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?

Oh plus state pension if it exists by the time I get to that age

@Nappyvalley123

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!!)

It was definitely a factor in my decision to switch! Sometimes I miss the money in my pocket (salary is lower) but then I think if I had it I should've been putting it in a private pension anyway!

Yes defined benefit scheme (NHS 1995 section) that I have 20 years in worth £40 K pa @ 60 . I have 2 years in the 2015 Section (worth 4k @ 67, this continues to be added to).

I think my 1995 " theoretical pot" is equal to about 1.2 million.

I've worked part time since having the kids so have a DB pension but it's not as big as it could have been. Will probably increase my hours in the future so should increase but as it stands I'll get 12k a year at 61 plus an 80k lump sum. I could take less of a lump sum and more monthly income but that's not a good idea.

Plus full state pension.

H at the moment will get 4k a year from an old pension plus about 14k from his work pension plus big lump sum and state pension. Both likely to inherit too.

I have just started receiving state pension and paid an extra year NI to take it to just below full pension. I was advised the second year NI lump sum would only add £2.35 a week. Would have taken 7 years to break even.
My private pension is tiny and I was stupid to not pay more in.
Fortunately dh has 2 good work pensions and a smaller state pension as he was contracted out for a while.

What year did you start working?

Enough to live on comfortably.

We should both get full state pension plus I should get a DB pension of around £11k. I'm hoping we will also have around £200-£250k in a pension pot.

We are putting money at the mortgage to have it paid off in the next 3 years then 5 years of saving before we retire at 65/67.

Not expecting any inheritances.

We wont be in the lap of luxury but I'm hoping we will be comfortable enough.

Completely get that. I was also out of work for years and not claiming so really not expecting anything to be rosy

i work 4 days a week, i do wonder if i should go full time for my pension, i am 58, but actually i dont want to

Full state plus about £1200/m in drawdown for me, full state plus about £1500/m + nhs for DH. 4 bed house in an expensive bit of the south east which we could downsize from.

Will get full state pension then about another 28 - 30K a year from work based pensions but can’t get this until I’m 68.
Not expecting to inherit a lot, maybe around 50K.

Pensions are worth about £23k per annum when I am 60 then I plan to take the AVC as a lump sum to bolster the annual amount until state pension kicks in age 67. I'd like to retire age 60, bit depending on finances may continue in a part time capacity for a couple of years more.

DH has a self invested pension but it's not done very well over the past two years, so hopefully it will improve.

Hoping for some inheritance as well, but not planning to base our retirement.

@LittleMrsPretty two thirds of a full occupational pension is pretty simple.

If a full occupational pension requires you to work for 40 years, I shall only have 31 years' of contributions. My private pensions from pre children bought me an additional 10 years in the LGPS. So I'll have those 10, plus another 20.

It's cranked up to three quarters, I forget I've worked longer than I planned.

I'll only just make my full state pension because the LGPS was contracted out and despite having contributions since about 1978.

That's nearly 3k take home in pension. I think most people would see that as really good!

You need to start your own post, this one is about pensions

State pension plus defined benefit. It’s at £25k per annum at the moment but I still have a ways to go before retiring and higher grades to achieve to boost it

Full state pension, + around £4000 pa (c£100,000 private pension pot) + around £3,500 pa (NHS)

Not awful but not brilliant either.

If I take it early when I am 55 next year I will have about £1100 per month from my 30 years of teaching. Plus a lump sum of about £35K. I had to leave teaching for the sake of my sanity. I will have a full state pension at 67.

My husband's pension will be much lower - about £800 per month, plus full state pension. He works in the public sector. Don't believe all you read about the gold standard pensions - they are not great if you are in a low band job.

I am now doing temp work which brings in about the same as my teaching pension will be. I enjoy it and plan to keep doing this and draw my TP next year. DH will have to keep working as long as he can to cover our living costs.

if you are relying on your husband’s pension, make sure that you will receive a pension if he dies first.

sorry was that a typo??

It must be bloody great being that loaded.

I think I would be embarrassed to tell people - even on an anonymous forum.

And you say it's 'net' as well. Extraordinary.

My pension is the other end of the scale - ie £7200 a year before tax!

Yep - I've had 3 kids so worked part time when they were pre school and then full time for the last 10 years.

£7000 per annum plus state pension. Not brilliantl, but that’s part time work and poor health for you. Husband is younger so still working. No mortgage. He’ll get 18000 per annum final salary plus state pension