Moving SIPP into civil service scheme

[MILsPlates]

I’ve been offered £11k pa to transfer my £150k-ish SIPP into the CS scheme.

I’m mid 40s. Any thoughts? I do have other savings- about £300k in cash and S&S ISA which should allow some flexibility.

Grateful for any thoughts. My instinct is to say yes please.

Do you mean £150k buys pension of £11k at normal retirement age?

Does the £11k increase annually, will there be a spouse or dependent pension if you die whilst taking it?

Annuity rates are about 4-5% depending on your options mentioned above so the £11k is equivalent to £220k+ pot at normal retirement age (please someone correct me if I'm completely off with current annuity prices)

£150k could grow more than that by your retirement but as an upside taking the guaranteed £11k will take away any risk you have from it. However important to note that any flexibility over the pot will be lost, eg if you were to die tomorrow your next of kin would currently get the £150k tax free- what would they get if you've transferred it? Do you still have the option to tax 25% of it tax free at retirement etc?

Annuity rates have improved but they are unlikely to match a future guaranteed index linked return with survivors benefit at that level (if that’s what you get).

If you are buying added pension, then it will be indexed linked from when you buy till you claim the pension plus there is zero risk, unless the whole government implodes, so not a bad buy. Is the £150,000 after you have claimed tax back?

Thanks all. Yes index linked and with survivors benefits.

Sounds like a good deal, I think I would take it. But if you can get financial advice it may be worthwhile doing so as they can see the full detail.

IIRC there's a time limit within which private pensions can be transferred into the CS scheme(s).