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

DB so no pot as such, although it is an asset backed scheme. On track for approx £45k per annum if I stay in the scheme until retirement at 68. Employer’s contribution varies depending on triennial valuation, currently 0% as the scheme is in surplus. My contribution currently 9.9% of salary.

At 40 there is still time to grow a pension pot! What terms are you worried might change? I suppose the pension age may increase, but a DC pot is really just a tax advantaged investment pot

38, earn c.£30k, put in a total of 20.5%, pot of £41k. Only started earning more in the last year or so, so pot should increase a lot more now. Also will have about £100 a month from a slither of local government pension on retirement and about £200 form a final salary scheme I was in for 6 years

LTA is calculated a pension x 20 plus any lump sum.
The CETV calculation to get the hypothetical pot which would be used for a transfer out or divorce is much more complex and multi faceted

@CommeIlFaut @Tedaaaaaaaaah I should have said , I meant no incentive as in there is no employer contribution but I do save and have a couple of properties. I worry about losing money on a pension also

@Orangeandnavy you should be able to work out a cash value by looking at your Annual Benefit Statement and seeing how much of your lifetime allowance you've used up. That can be equated to a cash value.

Ex NHS who took early retirement with VERA (ie I lost some of it). I get about £1500 a month which is approximately half of what I was clearing a month when working. Lump sump used to pay off mortgage and help DC get on property ladder. I “save” about £200 a month with no travel expenses and I work (very) part time ours to help with our travel fund.

DH is also NHS and has done “retire and return” so got his pension but still does 2 shifts a week in his old job which is highly specialised and difficult to recruit to. He aims to stop completely in 3 years once we have saved enough to allow us to travel extensively.

we are fortunate but we have between us 70 years experience, 4 degrees and umpteen professional development courses that we self funded to get into senior/well paid positions. We both worked full time as well - doing different shifts to cover child care and only having one shared week of holiday a year. So we have worked hard for it.

we are not rich but living well. The best part of it all though is the impact on our mental health. I was so burnt out and developed a terrible drinking problem. DH had very high blood pressure and borderline depression.

I remember a pension advisor once saying you should be penniless on your death bed (whilst making sure you’ve already provided for those you want to). So that’s what I intend to do.

We plan to travel as much as we can over the next 5 years. We are both developing various health issues that come with age and I feel my confidence for things ebbing. I reckon when I reach 65 ish I will probably not be confident or wanting to do the long haul flights. I don’t see that I will need as much money then as we will be doing less. So I don’t really get why I would need £4k a month then. Ironically I will get full state pension too so I feel very fortunate in the way things have worked for us.

Can you explain?

Teachers' pension is DB so no actual pot? Figure ties in with my projected annual pension. I think...

Crikey, I haven't got a clue. I pay into my work's pension scheme - whatever the standard contribution is and no idea how much is in there.

I'm 40, and given the state of things I'm assuming I'll be working past 70. I have considered paying in more but it feels like a mug's game - I don't trust the terms won't change and don't really believe I'll end up better off. It all feels rather beyond my control.... We are lucky enough to have a decent sized house that'll be paid off before retirement. We'll probably have to downsize and live off the difference.

This is completely different.

30 pension pot £45k, didn't start putting in until I was 21. Employer 9% and me 5%. Once iv done my house up il be upping my contribution. Earning £65k

No it doesn't - have you logged into the TPS to check? Presume you've been teaching a while?

As for theoretical 'pot' it does give you what it is in fairly small print somewhere are a % of the old LTA (lifetime allowance £1,073,100)

That’s because they are extortionate to pay for. Only really seen in the public sector these days.

Looking above at another teacher, mine can't be right can it….

The Teacher’s Peniosn is a great pension though. You didn’t opt out of it did you? 🙈

It won’t be a luxurious retirement for them at least

It wouldn't be luxurious for me either way! As I said in my post, anything I paid in now wouldn't come back to me. So with the money I'm saving right now I can have a luxurious life. So what if i can't do those things later, I've already done them and will be happy to sit back and enjoy a slower pace. I'm quite looking forward to it tbh.

Public sector and with a teaching pension - just over £50,000. I'm a couple of years off retirement.

Doesn't seem loads against some of these pots on here.

I agree. I find it sad that people just sit back & let the state/tax payer pay for their retirement. It won’t be a luxurious retirement for them at least!

It probably is. However the amount paid has nothing to do with the resulting pension as it’s a defined benefit scheme

Mine is Defined Benefit, I pay 6.8% and if I make maximum contributions it will be equivalent to about £30k per year, index linked.

I also have an old final salary scheme one that I did about 10 years service which will be another £9k per annum.

Please don’t say you’ve left TPS.

It is likely to be!

I think you need some advice as this isn’t correct. The ‘only’ incentive to anyone is the tax, matched payments used to be salary.

The available schemes are often BETTER than auto enrolment schemes. Get on Fidelity International and set up a SIPP. Buy Vanguard Lifestrategy 80% and chuck some money in.

Age 50
Salary £46.5K FT (UPS3 teacher) - but I only did 6 years FT - been PT (range 0.4-0.6) for last 20 years or so, had 3-4 year out too. I earn £28K/yr on 0.6 now.
I pay 7.4% and employer 23.7% (I used to pay AVCs too but that was decades ago when I was FT).
Total 'pot' c. £250K
DH has a much bigger pot (approx. 1.5x the old LTA) and we have joint finances so that was definitely part of the decision to stay PT even when the kids were older.

Do you not have a teacher's pension?