Civil service pension advice please 😫

[Ilikewinter]

Does anyone have experience with civil service pensions?
Ive just joined and am thinking of transferring my DC pension into it, just sent of the enquiry forms to get a 'value'.
I was going to transfer my full pension amount but then ive read that you cant claim it until pension age, which is 67 for me. So im thinking should I only transfer half my pot so that i can draw the rest earlier? My plan was to take the 25% lump sum at 65 then full pension at 67. Ive got 20 years to pay into DB pension. If I have 2 pensions is 25% the total of both added together as they will be in different schemes. Plus is it worth leaving it in my DC scheme as it wont grow much as im not contributing to it.
Its a lot of money to me so i dont want to make a costly wrong choice.
Any advice appreciated 😫

Placemark. I dont have the answer sorry but it's Interesting. I know a bit about Irish CS pensions so just following with interest.
Wondering if you couldn't take an actuarially reduced pension + lump sum before 65/66
Id be surprised if you couldn't retire and apply for your pension until 67.
So following with interest. Yes, im interested in pensions!

I think you need to know the "value" of transferring it in, combined with any restrictions on being able to claim it, and compare to illustrations of leaving it, assuming no further contributions.

Although no further contributions, there should still be some investment growth (though look out for charges).

If you have 20 years to go in civil service scheme, that should be a decent and reliable pot with the dc pot that you could use for an earlier lump sum or draw down without having to wait to 67 for.

I don't know about transferring in a DC pension (except that you have a year to do it after joining the civil service scheme - I left it too late).

But wanted to say that you can make additional payments to get your pension early - I am currently paying extra to be able to take the same pension at 65 as I would draw at 67. As a previous poster says, you can take earlier than that but you will obviously get a bit less.

WobblyLondoner
Ah thats interesting that you can do that, are you having to pay much more in % wise?. Ive tried to register for the pension portal but need some pin or codes etc first.

You don’t need to log on to the pensions portal to see the scheme guidance. www.civilservicepensionscheme.org.uk/knowledge-centre/scheme-guides/alpha-scheme-guide/

You can also access the EPA calculator www.civilservicepensionscheme.org.uk/knowledge-centre/tools-and-calculators/pension-calculators/

The portal will of course give you more personalised information.

You do need to get all the information before you make a decision. There is always a balance of taking less money but earlier or working longer and getting a higher sum. The reality is the difference in total money received is much less than you think e.g draw your pension at 62 and get £13k a year or retire at 67 on £20k (not real figures) if you live to 80 £13k x 18 years = £234k £20k x 13 years = £260k. Personally I would rather retire at 62 when I am likely to be healthier and fitter to enjoy my retirement.

I haven't transferred my Teachers or Local Government in, as I can draw those at 60. I'll look at going part time when those kick in, and then draw the CS pension when I retire at 67.

I have a CS pension which I can take at 55 minimum. Always worked for the CS so sorry don’t have any experience with adding more pensions into it

@Ilikewinter

WobblyLondoner Ah thats interesting that you can do that, are you having to pay much more in % wise?. Ive tried to register for the pension portal but need some pin or codes etc first.

I've just had the details about next financial year - it's another 3.5% on top of your existing contribution.

You need to know exactly what the transfer value would be but also to consider whether the benefits of accessing your DC contribution from 55 might outweigh the benefits of transferring. There is lots of discussion on FiRE forums about people with public sector pensions taking out SIPPs to plug the gap in being able to access the pension.