Anyone understand civil service pensions?

[RosemaryAndTim]

I'm trying to understand what options there are to make additional payments in Alpha. I've found the online calculators but I can't understand what they're telling me. If I were to buy extra pension every month (£1000 a month, say) for 10 years, what does that mean for what I receive at the end? Is this worth doing rather than putting that extra £1000 into a Sipp? (I'll definitely be making my standard contributions into Alpha.) I've also found stuff about AVCs and paying to be able to retire early.

Any advice would be gratefully received. I'm not yet in the scheme but am starting a new role so can't ask anybody yet but am trying to get my head around the options. If you can explain it to me as if to an idiot that would be very helpful.

@RosemaryAndTim
Paying to retire early - The scheme is called EPA and details are on the website.www.civilservicepensionscheme.org.uk/planning-for-retirement/what-are-my-options/early-retirement/epa-effective-pension-age/

The simplest way to explain it is you Normal Pension Age (NPA) is your state pension age. NPA is the age you can draw your pension in full. So if your state pension age is 68 your NPA is also 68. EPA allows you to pay a higher % but means you can claim you pension in full 1,2 or 3 years early e.g at 65. You can opt in and out at the start of each tax year, so each year can be different. The calculator shows how much extra you would have to pay each month (%).

AVCS - www.civilservicepensionscheme.org.uk/your-pension/managing-your-pension/increase-your-pension/civil-service-additional-voluntary-contribution-scheme-csavcs/
I can’t advise you on this.

SIPP - again, I can’t advise on this.

Added years - www.civilservicepensionscheme.org.uk/your-pension/managing-your-pension/increase-your-pension/added-pension/

This is buying extra pension, payable in full at your NPA. Again, you can make a decision at the start of each year. Without all your personal details it’s not possible for anyone else to use the calculator to advise what £1000 a month will buy.

My advice is to try to attend a pension power session, ask your HR team when the next one is. You can also watch this YouTube video then work your way through the website.

The best people to help are either Civil Service Pensions or your HR, probably Payroll Manager. Both will be happy to explain the calculator to you.