Alpha or Partnership - Civil Service Pension

[Herewiththepopcorn]

Hi all,

I’ve been offered a job in the civil service and need to choose between alpha or partnership, I’ve done some reading but I’m honestly clueless with it all, any help and advice will be appreciated

The key difference is Alpha is a DB (defined benefit) scheme and Partnership is a DC (defined contribution.) scheme.

A DB scheme means you know what your pension will be when you retire I.e. benefit whereas a DC scheme at retirement will give you a sum of money based on contributions and return on investment which can be used to buy a pension.

DB schemes are viewed as better than DC schemes but dependent on your circumstances a DC scheme can suit you better.

Alpha would be classed as a very good pension scheme.