The civil service pension arrangements give you opportunities to take control of your retirement planning and build up additional retirement income. Current forecasts on what civil service pension i should receive are comfortable. Find out how the civil service pension scheme works, including how much you need to pay in and what you can expect to get when you retire.
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Confused by the alpha pension
Take a look at this simple guide to see if the alpha pension is a good scheme to join.
Free civil service pension calculator for uk public sector workers Calculate alpha scheme benefits, retirement income & pension contributions. The alpha scheme is particularly favorable for members aged 60 and over due to its high accrual rate of 2 32% of pensionable earnings each year, providing a generous pension benefit
New entrants to the civil service after this date are generally enrolled in the alpha scheme. Benefits are payable without reduction from state pension age and can be taken from age 55 with an actuarial reduction A lump sum can be taken up to a maximum of 25% of the fund value by commuting annual pension in favour of a lump sum at a rate of £1 of annual pension in favour of £12 of lump sum. Please note these figures are for illustrative purposes only and do not.
I am currently relying on my civil service alpha pension for retirement income, with some additional savings, and would view any state pension or inheritance a “bonus”
