Civil service pension

[SeeminglyOblivious]

Just wondering if someone could check my understanding please.

I'm looking at a job with my local council...£40k salary, 'civil service pension'.

My understanding is that for every year I work there I'd have 2.32% (£928) of my salary added which would be paid per year in pension.

So hypothetically if I worked there 25 years I'd get £928 x 25 = £23,200 per year in pension?

I think it's more complicated than that and you're pension amount sounds way too high. I don't know how it's worked out though (and I have a civil service pension!) Once you're in the job you can sign up for the pension modeler on the pcsps site.

Local Authority employees are not Civil Servants. What you need is the Local Government Pension Scheme (LGPS).

Having said that they both offer what are known as Career Average Pensions. LGPS puts 1/49 of you annual pensionable pay into you pension account £816 on £40,000 x 25 years = £20,400.

However, at the end of each year CPI is added to the banked pension, plus as your salary increases the pension amount increases so your actual pension after 25 years may be higher. The benefit of this scheme is if you go part time e.g. child care, approaching retirement etc. whilst your banked pension for that year will be lower, the banked pension is unaffected.

This type of pension schemes will also have options to pay additional contributions.

HTH