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?

So £8,700 per month in pensions?

@Syrupycake I guess at least we have paid our mortgage off. My DH has no pension and just plans to keep working 'forever'.

I'm going to avoid these threads in future, as it is somewhat depressing seeing how much better off other people are and sometimes they're still moaning they don't have enough

Sorry meant to quote in my last post!

So you will receive £8,700 per month 😳

Did you opt out and pay the married woman’s reduced rate or were you contracted out?

If you were contracted out are you sure you can’t top up between now and state pension age?

State plus something like 4k per year. I think they're a fucking con. I'm still unclear whether you get taxed on a pension when you take it? I believe you do.🤬

You get tax relief paying into a pension. You pay tax on pension income paid to you. The usual tax bands and tax codes apply to pensions

I've realised way too late in the day, that I've not got enough put away.

Resigned from a job I love to do something better paid and will need to stuff money away.

You will be taxed on anything over your personal tax allowance, ie £12,500 at the moment.

I don't know the exact figures but DH and I both pay in 25/26% of our total renumeration (gross salary + employers pension contribution). That has fluctuated with different employers but we've always paid in (I also paid max AVC whilst I was FT in my twenties).

I've worked without a break so will get the full state pension but I have been part-time for the last 20 years so my employer pension isn't brilliant. I don't know what it will pay out exactly but somewhere between 8K and 10K/year. Maybe less. I'm 50 and I intend to work until I've at least I've paid my full 35 years NI (definitely would've done that by 55) but and not past 60 (in current role anyway). DH's pension is much better (he started earlier, has worked longer and earnt more) and he consolidated and opted out of the bulk of it (previous employers - not this current one) so it is fully inheritable. If it wasn't so good then I would have gone back FT years ago.

Why should they be embarrassed exactly?

When planning to quit teaching and considering my option about taking my pension early I dis a lot of research. You should aim to have between 50% and 70% of your salary in retirement. Without doing my temping work I will come nowhere close to that - and certainly not before I reach the age of 67. I'm still beyond angry that the age 60 state pension I signed up to when I started work and NI contributions has steadily pushed up to 67 (and was threatening to push up to 68 until recently).

We worked really hard to pay off the mortgage early, but now we are in a house that needs a lot of tlc and we will be spending a large chunk of our savings on maintaining it.

The rising costs - especially of fuel and food is making me very worried about the sort of retirement I will have. It certainly will not be full of all the lovely post work holidays I deamt of.

If I stay in the civil service and retire at 68 and take no lump sum I would get £57k from my civil service pension, state pension (assuming it's not means tested by then) plus another few grand from an LGPS pension from my 20s. The reason my CS one is so high is because I got to a high grade at a pretty young age, so it could potentially get higher if I choose to continue to climb the ladder, but I will likely retire earlier than 68 and take a lump sum. I think when I played around with a lump sum of £120,000 and retiring at 60 I would get £18,000 excluding state pension (assuming I stay in the CS and don't get promoted again) so there's a few options depending on how I'm feeling.

DH is getting about £20k from his military pension, state, plus what ever he does for the potentially 20ish years he will have post military, likely private sector, he's 35 and likely to retire from the military in the next few years.

With all that in mind, we don't pay any extra into our pension, if I leave the CS I would look at SIPPs etc but right now think my money is better spent elsewhere.

Honestly I wish the public sector would invest more in wages today than they would in the rather overly generous pension schemes.

Oh I pay in 7.35% and DH nothing as a military pension is non contributory.

This doesn't make any sense. I didn't work at all when I was at university (4 year course), took a year out in my late 20's to travel, and have also had 2 x 1year long maternity leaves, and I'll still be entitled to my full state pension

Literally no idea. I’ve got 15 years (so far) of an NHS pension and I’m 40. Just transferred over to the Civil Service, with a payrise and the pension benefits are even better. On track for full state pension. DH and I are both due to inherit but obviously not 100% counting on that. We currently have a 4 bed house on which we overpay. If it comes to it, then we would see if we could buy a 2 bed in cash when we retire.

@TimeForACider CSPS has a really easy retirement modeller for your Alpha pension, if it's a very recent move you might have to wait for your first annual statement but then you can download the app and play around with it.

Hopefully should be entitled to state pension and probably about 6k a year NHS pension if retire at 60 (but will be significantly less than 6k if actually take it from 60). Plus have a small private pension pot totalling about 10k which hope to drawdown in conjunction with maybe taking NHS pension early so can retire at 60 while wait for state pensions. DH has decent pension and will aim to have cleared the mortgage and mange downsized by then

This is interesting, can anyone tell me what a pension pot actually is and how it's calculated?
Is it a lump sum or lump sum +annual income of the pension?
DH retired last year, £90k in a lump sum, and £1800 per month, that gets paid to me if he does but halves. We would like sell our house (4 bed detached) to downsize and give the DC money for house deposits, however I guess this would be seen as deprivation of assets?

Approx £40k per year DB, £25k per year DC and state pension. Approx £250k TFC. Currently early 50’s but been paying in since I was 16 and still pay 21% in between my employer and my contributions

Can't you top up the missing NI payments? I think the risky requirement is 30yrs no paid to qualify for state even if there was a break .

It may have changed but it used to be something like that, and you could make a payment if needed to hit the 30 yrs.

Please get a state pension forecast, it is not as simple as 35 years.

The rules changed in 2016 and a lot of people are shocked they don’t qualify for a full pension because they were contracted out.

Boggling a bit at how high some of these pensions are but people are seeing them as low.

I will have state pension, £3kpa DB, about £350k in a pot and can free up about £100k from downsizing. I'm single so no DH pension to lean on. I hope that's enough because I want to retire in about 6 years (at 60).

If I stopped working now I'd get £2300 a month at age 67.
Plus a small lump sum.

I have no plans to stop working any time soon though so hopefully a little bit more than that when it comes to it.

If your on track with state pension then no point doing this. Your better setting up a private pension or putting it into a locked account with high interest.
State pension amount is fixed regardless of how much you have put in it once you have passed qualifying years.

I am a long way off retirement but current prediction is 50k a year but will be taking a lump sum to reduce the tax level on that.
Many people think pensions are a protected savings account they aren't what's being paid now is paying for current pensioners.

@calimali it was sex discrimination to have women’s state pension age at 60 and men’s at 65.

We have known since 1991 with legislation in 1995 that pension ages would equalise at 65.

The later changes to 66 and 67 are different.

The pension changes implemented in 2016 mean those retiring now get a higher basic pension. So pre 2016 pensioners get £156.29 and post 2016 get £203.85.