posts: 44,427 Forumite
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    The only spanner in the works is that I have a pension fund (about £30k+) from a previous job currently being looked after by Legal and General, which I'd like to transfer to the alpha if possible.

    Why a spanner in the works?

    https://www.civilservicepensionscheme.org.uk/members/what-to-expect/when-you-want-to-transfer-benefits-into-the-civil-service-pension-arrangements/
  • DennC
    DennC Posts: 23 Forumite
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    Wrong choice of words. Maybe complexity is better! Wonder If I should be considering my old DC pension when thinking about a new one.
  • Bravepants
    Bravepants Posts: 1,503 Forumite
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    You can find out what your transferred in DC pension will be worth in Alpha. There's an Excel file available from download on the MyCSP website. Someone posted a link to it on one of the other recent threads on Alpha.
    If you want to be rich, live like you're poor; if you want to be poor, live like you're rich.
  • Suffolk_lass
    Suffolk_lass Posts: 9,345 Forumite
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    They should have done, there is a different provider running the service now. After a short period of settling, it seems to have settled down. I am in the process of claiming mine and the quote reflected exactly the right figures, provided at exactly the right time. I have just sent my choices back (by recorded delivery) and am just waiting on my letter confirming it all. No complaints here.

    My DH joined a DB scheme a number of years ago and will retire later this year. I really wish we had been save enough to transfer his DC into it then. In alpha you can commute income to lump sum up to the 25% of the fund and it will effectively give you the extra years of service - why would you not transfer?
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  • zagubov
    zagubov Posts: 17,886 Forumite
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    Bear in mind there may be a time limit on when you can transfer other pensions into the DB one (and it's nobody's job to tell you this) so don't put this off - find out as much as you can as soon as possible.
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