Pensions - University USS vs Civil Service

[RoyMi6]

I've been presented with a potential opportunity and just trying to do my best at comparing the long term benefits.

For anyone not in the know, USS pension scheme is currently under scrutiny, but, for the sake of argument, assuming nothing changes how does it currently compare to working for the Scottish Government and the Civil Service pension scheme they offer?

Currently work for a University so the Civil Service one, on the surface, looks quite good - less contributions from me, more from them. But because I'm not yet a member I don't seem to have access to any calculators etc.

Anyone able to give any insight?

Thanks in advance!

 

[RoyMi6]

Yeah, I'm not making the entire decision based entirely on this. I'm doing my due diligence for everything, but this is just one aspect I'm having difficulty accessing the numbers to really compare.

 

[RoyMi6]

Sorry, I wasn't getting notifications for any replies! Thanks folks.

I've found the calculator for the CS one: https://www.civilservicepensionsche...re/tools-and-calculators/pension-calculators/
USS one is here for reference as well: https://www.uss.co.uk/for-members/calculate-your-benefits

Civil service pension isn't as good as it used to be.
I haven't looked at it for a while but I think its still based on final salary so not bad if you are a lifer or get a promotion before you retire.

Personally I would go with the pay and keep in mind that civil service is one more on a pay freeze in a world of everything getting more expensive.

I'm looking to leave it behind if I can.

Yeah, I don't think any pension scheme is ever going to be as they were. Problem is that the USS one is on the brink of being hammered again so I've very much looking at a sudden reduction in the value of my pension happening where I currently am. Universities are very much in the same position as the CS so we're only ever seeing 1% increases at the moment as well. I appreciate people will always have reasons to move on, but this new role is going to allow me to specialise and gain a couple of relevant qualifications that I hope will benefit me in the long run. Really looking forward to it at the moment - even if it's "rose tinted glasses" at the moment

The alpha pension is the one where you get 2.xx % of your average annual earnings per year. That's the default one I was put on to but there are some others.

From what I can see the Alpha scheme is the only one I'm eligible for. The calculators say I'm not eligible if I select anything else. Everything else seems to only be applicable if you were on it before.

As mentioned by Noxia its now % based on yearly salary. So depends on which job you're in and how quickly you can max your earnings. I keep seeing jobs with various depts that are IT related going for upwards of 50k. You could get experience in the field and be in that kind of job at 25 - 30 easily. That paired with the alpha scheme seems like pretty decent pension prospects to me? If i'm not missing something a single year can net you over 1.1k per year as pension which is inflation linked - do a 10 year stint, even with no pay rises you're looking at guaranteed yearly pension of over 11k in todays money? The only issue i'm facing is they say 2.32% of pensionable pay, which i don't know if its different to basic pay or like qualifying earnings with a lower and max thresholds or some other number.

I THINK when they're referring to pensionable pay it's because of various supplements that can be given. So I don't think the £4k supplement that many of the DDaT roles have would be counted, but I don't see why it wouldn't count the whole of my base salary. I think it's just very specific wording to account for that kind of stuff.