Along with your salary, your pension is one of the most important benefits of joining the Civil Service
Along with your salary, your pension is one of the most important benefits of joining the Civil Service. It provides you with financial security and options when you retire, as well as benefits for your family and loved ones. Some of the benefits of a Civil Service pension include:
The Scheme Administrator, administers alpha on behalf of the Scheme Manager. This involves the day-to-day administration of alpha, including calculating and arranging payment of members’ pension benefits.
If this is the first time you’ve worked for a public sector employer, you’ll be able to choose between alpha (a ‘career average’ scheme) and partnership (a ‘defined contribution’ arrangement).
In alpha your pension builds up quickly when you add your member contribution to your generous employers contribution. For example, if you earn between £23,101 and £45,500, you will contribute 5.45% of your salary and your employer will contribute 28.97%, meaning for every £1 you contribute, your employer will contribute almost £5.
Find out more about alphaThe partnership pension account is and alternative to the Civil Service Pension Scheme and is managed by a third party - Legal & General.
You can choose how much you want to contribute and the money that you and/or your employer pay into your plan builds up your pension pot. Your pension pot is invested in one or more of Legal & General’s investment funds. The aim of an investment fund is to grow the value of your pension pot but this isn’t always guaranteed. You can decide what to do with your money, and how you take it from age 55, whether or not you’ve stopped working.
Find out more about partnershipA Civil Service pension allows you to nominate a beneficiary (including charities) for a tax-free lump sum in the event of your death.
Some of the other benefits a Civil Service pension offers your loved ones and dependents include:
If you earned £22,000 for 20 years, you could have an annual pension of £10,208 or £6,562 pension and a tax-free lump sum of £43,748.
After 40 years, this could be an annual pension of £20,416, or £13,124 pension and a tax-free lump sum of £87,497.
A Civil Service pension gives you the opportunity to plan for the retirement you want and increase your pension by buying either added pension or Additional Voluntary Contributions (AVCs).
Find out more about increasing your pensionTo join a pension scheme, complete the form inside the New Joiner Pack that you received when you started working for the Civil Service. If you didn't receive a New Joiner Pack, please contact your employer.