Civil service new entrant pensions - completely confusing!

Trotter

Hi all,

I've just been appointed as a permanent teacher in September, so in terms of pensions, I'm considered a new entrant by the civil service.

Has anyone here tried to work out a civil service new entrant pension? Its completely impossible.

According to the online documentation I've been reading up on, the 2004 superannuation act;
"- made 65 the minimum age at which superannuation benefits may be paid to all other new entrants to the civil service;"

Now.. does that mean that I will not see a cent of my teachers pension until I'm 65?

Does it mean that if I resign at 55 and live on my savings that I will have a reduced pension on the day I turn 65? How would that be calculated if so?


Its so confusing its crazy.. and we have companies trying to sell us AVCs and suchlike and telling us that we can have access to our pension beforehand when clearly we cant!

:mad: Its so frustrating!!


On a calmer note.. If I was going to put away a few bob every week to make a fund from which I could live on between 55 and 65 if I wanted, would anyone have any recommendations? It'd have to be zero risk.

Thanks for your help!

TheDriver

I have been asking what my pension entitlements are for the last 6 years and still can't get an answer, even the union can't answer it, never mind the salary section! Good Luck!