To ask you what annual pension you've built up aged 43 ish?

[Boredbumhead]

Just that really. I chose my career in academia as a lecturer because if the final salary pension scheme, but in 2016 it changed. After 16 years in the profession my pension is so far only 9k per year and a small lump sum. AIBU to be disappointed by this? I feel like I chose the job based on the pension benefits, as well as other aspects about not wanting a corporate job, but now that has all changed. Academia is now like a (badly run) business and the pension scheme has been badly eroded.

How much do you have in your pension pot, aged 40ish?

*of

I’m 41. I’ve always worked in the private sector with defined contribution schemes. My total pension pot is probably about 100k right now, enough to buy a yearly income of probably 3-5k.

A 9k a year pension is probably equivalent to a 200k pot or so.

Similar here. 15 years, different position but similar grade. I've built up around £6kpa. I'm only on 50% hours, so I pay in the higher rate, so about 13% of my salary.
When I started the final salary pensions still existed. I've watched so many people retire on such enormous pensions, and while I realise that was never really sustainable, it does grate a bit knowing my pension is being devalued all the time.

A guaranteed 9k a year is massive. With a private pension you’d need to amass well over £200k to get anywhere near that. I bet you haven’t contributed that much.

I think I'm at around 250k, I havent looked at what that is p.a, it's too depressing!

Thanks for all the replies. Yeah watching my parents generation retire with very comfy salaries does sting a bit!

Put as much as you can afford into your pension. This was the best advice I ever had financially. Not sure what the limits are now but I paid the max, it was 15% when I was paying in.

What percentage do you contribute OP?

42years - £50K in Sipps and a 3 bed rental property. Dont plan to retire until 68 and then may do part time, health allowing.

Mine is in 3 different currencies - similar age as you, and about £15k per year, plus a lump sum.I’ve always been in the private sector.

At 40 you still have at least 26 yrs before you will be state pension age so there is still time to improve things

I'm 40 and on my last pension statement my annual pension was 8k a year. Lump sum is double my salary I think. I'm hoping to retire at 60 at the latest so that's not bad if we have income from elsewhere too.

41 hardly anything.

I’d also say most people on public sector pensions don’t appreciate the value. I didn’t when I was contributing to mine and it was only once I joined a private scheme that I appreciated the years in my public schemes and what good value they really were.

It's changed in recent years though, that's the problem

44 about 4K a year

I guess I am also thinking academia is also exhausting and I don't know if I have another 24 years in me! I am jealous of those that diversity into other self employment, but perhaps it just means you should then contribute to your own pension.

I’m 38 and at 11.5k PA, which is a combination of two work based pensions (we got shifted a few years ago) with 13 yrs contributions. It’s one of the reasons why I wont change my job unless, as has happened to you, they change the conditions to much worse ones.

I have been in the private sector and have hardly anything in mine. My employers contributed 1-3%.

How do you know how much is in your pension pot? Ive only got a hypothetical annuity cost.

40ish. I have a public sector pension that will pay me about £300 pa, now working in private sector and have less than 10k in my pot. Apparently my predicated pot value at retirement is over £100k, but that's assuming yearly salary increases which aren't looking likely currently.

How do you do a rough and ready calculation of final salary type pensions? I know it’s years x 60th, but I mean as a total value?

9k a year pension so fat at age 40 is excellent. Especially after only 16 years of work. You can double that if not more by the time you are 60 plus you'll get the £8k state pension.
An £18k pa pension ( if you can double it) is probably worth about half a million.

I'm 40.
I have £7k/yr in one pension.
£3.5k/yr in another.
Civil Service and emergency services.

Yeah watching my parents generation retire with very comfy salaries does sting a bit!

Yeah not all of them.

I'm late sixties, still working and will be for the foreseeable future as my pension will not be 'comfy'