How much will you receive from your Pension?

[WinteryWonderland]

I'm on track for full state pension after checking recently, so that's something. DH is also on track and has a private pension, but we've been advised to up the payments by £500 month 😬 like we have that surplus floating around!
I just wondered what other people have in place and how much that will provide yearly when you retire?

State pension, if I work another ten years. Nothing else as yet.

State pension plus 1200 a month private.

State pension plus about £30k/year. Not great but my husband's is much better as unlike me he didn't stop employment to have babies for a few years and in doing so scupper the pension situation...

So far 40K per year ( to take at 60) plus state pension and whatever I contribute between now at then at 67. I am 47.

Full state pension plus work pension of £17000 a year. Plus some other investments bringing in about 10k per year. DH has similar and we have quite modest tastes so should be fine. Also there is the chance we may inherit.

I remain unconvinced that pensions aren’t a massive con, especially as so many are now defined contribution, not benefit. If you needed to retire last year you’d have been fucked.

However, we each pay in about 18% (that’s our contributions plus employer), plus expect to receive full state pensions (although again, will that exist?). I still think we will need to revise our lifestyle quite significantly and will not be living the life like our parents.

I will also more than likely inherit and so thinking I would put this away to top up my State pension.

Nobody ever really discussed with me the importance of pensions when I was younger - I really wish I'd taken out a decent private pension in hindsight.

£18000 per year at 60 then full state pension.

My DH feels similar about pensions. He invested his inheritance in property rentals that he will sell in later years if needed.

Not sure of yearly amounts but will have my NHS pension (joined in 2008) plus a couple of smaller private pensions from previous employment and state pension if it’s still around!

Can people add if they are state plus either defined benefit or defined contribution as that makes a huge difference depending on what type of pension. I imagine if defined benefit it will be much higher than DC.

No idea, but it will be depressing anyway. I was out of work for years but not claiming benefits, so no stamp. Am on UC now.

I'll be retired within two years. I have an LGPS pension with about 20 years linked to final salary and about 10 to average earnings. Thankfully earnings since 2014 have been quite high. I had time off for the dc so I'll retire on about 2/3 of a full pension. I exceeded my annual allowance when I was promoted a few years ago so can't add to it.

I'll get the full state pension a few years after I retire.

I was always quite anal about pensions, even in my 20s.

DH was self employed for much of his career but is well covered.

DH and I made a decision to concentrate on his pension and leave the SAH/part time aspect to me.

We ploughed a lot of money into his very generous company pension, we didn’t take a pay rise for years. Between us and his employer we were paying about 15% (IIRC)

He also has a state pension, I being a child bride (eight years younger😀) still have a way to go, it will be a full state pension, but it will just be gravy.

He has a final salary pension as well.

So in conclusion we have a post tax income of £3,500 (FS and state) and savings of £160,00 plus the other pension pot of £175,00 (25% tax free) rest taxed.

House is paid off and even in a dropping market we could get £700,000.

So in essence all the years of shoulder to the wheel have paid off, we feel very secure in retirement.

I am currently late 30’s and have private pensions pots totalling £60k. Apparently this will currently allow for a Pension Annuity of £2,510 per year. Pretty depressing, I have a long way to go (or should get a public sector job asap!!)

We’d struggle to be landlords from an ideological point of view (we don’t have the time or money to invest in being great landlords) but can see the appeal.

That said, we hope to have our own mortgage paid off before the kids go to uni, so will be able to help them out which is more important imo.

I was recently horrified to find I will not get a full state pension! I had a Saturday job in a supermarket as a student, and apparently opted out of paying some NI at the same time as joining the supermarket pension scheme. So missing credits from my university years even although I’ve been in full time work, paying NI, ever since.

The supermarket pension is worth about £12 per year, but I’ll loose £150 a month in state pension. . .

DH and I will get full state pension, we both have defined benefits pensions mine is 12k PA and his is 20k PA plus I have another small work one which will be just under 2k PA. We have paid off our mortgage and have decent savings.

I receive a net of tax pension of £7,200 a month plus £500 on another DB pension and state full pension will kick in, in a few years at £1,000 a month.
i started work at 16 and paid a LOT towards my pension from the very start

Full state pension plus rental income from an investment property of 43,000 per year and a few smaller private pensions dotted around have two high value mortgage though so won't be retiring until they are paid off off - late 60s, maybe 70.

@RosesAndHellebores
what do you mean 2/3 of full pension? I don’t t understand this term as if its a carwer average one. It will just be 2/3 of your salary which is less if your part time. Tax is not pro rata so why is pension?

@Notjustamum10 only if you retire before your 40years? Or is there a certain time limit to get them 40 years in?

Currently 17k a year if I was 60 today from a DB pension at 60. More if I defer it. Plus £100k in a DC pot.

DH currently has 450k in a DC pot. We also have a couple of 100k in savings. Both have full state pensions at 67 and likely modest inheritances shared with several siblings.

We’ve put into our pensions for nearly four decades but ramped it up when the mortgage was paid off.

I'm 60 and single. As a single mum I have always worked full time and I'll work another 2.5 years

I've got my 35 years working NI so I'll get the full state pension, plus I've paid 3% into various private pensions (dc) since I was 22, apart from a couple of short breaks. My employers have generally paid in the same amount and the govt paid in the tax.

With 35 years compound interest, that's given me a pot of about £400,000. If I buy an annuity, that would give me an extra £18k a year, so state plus private = about £29k a year at today's rates.

It's been a long haul but it's starting to feel like it was worth it.

Defined benefit, if I continue to earn at least what I earn now about £30k a year, more if my salary continues to increase which with a fair wind it's likely to with promotions etc. That would be with 30 years in the public sector, on the balance of that I took quite a pay drop when I moved out of the private sector, so my salary isn't what it would be if I'd stayed private but the additional annual leave, flexibility, sickness benefits and pension balance that somewhat. They take it back in blood sweat and tears though