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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To ask if anyone else DOESN'T have a HUGE pension pot?

272 replies

PaprikaPringle · 06/01/2020 17:03

I can't be the only one on MN who

doesn't already have 100s of 1000s in a pension pot
or a defined benefit pension awaiting me
or a stonking great property portfolio

Am I .....?

And if you have any of the above this isn't the thread for you Grin

OP posts:
Pumpkinpie1 · 07/01/2020 22:04

Bit of a personal question isn’t it?

Boujee · 07/01/2020 22:06

I'm 50 and have 115k in an isa, earning nothing in interest though don't know what to do with it to increase potential of interest. Any advice welcome.

JFM27 · 07/01/2020 22:08

As someone who did save into a works pension and is now receiving it and my state,id say please find a way to save into a pension.Im useless with money,but the best financial decision i ever made was to save into my works pension,I couldnt live on the state pension,well you couldnt live,just exist.Ok my standard of living isnt what it was when at work,but its a damm sight better than it would be without my works pension.It wont get better,people will have to save somehow into a pension or face poverty in your later years.

StarUtopia · 07/01/2020 22:09

It's so interesting to hear everyone's situation, I'm 36, have a mortgage that will be paid off before retirement and currently have £100k across 2 pensions.

It's so interesting to be smug and sit there thinking what the fuck have you all been playing at you mean?

Honestly. Life happens. Clearly it didn't to you. If i had stayed with my first career, I'd be sitting VERY pretty right now. But things happen. Shit things happen. I probably have about £10k knocking around in about 4 different pensions.

I'm 45 and JUST started a new mortgage for 30yrs.. Which just goes to show, they're expecting that people will be working now, not retiring.

TheWorldturnedUpsideDown · 07/01/2020 22:36

Tiddytid

What's high-risk type of fund though.

Vanguard 100 %equity or literally more risky stuff... Like fundsmith or something Elsie

dorisdog · 07/01/2020 23:00

48 and only just started paying into a (small) pension two years ago. I'm hoping to up my income and pay more in soon.

Holdencaulfieldshomeboy · 07/01/2020 23:13

I'm 35. Have nothing, absolutely nada.

Merryweather80 · 07/01/2020 23:17

Once I paid off my student loans I decided I would opt into the work place pension scheme. However, that was the same month I had an accident that changed my life. I was also diagnosed with another health condition at the same time so I didn't live to a pensionable age. In a way in glad I didn't get change to pay into it.
My children are provided for, as is my oh.

PickAChew · 07/01/2020 23:19

50, taught for 8 years and have naff all on top of my state pension.

More worryingly, dh has worked solidly for 24 years and doesn't have much either.

TimeForDinnerDinnerDinner · 08/01/2020 03:44

I'm not sure what I've got put aside, but this thread has made me decide to make it my business to find out.
I've had no financial plan or strategy for my retirement, although I've always paid into a work scheme no matter what job I've been in. Hopefully this will mean my retirement won't be too bleak.

z2020 · 08/01/2020 03:51

I'm 55 and haven't got much of one... opted out for a long while. At current rate I think its likely to pay me around £150.00 per month.

However, I am mortgage free which hopefully will count for something at some point will downsize.

Not currently working - looking for work but no one wants me Sad, so somewhat reliant on DH. Once I've finished paying my DCs school fees this year (out of savings), I will have a small amount of savings c£20k which will be tied up so I can't spend itGrin.

Currently thinking outside the box for work options that will produce an income to Squirrel away towards retirement.

Think I just about qualify for state pension when the time comes. (claiming child benefit to get the NI element helped - paied it back at the end of each year as our income was too high).

Not a great position to be in but could be worse.

y2996vogan · 08/01/2020 07:25

I work in the pension industry.

Please, if any of you are worried about your pensions then please contact Pension Wise! They would be able to assist you and provide you with suggestions if you are worried about your future. I've seen a lot of people who are only being quoted £150 per month and, alone, it is not enough to live on unless you have a job, savings or caring family members.

Alternatively you could contact a financial advisor if you don't understand your pension.

You can even contact the administration of your pension scheme and they can answer any questions you have about the scheme and your specific benefits. Please have your national insurance number present because it helps the administrator find your record quicker and more accurately. Just note they cannot legally provide financial advice.

Casiloco · 08/01/2020 07:28

You're not alone. I work in financial services so have no excuse but all our money has gone into our business. BUT as previous posters have said - "Its never too late".

Save whatever you can and get an immediate uplift in value by at least 20%! (Tax relief) More if you are H/rate taxpayer!

Combine with an investment ISA if you can - forget cash, you are losing money in real terms. Multi-asset fund.

DarlingNikita · 08/01/2020 10:24

Thanks billysboy.

Shezza71 · 08/01/2020 11:22

I’m 48. I was never bought up to be financially minded, only worked part time for quite a few years while having children. Started full time 3 years ago and my employers and I both now pay into a pension fund but it’s obviously tiny at the moment. Have a house with a mortgage currently but will hopefully have that as financial back up in the future.

suzy2b · 08/01/2020 12:16

I'm 65 will get full state pension when 66 and i get £67 a month from when i worked in a supermarket for 4 years , also will get about £10.000 from a plan i payed into for about 30yrs

runninguphills · 08/01/2020 12:24

I've been working part time for many years in the public sector so have a small pension. Dh has zilch.

I'm nearly 50 and had a look at our pension situation recently (I hadn't really though of it beforehand).

Luckily we do own our house with only a tiny mortgage left.

I'm seriously investigating taking some money out to use as a deposit for a buy to let over 10 years.

Otherwise, we'll be living off cheap noodles and toast in retirement (as I did as a student 😬)

ssd · 08/01/2020 12:34

Im53 with less than 1000.
I just don't have the money

ssd · 08/01/2020 12:37

Dh is local council employee. If he does do I get his monthly pension? I am named as 100% person who gets his pension.

HotChoc10 · 08/01/2020 12:55

@ssd if your husband dies you will get at least part of his pension, it depends on when he was in or when he joined the scheme. From their website:

What will my spouse / dependants be entitled to if I die?
On your death your pension entitlement stops immediately, so it's important your spouse or someone else in your family informs us immediately.

Your husband, wife or civil partner and any qualifying children may then receive a pension which increases in line with the cost of living if s/he is entitled to one under the LGPS regulations.

If you were an active member after 31 March 2009 and are not married or are not in a civil partnership, but have:

Lived with someone for 2 years at the time of your death
Whilst both of you have been free to marry
Whilst you have been financially interdependent
a cohabiting partner can receive a survivors pension provided s/he meets the criteria under the LGPS regulations.

Short-term widow's, widower's, or civil partner's pension

If you left service before 1 April 2009, for three months after your death (six if there are any eligible children in the care of your husband, wife or civil partner), your spouse will receive a pension of the same amount as you were receiving from your pension. The situation is slightly different for husbands and civil partners.

Long-term widow's, widower's, nominated cohabiting partner's or civil partner's pension

After the short-term pension ends or if you were in service on or after 1 April 2009, your spouse will receive a pension which increases with the cost of living for the rest of their life, even if they re-marry. This will be based 1/160 of your final pay times your eligible service (or pay for service after 31 March 2015). The situation is slightly different for husbands, cohabiting / civil partners or if you married after you retired.

safariboot · 08/01/2020 13:47

30s and barely above £1000.

DM is in her 50s and has nothing. She's spent most of her adult life out of work due to illness and disability. I don't even know what she'll get when she reaches 60-whatever (what even is the age now?). Peanut shells probably.

y2996vogan · 08/01/2020 13:51

Death benefits really depend on the pension scheme. Don't just google a generic answer, might not be correct

HotChoc10 · 08/01/2020 14:06

@y2996vogan I am also in local government so assume the same pension scheme as her husband... Of course I didn't just google a generic answer.

MaMaMaMySharona · 08/01/2020 14:20

I'm 32 and have just shy of £9k in mine. Apparently I'm contributing around £250/month on average.

My DH and I are hoping to have a baby in the next year or two, meaning I won't be in full-time employment for a little while at least. I worry about my pension all the time - I feel like our government may well try to remove state pension by the time I'm eligible to claim it.

BitterAndOnlySlightlyTwisted · 08/01/2020 15:31

I’m 65 and have accrued about 14k since automatic enrolment came in. I agreed with my employer to forgo my pay-rise and take it as increased pension contribs. This is the only job throughout my entire working-life I’ve had a job with a pension scheme.

The company I worked for went into administration just before Christmas. Oh, joy! I spent a couple of years unemployed before this job so my previous savings were all used up. But since working again I have accrued about 6k in savings. THANK GOODNESS FOR THE INSOLVENCY SERVICE! They have paid me almost 7k and am due another 2k once my notice-period expires. Meanwhile I continue to hope and pray I can find work of some description.

I have a lot to be grateful for: I am a Local Authority tenant so my rent is reasonable and when I become entitled to State pension next May I will be able to claim housing benefit and council tax benefit on top. BUT I am aware that my total savings-pot of 15 grand will have to last me for the rest of my life. gulp

If I can’t live on 165 quid a week State pension for food and bills I will be done for. Wish me luck!

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