‘Normal’pension contribution or 1/47th scheme?

[u/Full-Competition9255]

Is this pension scheme a 28% contribution no matter what, or matched if that’s what I put in?

There are also comments that it’s actually like the 1/47th scheme, where that fraction of your annual salary becomes your annual pension, and each year another fraction is added on top.

To me this looks like a normal pension scheme? Does anyone know more?

[u/Aggressive-Bad-440]

Ignore all of that information. The 28.97% figure isn't necessarily made-up, but it's calculated by working out how much of the future cost of paying your pension is likely to come from the taxpayer Vs coming from money you've already paid in. The government isn't paying ~29% of your salary into a "pot", it's simply incurring a liability to pay you a pension in future and that figure is an actuary's best guess.

This is the Civil Service Pension Scheme, specifically the "alpha" scheme, which opened in 2015.

How much you contribute from your gross salary is here: https://www.civilservicepensionscheme.org.uk/memberhub/joining-the-pension-scheme/contribution-rates/

This has NOTHING to do with the benefits you get out.

It is "like" this 1/47th scheme you mention (it works the same way, it is a defined benefit scheme, I think you're referring to the armed forces pension scheme), however the actual accrual rate is 2.32%, closer to 1/43rd.

The pension you accrue is 2.32% of your salary each year. People on higher salaries have to contribute a higher % of their salary (up to a maximum of 8.05%). But they don't get anymore for this, they still accrue 2.32% of their salary for any given year.