I am currently in the PS for almost 12 years. I will be 54 this year. My current salary is approx. 77k. I am buying back years which will bring me to approx. 37.5 yrs at 65 when I can retire or not (I don't have to). I have a private pension which is stopped with a current value of 74k (as at Sep 22). If I stay my pension current value will be 23k with 110k lump sum + old age pension. My pension is Defined benefit and will be c. 37.5 years in total in PS after buying back the years.
I have been offered a job with a salary of 105k + between 20%-35% bonus. EE pays 5% and ER 5% automatically into pension. I was considering paying 20% so that would bring the annual pension contribution between both to 25%. I also have the possibility of a lump sum payments depending on bonus etc. I think if I leave PS now my pension would be 9.5k with 50k lump sum. However I believe I read that the lump sum may be reduced each year by 1% between now and 65.
Am I mad to consider moving? Obviously there are other considerations but based on pension alone what are your thoughts as I am not great in this area and really don't want to totally screw myself up.
I have been offered a job with a salary of 105k + between 20%-35% bonus. EE pays 5% and ER 5% automatically into pension. I was considering paying 20% so that would bring the annual pension contribution between both to 25%. I also have the possibility of a lump sum payments depending on bonus etc. I think if I leave PS now my pension would be 9.5k with 50k lump sum. However I believe I read that the lump sum may be reduced each year by 1% between now and 65.
Am I mad to consider moving? Obviously there are other considerations but based on pension alone what are your thoughts as I am not great in this area and really don't want to totally screw myself up.