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Original poster

How much do you have in your pension at late 30s?

131 replies

oneflewoverthe · 12/12/2023 17:25

I'm 39 and I just checked my pension. I have just under 19k in total. Pitiful! How does it compare to others of a similar age? I'm sure I will regret asking this question as most will be much higher. Tempted to get a lower paid public sector job just for the pension. Currently on 40k. I've upped additional payments of £300 per month and my work pays in the minimum amount required by the government.

OP posts:
Original poster
oneflewoverthe · 12/12/2023 18:31

@Heatherbell1978 thank you for the breakdown. Your DC pot sounds like something I could realistically aim for!

OP posts:
Farmageddon · 12/12/2023 18:48

If it makes you feel any better OP, I'm the same age as you and I don't even have a pension.
I had one many years ago, but wasn't in the job long enough to vest the companies payments or something when I left, so I got my money back and used it to go travelling 😁ah the folly of youth... at least I have the great memories of it all.

I'll probably try and start a private one next year, but I'm working on contract in the charity sector which is badly paid so it'll be pittance when I eventually retire.

Original poster
oneflewoverthe · 12/12/2023 18:58

@Farmageddon I did the same thing in my early 20s. I did leave the job after 6 months but cashed out the pension. Seems silly now. I doubt it would have been worth much anyway!

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TheCompactPussycat · 12/12/2023 19:00

I also don't know how much is in my "pot".
I can log in and check my pension but it just tells me what my monthly pension will be if I retire at 67 (c. £1300 at the moment). I might have to have a closer look.

TrifleLayer · 12/12/2023 19:10

I do know SIL does not have a pension and she is like me in her late fifties. She was a very high earner overseas for about 25 years. She now runs her own business.

peppapig123456 · 12/12/2023 19:14

37 and about 10k lol

HappyCamperTent · 12/12/2023 19:41

TheCompactPussycat · 12/12/2023 19:00

I also don't know how much is in my "pot".
I can log in and check my pension but it just tells me what my monthly pension will be if I retire at 67 (c. £1300 at the moment). I might have to have a closer look.

This is all I can find too. I have a teacher’s pension, if anyone can help me make sense of their website? Thanks!

tootrueblue · 12/12/2023 19:45

£10,600 state pension
£3,297 private pension

Only been paying into the private pension for about 7 years. I'm 36.

Logic12 · 12/12/2023 19:46

Age 35 and £51k. Bumped up my contributions as high as I can manage ( about £500 pm) last year though not sure I'll be able to keep that up.

christmaspaws · 12/12/2023 19:47

KaiserChefs · 12/12/2023 17:52

@FuckoffeeBeforeCoffee @Imamumgetmeoutofhere You should get annual statements either by email or in the post (mine go to my "updates" folder).

I've heard there's also something called PensionBee that can track down old pensions, I keep meaning to look into it as I think I might have a tiny bit more from a supermarket job many years ago.

They found a pension for me and I've left it with them as there was barely anything. I put a tenner in when I have it spare
Checked my other pension and that's 8k so about 13k altogether. Nothing really

HappyCamperTent · 12/12/2023 19:49

My annual is £2624.30

Not sure what that is in total

LBOCS2 · 12/12/2023 19:50

About £50k. I anticipate it'll go up faster now - I've just come out of the maternity leave/part time working years, so my contributions now are more than they've ever been, and when I get a pay rise I'll put my contributions up. My company doesn't match though - they pay the bare minimum - which is a bit annoying.

ZekeZeke · 12/12/2023 19:52

TheCompactPussycat · 12/12/2023 19:00

I also don't know how much is in my "pot".
I can log in and check my pension but it just tells me what my monthly pension will be if I retire at 67 (c. £1300 at the moment). I might have to have a closer look.

Same.

23treefrogs · 12/12/2023 19:54

36 and didn't start paying until 2014 😳

I have 20k in a private pension and £4000 pa accrued in my Local Government Pension Scheme.

I have worked part time for a long time on a much lower wage than I was pre kids. A lot of effort goes into keeping my extra contributions as high as possible to make sure I don't fall behind compared to my husband.

I know you started late like me, but the good news is you now have awareness and at least know what needs to be done!

ActDottie · 12/12/2023 19:55

HappyCamperTent · 12/12/2023 19:41

This is all I can find too. I have a teacher’s pension, if anyone can help me make sense of their website? Thanks!

Show quote history

For a teacher’s pension it’ll be a guaranteed amount each year in your retirement rather than an actual “pot”.

This is why teacher’s pensions are so good and other public sector ones as they are defined benefit so you’re guaranteed an income at retirement age regardless of how well your invested pot does.

Whereas typically in the private sector you get an invested pot and if your investments do poorly you lose out.

Mrsgreen100 · 12/12/2023 19:56

Sweet FA my ex also did my accounts stole everything
oh and for years put himself in charge of paying my national insurance and never did
and cashed in my life policys
joys of a covert narcissist!

pponk · 12/12/2023 19:57

just over £100k at 37. It seems to be on track to be a reasonable amount I think/hope

clarrylove · 12/12/2023 20:01

There are 2 types of pensions - Defined Contribution (DC) and Defined Benefit (DB or average earnings/final salary scheme). The first type is a 'pot' of money which is yours, the second is not, it's guaranteed income.

TheWitche · 12/12/2023 20:01

I’ve not long turned 30 and have 51k in one, 5k in another. So not amazing but not bad considering I’ve had 3 years off on mat leave too.
I’ve always been in a public pension though, I think I pay 9% and they pay 12%. I’m very lucky but also prioritised it and joined when I was 18!

HappyCamperTent · 12/12/2023 20:01

ActDottie · 12/12/2023 19:55

For a teacher’s pension it’ll be a guaranteed amount each year in your retirement rather than an actual “pot”.

This is why teacher’s pensions are so good and other public sector ones as they are defined benefit so you’re guaranteed an income at retirement age regardless of how well your invested pot does.

Whereas typically in the private sector you get an invested pot and if your investments do poorly you lose out.

Show quote history

Thank you!… I have been told that teacher pensions were one if the better schemes but never really knew why!

TheCompactPussycat · 12/12/2023 20:04

ActDottie · 12/12/2023 19:55

For a teacher’s pension it’ll be a guaranteed amount each year in your retirement rather than an actual “pot”.

This is why teacher’s pensions are so good and other public sector ones as they are defined benefit so you’re guaranteed an income at retirement age regardless of how well your invested pot does.

Whereas typically in the private sector you get an invested pot and if your investments do poorly you lose out.

Show quote history

OK, this makes sense. I'm not a teacher but am in an educational setting.

Mouthouch · 12/12/2023 20:05

I’m 32 with 3k so that will make you feel better 🤣

Angelselevenx · 12/12/2023 20:07

I'm 29 and £60k with my current employer who I've been with for 7 years

AchillesHeelys · 12/12/2023 20:13

37 with £70k and paying in £900 per month (combined with employer). Would really like to pay in more but will probably need to wait until DC out of nursery.

nameychangio675 · 12/12/2023 20:22

This thread is soul destroying. I am 40 and I have around 15k. Didn't pay in during my 20s when at Uni, travelling etc, then got my professional job which was low paid at first, took time out with kids and only had very low paid work. Now back earning a decent wage. I am putting in a small amount each week into shares to try and create another pot. I earn 55k now so hopefully it'll go up more quickly.

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