To ask how much is in your pension pot and your contribution %

I'm 38. I've got a pension pot which is about 1.5 times my annual salary (high income) but its really depressing seeing the annuity projections which seem like peanuts.

Ive recently managed to up what i put in and am putting 15% of my salary in but it just doesn't seem to increase in value the way its supposed to.

Ive been putting in continuously since i was 24.

@Papyrophile I get £3600pa from a £16000 pot. Because the deal was done on the expectation of 8% growth (then typical).

That's an amazing outcome, you're laughing all the way to the bank, unreal returns - well done to your insolvency negotiators! Future generations won't see the likes of anything like it. Enjoy!

Where I work I pay 5% in and my employer also pays in 5%. I've only been in that job for about 4 years so I am not sure what the pension pot is, but I consolidated all my other pension pots a few years ago and have about £300K in that one (I am 52 and have been paying in since I was 25).

You have a teacher's pension - how are you not aware of that?

What pension companies tell you your need at retirement is not right. At the moment I have a mortgage, pay NI, support children at Uni. My costs are about 3.5k a month. I calculate I wil need £1200 a month in retirement.

Some really useful advice here. I would like another thread on ‘how much will I need’ as it’s so hard to work out.

Currently have a mortgage and commuting costs and three adult DC at home so it’s hard to separate out what I need to live on. Internet says 2/3 of current salary so £34k ish but why do I need that much without my £950 mortgage? (which will be gone)

I know nobody can say what someone else might spend. Am thinking I will have £25k pa plus about £50k in the bank and that feels ok. Modern house so no massive bills there.

Anyone else single and retired and living on about that? How does it feel?

I'm 38, earn 39.5k and my pot is only 23k. Between me and my employer the total contribution is now 11% - I have upped mine recently due to a pay rise - only 8% was going in until recently.

i am due another pay rise in June and our HR are going to try and negotiate it as an increased employer contribution - I would value this.

I used to teach and do have a smallish teacher pension that will give me around £300 per month in today's money. I won't be going back to teaching so need to do better with my other one - it's not enough.

I had several years of low pay, 2 maternity leaves, and some time overseas where I earnt well but didn't pay into a pension so got some work to do if im going to live well in retirement!

The statements went online and never looked again! 😆

Best thing I did was working at 21 for an insurance company that encouraged us to sign up for a pension at the start. I've had some good years but still worried it’s not enough

No I was just curious. I was just given the projection then at 49. I plan to keep working if I can as we need the income. I have always worked full time in the NHS and find the payslips and financial lingo difficult to understand. I am always impressed at how much others seem to know about this stuff. I am on two different schemes too which always throws me.

I know the NHS scheme is a good one. I can’t imagine it will stay that way for the next generations.

It sounds as if you could be very fortunate @WillYouContribute and have done well without understanding why. Someone will explain it to you. B+Not sure you will be able to take your NHS pension at 49 though as the floor age on most is 55, and soon to go to 57.

In 2021 I was told that if I retired then at 49 I would get £42k a year. How do you work out what you will get aged 67? I have a mental block re all things financial and however it’s explained to me, I feel rather stupid.

I have 113k -am 44 earn 65k mine and employers contribute is 10% all together .

Before that pretty much did minimum contributions from 18 except a 7 year period with no pension with my employer.

Have a mortgage of 153k which I m overpaying slightly

My somewhat pointless short term aim is to get my pension equal to mortgage which should happen in the next 4/5 years if the markets don't collapse

Some of you have stupendous pensions. Chapeaux.

Just as I went freelance, my former employer went bankrupt. The insolvency people did a good deal. I get £3600pa from a £16000 pot. Because the deal was done on the expectation of 8% growth (then typical).

Age 48

£380k

Four defined benefit pensions, even small ones, is enviable.

50, pension pot around £45k Spent 10 years working without even thinking about pensions, then time out for childcare then low paid self employed so only started a pension in my 40's. salary £28k and I contribute 3% matched by employer so fuck all is the short answer. If I get to £75k I'd be amazed & DH has even less so won't be retiring until late and then living mainly off state pension. Inheritance may change things but no guarentees.

@Boofoof I doubt you will tbh. I've been working since 21 and am nowhere near that level of defined benefit pension and I've done some pretty senior roles!

I have a small defined contribution pot of 57k but 4 defined benefit pensions so don't necessarily need 'a pot'. They will provide an adequate income in retirement.

On my started at 40 but currently about £120k at 47.

20% a month (10% me and 10% employer) plus all my bonus (10-20%), all salary sacrificed.

We have zero liquidity @Tedaaaaaaaaah but income-producing property doesn't lose value. I could sell the property but only for it's current value; the income stream is worth more.

Property, well run, is never liquid but can be profitable. My post above. Property can also be very good at generating cash.

What, no liquidity?

Our situation is historic and now a bit odd. We started a SIPP in 2002 and bought a commercial shed with a mortgage between us (DC was 3, so obviously a passenger). The tenant's rent paid off the mortgage, so the rent is now all contributing to the pot, except for the years the tenant didn't pay and did damage. That fixed, the trustee company (you have to have one) is bust and sold and their replacement could not run a party in a brewery so we are looking to move our whole fund. I have spent thousands of hours trying to tiptoe through the pitfalls. And I am actually pretty good at all of this.

Managing your own pension while governments of different politics rewrite the rules every few years is difficult. But, there's a pot ready. It's not part of our estate, so the 3 year old will have a pension, whenever. ATM, we shan't crystallise the pot but will spend our savings first, so the pension goes on earning money/interest as long as possible, later we'll take the new income (the current rent being paid). Our retirement income will be our state pensions plus the shed's rent. Our DC will have to consider whether to keep the rent and manage the property actively or to sell the asset and manage the money.

It's a good situation but the DC's choices and decisions for an unknown future still 40 years away in an unknown landscape will be theirs to make. We shall be dead.