Advice re civil service pension scheme please

[alchemist888]

Good afternoon fellow fools,

This is probably a double espresso questions so apologies if it takes a while.

I have just been accepted for a civil service role and as a consequence will be eligible for the CS pension scheme. I'm currently a crown servant and have accrued 19 years on a final salary pension scheme which I do not intend to transfer across to the CS.

In addition to my crown service pension I also have a stocks and shares ISA which is just under £100k and mostly investment trusts but a small HYP element as that's how I started my portfolio. I'll shortly be selling the HYP part once I feel I've made a worthwhile profit and re invest that into the investment trusts.

I'm 38 years of age probably not going to retire until 65 so still have a good few years to build up the CS pension. I wouldn't call myself a sophisticated investor by any stretch but I enjoy researching the investment trusts I own, and regularly read this website and a few other financial news outlets so happy to put the effort in to hopefully get the reward.

Finally I hear you cry.... my question is, in relation to the civil service pension scheme I have two options alpha ( defined benefit scheme ) and partnership ( defined contribution scheme. ) I'm having a real dilemma deciding which one to choose.

Alpha is guaranteed so I don't need to worry other than making sure I can live within my means when it comes to retirement vs partnership whereby I'm happy to make investment decisions and understand I might get back less than I paid, but I maybe rewarded if I invest wisely. What I would appreciate from fellow fools is, once I retire in partnership scheme if I don't want to buy an annuity what options might I have, what would you recommend ?

My second question in relation to the partnership scheme too is, can anyone point me in the right direction of how to research and compare the funds available to invest in.

Last question which I think the answer is no, in the partnership scheme is it possible for me to a DIY investment or do I need to choose between Scottish widows and Standard Life funds.

Thank you in advance for any replies and if I have missed any information that might help with answering my questions please feel free to ask..

Alchemist

[alchemist888]

Hope I've not asked a rude or " dumb " question ?

Is there anyone in the forum who is a member of the partnership scheme able to help me out please, or should I really be going with the defined benefit scheme.

Happy for any and all comments please

[Clavain]

In no way an educated answer as of course i am not a Financial Adviser, however in general pretty much every post i have seen about pensions seems to lean towards going for a defined benefit scheme if still available.

Sure someone who is better qualified will turn up at some point to help you more.

C

[staffordian]

As the recipient of a local government pension, I can do no more than endorse the above view that taking as much in the way of defined benefits as possible is the sensible option.

That's not to say it's not possible to do better; simply that to all intents and purposes, the DB element is gold plated, whereas hoping to do do better is fraught with risk, though you no doubt appreciate this.

Sorry I can't give you more specific advice or information, but there must surely be a retired civil servant around here who can!

Staffordian

[alchemist888]

Sorry for the delay replying to say thanks, broadband has been up and down last week.

Thank you to everyone who has responded, sounds like the D.B scheme is the way to go, I don't have any official literature as I've not joined the civil service yet, just what I can find on the internet. Wanted to do some research before I no doubt have to sign on the dotted line along with all the forms I'll get thrown at me.

Once again thank you everyone.