Higher salary verses better pension

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I am 35 years old and have been working for the civil service since I was 22, currently earning approx £35k per annum. I am in what I believe to be a decent public sector pension scheme in the civil service. I may in the future be offered a job role in the private sector which could pay me as much as £70k per annum but moving to a private sector pension scheme will reduce employer contributions to my pension pot to half, or as little as a third, of what they are now in the public sector. It seems madness not to accept a job offer that would ultimately double your salary but I can’t decide which option, to stay in my current role or move into the private sector, will benefit me the most in the future. Any advice you can provide would be gratefully received

Take the higher salary but pay into a private pension with your additional income?

Agree with Ginfilledcats. Also, public sector pensions are amazingly generous. Lots of people manage with one that is less so. I have an 8% employer contribution and was really happy with it until my sister in law mentioned hers is 22%. 😂

I don’t know much about pensions but also depends on what stage of life you are at (eg if you were renting but wanted to save for a deposit maybe extra income would be helpful). Is the private company identical in work-life balance/benefits/opportunities? (Eg expectation to work overtime, flexi-time policy, maternity policy if applicable, opportunity for promotion/more responsibility)? Does a break in civil service penalise you - eg is 15 years split in 2 stints different from 15years in 1 go?

There is the option of going to private sector for a while then returning?

part of the reason for the difference in salary is precisely because of the difference in pension. With a salary of £70k i would be putting the entire difference between my salary and the Higher Rate Tax threshold (=£50k, so difference =20k) into a private pension fund. depending on how the markets perform over the next 30 years that could end up with a pension just as good or even better that what would have happened if you stayed lower paid but with a secure pension, or it could turn out worse. it's a gamble.

however, the security of the pension arrangement is a very poor reason for a career decision. don't stay in a role you dislike or pass up an opportunity that sounds perfect for you, just for the sake of a more reliable pension. live your life fully now. having an income higher or lower than it might have otherwise been is something you can adapt to in 4 decades time is you are blessed enough to live that long.

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I made a similar move. It's possible to work out the value of a public sector pension in terms of what you'd need to pay in privately to compensate. Mine turned out to be worth 18% of my salary, whereas the employer contributions from my my current job are 7%. The extra salary I was offered was about 15%, so I'm better off. I make voluntary extra overpayments into my company pension scheme, so I won't lose out on the future from having made the move (and to avoid paying higher rate tax)

I'd be very surprised if you couldn't overpay to get the same pension and still be a lot better off on that salary difference, so if you want the job, take it.