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?

Even career average though is much more generous than what you might have to save if you were doing it alone and a private pension is much more volatile. I’d be tempted to go back for the pension. A combination of defined benefit (for the guaranteed income) and defined contribution (for the flexibility) pensions seems to give the best of both worlds.

I think that's good. Very good. I've paid into mine for 17 years and on about track for £10k pa. if you consider you have probably paid off mortgage, plus state pension, I think I could live off that? Not in luxury though!

So far I’ll be getting 13k a year plus some state pension. It doesn’t seem that much. If I keep going until 68 (which I won’t) I’ll have about 39k a year.

Don't you have to be careful as the annual letter saying "you could have £5k a year" is based on you continuing to pay in until retirement at current level plus yearly increases? So those saying you could double that in 20 years might not be right? Happy to be corrected

Building up a 9K guaranteed income in 16 years is not too shabby really. Depends on your base salary but you're doing better than the average worker.

I'm 44. I was in a defined benefit scheme from 21 to 31, which is now languishing in the Pension Protection Fund after the company went under and will, if I'm lucky, pay me £3k a year. I went freelance after that and haven't contributed any further to a pension as I've been earning under £10k a year. My current retirement comfort levels hinge on not getting divorced, which is not a particularly comfortable position to be in (not that I think DH and I are going to split up, but I'd rather not be reliant on someone else).

I’m same age. I’ve got a final salary pension (13yrs worth so far), I think the last statement said it would pay out about 18k/year. I’ve now gone full time so should go up. I’ve got several other company pensions, no real idea of what’s in them. Plus state pension calculation says 9k/yr.

To the person who asked how to calculate pot value, it can be very complicated to convert, but a simple way is to look at annuity rates.

Rule of thumb for the last few years was it takes 100k of pot to buy 5k of yearly income at normal retirement age. I suspect it’s less now.

So if your public sector pension is 15k a year that’s broadly equivalent to a private pension pot of 300k at retirement.

I have a very small defined benefit pension and the rest in defined contribution.

You still have many years to increase that and a guaranteed pension even at 9k per year is good compared to how much you would need in an equivalent defined contribution one.

I won't be getting an annuity for my defined contribution pension because it really won't get me a lot so I will be looking at drawdown which means I need to worry about the money running out in the future especially with volatile markets. What I would give for a good guaranteed defined benefit even as a career average.

Lucky you.

My (private) pot is £320K and provides a pathetic £7.5K a year projected on retirement in 5 years.

I'm 38 and have no pension. I'm also 3 years into being a sahm and cannot get back into work.
I'm up shit creek

@Parkandride

Don't you have to be careful as the annual letter saying "you could have £5k a year" is based on you continuing to pay in until retirement at current level plus yearly increases? So those saying you could double that in 20 years might not be right? Happy to be corrected

Yeah, that's correct (for me anyway). Mine's £6k a year projected.

@Parkandride

Don't you have to be careful as the annual letter saying "you could have £5k a year" is based on you continuing to pay in until retirement at current level plus yearly increases? So those saying you could double that in 20 years might not be right? Happy to be corrected

My annual pension statement (public sector) tells me how much I’ve accumulated so far and how much I’ll get if I continue working to 68.

I’m in Ireland and have about 150k in my private one. I pay 1k per month into it, but sometimes I think I’d better off saving it instead. I suppose the mortgage will be well paid off before then and we have a state pension too.

OP, an employer pension of 9,000 pa index-linked after only 16 years service is a good deal many would envy .

Plus, if you have made enough NIC for a full state pension, that's another 9000 per year.

I’m 43 and have not very much in mine, I’ve worked part time since my children were born 19 years ago and have only paid a tiny amount into a pension. However I start full time this month and my mortgage will be paid off in 5 years time so can save the mortgage payments each month,

The way my statement is written shows what I would get at retirement age if I stopped payments as they are now.

A big fat zero here.

@magicstar1

The Irish state pension is far more generous than the UK. How anyone lives on the UK one god knows.

Reading this it’s quite clear very few people understand pensions. There are 7 different legal structure and the OP is enjoying one of the best provisions. Capital value about £300k (poss more) ignore HMRC valuations

OP you’re ok for your age.

Mid 50’s. Mine 2k a year, DP approx 3k. DP has just been made redundant so it looks like we may have to start drawing down our pensions just to get by day to day (unable to live on my wage alone) so looks like we’re f**d.

I'm a teacher, formally in a leadership position. I've not paid into my pension since 2015 as my childcare costs were extortionate. From 2007 to 2015 I did pay into it and my current annual pension will be £6000. I'll also get a lump sum. I'm repaying into it from September and hope for a minimum of a 15/20k annual pension within the next 20 years.

Those of you with private pensions - interested to know what percentage you have to contribute.

@intheningnangnong I definitely don't understand mine. It's a USS one. How can I educate myself? I have scoured their website but it gives me very little info indeed!

I have a defined benefit pension that's currently promising £16k pa.

However the vultures are circling and we're expecting the pension to be hit next. Hopefully they'll just freeze it at current value...but honestly I'm banking on working until I drop because everything just keeps getting worse!