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?

@intheningnangnong with your credentials now I’m feeling nervous about my comments on the USS happy to be corrected if I’ve got any of those wrong - though OP anyway shouldn’t be relying on internet randoms to understand the value of her scheme!

@intheningnangnong I’m a pensions actuary what I’ve said is correct and not misleading

I'm 58 pension I have 3 pensions only (moved jobs a lot with my ex) - I get 4.5k a year - not a lot. week

I mean eeeek

@intheningnangnong do you mind me asking as a sahm, what is the best private pension. I have not paid anything into one ever.

I’m 43yo. Worked for a bit for a private company with a final salary pension scheme....think I have 2k A year in that.

Went to work for the nhs and after about ten years of part time work in 2 different schemes (neither final salary, but they are defined benefit) think I have about 7k in that.

Am now in the TeachersPensionScheme' only joined that a couple of years ago so doubt there’s much in that.

So about 9k a year.

I left my previous employer after 10 years of service but the whole of that was in a final salary scheme. The website shows I will get around £5k pa at age 60 which isn’t bad in current times. I will then get my state pension at 67 unless they change things.

If you think academia is exhausting you should try the real world.

Why do you think academia isn’t the real world? This really fucks me off.

If you think academia is exhausting you should try the real world.

It is very much the real world these days @MaskingForIt. Marketisation has meant students are now very demanding customers. And workload is 7 days a week just to meet immediate research and teaching targets. Constant evaluation by both students and management. It's ivory tower no more!

About 8k p.a. from two final salary schemes (both ended now as I have left those roles) in my mid forties. Feel quite lucky to date.

I am now in another type of workplace pension scheme and bump up my contributions another percentage point whenever I can.

@AgileLass

If you think academia is exhausting you should try the real world.

Why do you think academia isn’t the real world? This really fucks me off.

Because I’ve worked in both and academia is a sheltered bubble compared to the private sector!

I’ve worked in both too, and academia certainly isn’t a “sheltered bubble” these days. Far from it. When did you last work in academia and in what capacity?

@MaskingForIt sheltered bubble. When did you work in academia? Because since 2000 it has altered dramatically. Very competitive and mental health is a massive issue amongst staff. Constant restructuring. 24/7 availability culture. Constant need for excellence in everything.

@Boredbumhead Do you feel more content with your pension after reading all the replies?

I’m 36 and have a public sector pension which I have been paying into since I was 24. I have a couple of years Final Salary Pension (based on a salary of £36k), and the rest is career average.

If I retire at 68, my pension will be £30k pa (assuming no further pay rises, which is unlikely).

Right now it would be £7k pa.

I’m also worth £105k if I die in service, plus a survivor’s pension of £9k pa.

DH has similar.

It’s the one financial area we’re doing well in!

@lifesnotaspectatorsport yes I do thank you. I will still need to get my head around pensions as they confuse me so thank you for the info.

I'm 40. I earn around 45k part time (3days) and my pension pot is about 90k. Not enough. £500 a month is paid in between me and my employer but it's money purchase, I think my predicted pension is about £350 a month.
Not sure what more I can do though. It is what it is.

Pretty much the same as you.op - same age, £9k per annum accrued over about 15 year's total (teaching). I definitely can't do this for another 25 years.

Years 😳 excuse the rogue apostrophe.

My pension is worth 120k - which isn’t much. I have investments worth over 200k on top, house, and plan to get another investment property. But I think even with all that I probably won’t be able to get over 10k per year.

@SaltyAndFresh I hear you! Teaching is intensive!

You're all very fortunate to get 9k a year by the way. Final salary pensions are like gold dust. Please do not moan about them!

Hardly any - I got a job aged 40 with a LGPS pension for this very reason. If I never leave, I'll be OK, but that's looking unlikely - right now I just want to get through the vesting period of 2 years.

OP - yours is really good, especially compared with private sector pensions.

Age 46. Teachers pension. 10k predicted annual pension built up so far. So it is worth the hundreds and hundreds of pounds they take every month from me - or will be if I live long enough to take it.

And an AVC taken out at the start of my career which is an additional low % of my wages, which will be worth 1k when I retire. It just tops up the amount I lost to my main pension by going part time with kids for a lot of years.

Part of my teacher pension I can take at 60yo. It's final salary and it comes with a lump sum of £20k.

The other part (they switched schemes in 2014) I can't take til 67, is career average and comes with no lump sum.

I'd like to stop work at 60, so hope my AVC makes up the shortfall that I will incur by taking the other part of my pension at 60yo too, as you can't take one part at 60 and then the other at 67.

age: 45.
pension from country 1 - after 16yrs contribution - in gbp 1,500 p/a
pension from UK - if I work 20+ more: 9k state pension.
private pension pot: almost 0 as I have only contributed in the past 1,5 years. Not by choice, but necessity.
That will be 825gbp for rent, food, etc. yeah, realistic...