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Civil service query (Alpha) - joining at 49!
DennC
Posts: 23 Forumite
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
DennC is online now
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
DennC is online now
0
Comments
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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/0 -
Wrong choice of words. Maybe complexity is better! Wonder If I should be considering my old DC pension when thinking about a new one.0
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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.0
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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?Save £12k in 2026 #2 I have banked £865.15 in January against a £10k target The 2026 Save £12k in 2026 thread is here
OS Grocery Challenge in 2026 I am sticking with a £3000 annual budget for 2026 - currently £138.39 for January and a bigger target of £300 for February, with lots to stock up on
I also Reverse Meal Plan on that thread and grow much of our own premium price fruit and veg, joining in on the grow your own in 2026 discussion thread
My keep within our budget diary is here0 -
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.There is no honour to be had in not knowing a thing that can be known - Danny Baker0
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