Civil Service Pension

Having finished my time and traded green for a collar and tie I now have to decide which option of the Civil Service pension to take. Any experts or other civil servants have any views on the best way to go? Choices are a) Final Salary based (1/60 x years of service x final salary), cost 3.5% of pensionable earnings. b) build up a pension fund and buy an annuity when the time comes, no contribution required as 11.5% put in from employer. However, they will then match any extra contributions up to 3% of pensionable earnings. Any thoughts welcomed.
Hi Murielson

This is a very complex and important area and so you need to take care with your decision. I'd recommend talking to an independent financial adviser. Perhaps the CS provides some free or subsidised help from one?

Generally speaking, final salary schemes are the rolls royce of pensions and increasingly rare these days (as they are too expensive for most companies to provide). They are still offered in many public sector roles to make you feel warm and cosy towards your employer! But it is important to speak to someone who can weigh up all your options and recommend what is right for you as everyone's circumstances differ.

Let me know if you need info/advice on finding an independent adviser.

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