Late joiner to SPSPS

[Daph18]

I am potentially going to join public sector at aged 49 - starting salary 80k.
Have worked in private sector previously and have small pension pot but intention is to work hard to boost that over next 10 years.

Is joining SPSPS at this stage a disadvantage? Could I contribute separately to a personal pension plan or do I need to look at AVCs etc ? Quite confused by all.

Slightly separate question- could I decrease or stop current income projection policy?

 

[Protocol]

It is not a disadvantage to join the SPSPS.

The benefits exceed the contributions.

No, you can't contribute to a separate pension plan, while being a member of an occupational pension scheme.

Yes, you could do AVCs.

 

[Dr Strangelove]

The benefits exceed the contributions.

This is meaningless really. The contributions are compulsory and there is no flexibility around drawdown.

Yes, you could do AVCs.

But bear in mind drawdown has to coincide with your civil service retirement.

 

[CharlieMac]

@Daph18 why would you consider contributing to a separate pension plan? As a public sector employee you would have no choice but to pay in to the SPS.

Making AVCs would give you the option to "buy back (defined benefit) pension" years on the SPS.

You would need a separate source of income to pay in to a separate pension plan.