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

[PaprikaPringle]

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

Oh actually just checked and if I double my pension contributions when I turn 40, even assuming employer contributions stagnate, that’s 210k if I retire at 70... that doesn’t sound too bad? Does it?

Or do I still need a rich hubs?

BitOfFun really sorry to hear that. I hope you beat it and then spend lots of money on something you really love with your family.

Ah, thank you, that's really kind. It will get me before retirement age for sure though- ''tis the nature of the beast. I'll be sure to fit in everything I can first!

I’m 53 and DH is 56, we have no private pension at all.
We are fucked 😁

Im 39. We'll never have a lot in pensions, I currently have about £5k and DH has £25k.

I freaked out last year about our sums and I started a LISA and contribute a bit every month to that and a personal pension. I also have employers auto enrolment too, not much as don't earn a lot.

We have some savings and plan to keep growing them until retirement, I know it's not the wisest with compound interest and tax rebates on pensions.

I’ve been paying into mine from age 21. That’s coming on for 30 years. Apparently I get £170 a week if I retire at age 60. Doubt I will do that though as I don’t get my state pension until age 67. I don’t think the mortgage will be paid off by age 60 and £170 is therefore not enough to retire on, as the mortgage is more than that. I ‘look forward’ to being yoked to the plough and continuing to work until I’m totally knackered. As opposed to being just mostly knackered aged 60. Just now I’m only a bit knackered. But still knackered. Sigh. Oh to retire now!

Hahah I'm 30 and have £0.

My parents always told me not to bother as I'll be well looked after. Their business just went into liquidation 🙃

Never rely on anyone else. To be fair my partner will have a good pension and I think I did start paying into one at a certain company for 4 years but it will be the minimum I had to.

I don't! Only have the new 'we're all in' pension which gets about £250 a month going in combo of my input and company input. If we get a state pension (Doubt it) I will probably get £1000 a year pension so will have to carry on working. Although I can't see why I would want to stop working anyway if fit and healthy. Fingers crossed I can carry on working into my 70s. Am late 40s right now.

I have less than 500

You need about a quarter of a million in your pot to pay out a private pension of about £10k a year.
Roughly.
And for those of you who think you’ll get DH’s pension if he dies first -some annuities when they are already paying out that £10k - might not pass to the surviving spouse.

£2000 frozen pension.
I'm on my 40s.
My health is so shit I suspect I will die for before I retire. I'm living for today.

Just check mine and it's £36k, I'm 40. I've paid in £15k and the rest has been tax relief and investment growth. I've put it in fairly risky funds as I've got a good while before I retire.

I am self employed, but part time. I pay in around £100 a month now, but I've had periods where I didn't pay in and periods where I paid less.

We are hoping our house will be part of our pension pot. We are very lucky that we've gained a lot of equity in the house, and it's in an area where prices keep rising quite a bit over national average.

I think the workplace pension should have been compulsory to be honest. In Australia all employees have to contribute 9%. Everyone has to, so you never get used to having that money. Wages take it into account. Plus you are contributing from when you are young so it has plenty of chance to grow.

I’ve got a teachers pension but due to part time working it’s worth about 50p.

Dh’s is ok and there’s a chance we’ll inherit from one or other set of parents in which case we’ll be alright. Otherwise we’ll be working til we drop.

I’m directing the dc towards high paying careers.

Late 40's and mine is pitiful.
We must be a minority. Most of MN earns £150k+!

I'm surprised that there are teachers on here claiming to have a rubbish pension. TPS employers pay a 23.68% employer contribution and it's still a defined benefits scheme - you won't get anything near that in the private sector! Anything over the minimum 3% employer's contribution would be considered relatively generous.

Similarly, NHS and Civil Service workers - pensions are definitely still a major perk in addition to more generous annual leave plus more job security.

On the basis of a 4% income from every £100K (defined contributions), that's £4K gross.

The new state pension (if you're entitled to the full amount) is currently £8.8K pa gross.

That's the equivalent of a £220K pension pot currently.

None. Looked into sipp again today as I read about it before but wanted to double check. Without an employer contributing, there is no point for me to pay into a pension.

It shows that I would get back less or the same that I pay in. I see no difference to saving that money then. The tax on the 75% after the initial drawdown also puts me off.

I will have state pension, mortgage free house and any savings I accrue.

I have 15-20 years to think of ways to make income for retirement. It may be worth paying into a pension if I become employed but I am currently a carer and the best I can see is becoming self employed.

23 so I've got time, but I dont have anything at all! I've worked about 4 and a half years but never earned enough to put into one.

I'm surprised that there are teachers on here claiming to have a rubbish pension.

Plenty of teachers work part time. Many take career breaks. And if you're a classroom teacher, your pay may well not be that great either.

@GoddessOfTransformativeWrath. I’ll stand us a round in our dotage provided Brexit doesn’t see the rate of inflation rocket too much. Now would this be just over the bridge in Carrick or will I need to siphon some red diesel to get me up to the Elf Inn ?

In my mid 50s now this is something often on my mind. I have three defined contribution pensions that amount to £50k and a defined benefits one that the statement estimates will give me £4k a year (not sure how much is in it). I've paid into neither. I can't remember exactly but I think I worked out last year that the DC ones totalling £50k will pay me an amount each month that was so low it will take until I'm over 100 years old for the pot to be exhausted. I know I don't know enough about pensions and I am planning at some point getting some advice on whether to put the three pensions into one or drawdown 25% and then even draw down the 75% at some point although I'm a higher rate tax payer so that can wait until I'm not. I think I'd rather put the money into paying off the mortgage.

I have no plans to retire early, don't particularly want to, and can earn well in what I do part time so would continue to do that in my 60s and even 70s if possible (not unheard of in my line of work). The mortgage should be paid off by 60 and house big enough that I can downsize in the future. Not too worried about it.

Forgot to add I will have the full state pension as have 35+ years paid in NI already. I live frugally and can't imagine I'll be mourning a lost lifestyle that I don't have now and don't particularly want. I still think I'll be able to take small holidays.

I don’t have a state pension. I have a small amount in Australia that will pay me a grand total of AU$117/mth 😬

I have a pension that will allow me to keep my head above water, but I just worked out when I can actually claim it and had a little cry.

The new state pension is £165 a week yes but if you have paid in more national insurance it can actually be more. In addition depending on your circumstances you can also get housing benefit and council tax reduction.

I paid in from 1998-2013, was on maternity leave in 2010 and 2012 for a year each.

Now a carer on carer's allowance and a part time job for small amount of pocket money. Situation not likely to change for years to come. I'm autistic as well as a carer to autistic child.