Episode 1: Pensions 101 - what's so good about the Civil Service pension?

Download the transcript for this episode

If you've ever had a question about pensions that you were afraid to ask, this is the episode for you.

Kicking off the series, Dominic Arthur, Director of Pensions and Government Recruitment in the Cabinet Office and Duncan Watson, Chief Executive of MyCSP, chat to Rob and Emily about the basics of pensions.

We explore the differences between a Defined Benefit scheme (alpha) and a Defined Contribution scheme (partnership). We talk about how rare it is to find a defined benefit scheme that is still open and accepting new members, and why this type of scheme is so valuable.

A key benefit of a Defined Benefit scheme is that it’s guaranteed for life, no matter how long you live after you retire. You just need to ensure that the money you receive each year will be enough to support your lifestyle.

It's safe, with no investment risk involved and a guarantee from the Government that it will be paid when you decide to retire.

We also talk about the various benefits available for your loved ones, how your pension builds up over time and how you can keep track of it. 

Finally, Dominic and Duncan share their advice on how to get started with planning for you retirement, and why it's important to start engaging with your pension now - even if your retirement feels far away.

You can listen to this episode using the embedded player on this page, or by searching 'Civil Service Pensions Podcast', wherever you get your podcasts.

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Useful links

• Full transcript of this episode
• Your pension
• Joining the scheme
• Benefits for loved ones
• How to register for the Pension Portal
• Death Benefit Nominations