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?

@Notjustamum10 you can top up your NI contributions. If you haven't already seen it Martin Lewis has some advice here

https://www.moneysavingexpert.com/savings/voluntary-national-insurance-contributions/

I'm self employed so no employer contributions. I've managed to plough about £150k into various Sipps and ISA's. Ive got another 25 years of work so I'm aiming for that to be around the £500k mark by retirement. Plus, I will downsize which will free up another £500k . Add in a state pension, I reckon I'll have about £40,000 for twenty years after tax.
I may continue to work 1 or 2 days a week until 70 if I can to stretch it - depends on health and if I still enjoy my job.

It depends if you have a DC (Defined Contribution) or a DB (Defined Benefit) pension. DB pensions don’t have a pension pot DC do.

It sounds like your DH had a DB scheme.

I’ll get the full state pension at 67 (provided they don’t up it again in the meantime) because I couldn’t have children so took no time off for that ). I took early retirement at 58 and have occupational pension of £14k a year. DH has full state pension plus occupational pension of 35k. We’re mortgage free, plus we’ve inherited. So we are doing ok.

@KimberleyClark it is not as simple as I have worked 35 years = full state pension.
Please do a pension forecast https://www.gov.uk/check-state-pension

Are you sure? "Opting out" referred to SERPS, latterly known as the second state pension. It shouldn't affect the basic state pension at all. You can get a full pension if you have 35 years NIC even if you were opted out the whole time.

Full state pension, about £30k per year estimated workplace (half DB half DC) pension, £60k estimates lump sum and estimated £300k pot I can take or use to buy annuities. I pay extra in to my pension and have done since age 26 - currently I pay 11% of my salary into it.

Yep. Or get a good lawyer if you divorce

@Sisterpita - thank you, yes I did - but it was a while ago and I forgot the details. Just check again and I was wrong - I need to work until I am 57 to get the full state pension not 55...that rings a bell now! DH can get full state pension now (at 54), as he has been in FT employment since 17 but I took time out for uni etc. All being well I intend to work until 59/60 anyway.

Just checked my main pension and the forecast is £9k/year + lump sum (and I can take £8K of that at 60, the rest at 67) + I have AVCs (only about £35K though). DH's main transferred out pot is over the LTA so that will end up being our main source of pension income.

I'm on track for about £100k lump sum and then £20k a year employer pension. Plus full state.

Dh has full state but no private pension to speak of.

I'm 42 and started teaching at 22, now I'm a civil servant, so I've always had my employer contributions

Annual will be approx £20K and lump sum of approx £50K

DH (46) has been a teacher since he was 23 and the amount changes depending on if he retires at 55, 60 or 68. If he hung on until 68:

Annual will be approx £60K and a lump sum of £35K

We'll both get state pension. Have approx £80K in investments and will likely get an inheritance too. We decided to go against the norm and sold our house, we currently rent, as we plan on working abroad for a few years. Owning a property outright has become less important to us. We have one daughter (19), who will be left with a decent amount when we die

I still worry though...

I pay in 16% salary and employer pay another 10% (DC scheme). Have been gradually increasing my percentage. Long way to go yet but current forecast is for this to yield approx £50-60k gross p.a. through drawdown and a tax free lump sum of £250k-£300k aged 57, which will clear my remaining mortgage and leave me some rainy day funds for house maintenance etc. I will do whatever house works seem to be needed when I receive this and hope it then needs little more work until I die.

I may be able to take a little more in the earlier years to help set up my children given state pension will top it up later on, if I live long enough to claim it. It would be much better if I could work another few years but pushing through to 57 already seems an almost impossible feat given I'm chronically ill already and exhausted and a lone parent.

My DCs should be independent by the time I am 57 so I will stop as soon as I hit that minimum age to access the pension fund, assuming I can struggle on that long. But I have to really, somehow, there's no choice, nobody else to take care of my children or provide for them. 😔 I find all these years of working in pain stretching out in front of me scary to think about but have done my best to make sure that if I make it to 57 at least then I should be able not to worry for the first time ever, although DC schemes of course always come with more uncertainty.

On the plus side, using drawdown, at least my DCs can inherit anything left in the pension pot when I die as my life expectancy is not high. And you aren't tied to a fixed sum each year. I will need to make the most of the first few years of retirement, if I can. And I'd think most people would rather have a higher income in their 50s/ 60s and less in 70s/ 80s when they will be less able to do much with it.

It's also worrying that Governments keep messing with tax rates and pension legislation so much so it's very difficult to have confidence in the system, making a very long-term investment when you can't trust them not to use tax changes to raid the fund, or ramp up income taxes so much that your net income in retirement when you withdraw the pension money finally is reduced even more by higher tax rates than current ones. So much uncertainty but I've done my best to pay in as much as possible given my circumstances.

Thanks. I’m away at the mo ent and don’t have my NI number to hand, but will check when I get home. Out of interest, what factors would affect my not getting full state pension if I have worked the requisite number of years?

My most recent NHS pension forcast was around 13k a year and full state pension but dh has not got much of a private pension.

Probably this. Plus a lump sum of around £60k

That's a massive amount of how can you say not great when you also have a husband with an even better pension?
I'll be on state pension plus no more than £200 a month by myself

Full state at 67 for both of us. Public sector with final salary pensions we can take from 55 which we will probably do as teaching isn’t in the slightest bit enjoyable at the moment. This will
give us a combined lump sum of just over £200000 and annual joint income around £40000.

Full state pension in 2 years at 66. Pension pot about £650k. We are downsizing so that will give us £175k to play with.
I still work part time...dh full time. No plans to change that.

All sorted, if he dies before me, I get a 2/3rds survivors pension, the house, and divorce (though) unlikely has also been overed.

I have a local government pension worth about 12k per year. I've left local government in the last year or so and have a decidedly worse pension but have at least another 20 years of working.

My bil retired early at 63 he was shocked to find out that his state pension would be reduced because he hadn’t been paying national insurance after he retired, even though he’d accumulated the correct number of years, he had to pay a few thousand £ to reinstate the gap. We thought it was a scam when he mentioned it. It’s worth checking what happens to your state pension entitlement if you retire early. It’s really complex

State pension at 67
About £11k from local government at the same time
£3k from a defined benefit pension at 65
So I'm confident of about £24k when I turn 67, plus whatever I can save in the next 10 years.

I didn't really start pension saving until I was in my late 30s, something I rather regret now, but I'll have the mortgage paid off and a couple of smaller investments so will be okay

Wow, gosh I wasn’t aware of this???

Probably about £1k a month if I carry on working till 67, which I have absolutely NO intention of doing!! So probably about £500 a month from 3 different pensions.

Plan to sell my house when I retire, invest some of the money, downsize and be retired and thrifty 😀

Me - full state pension, £27k/yr from my two employer pensions. I've got another 17+yrs to pay into the second one - I want to retire at 60 when my first pension is due, and take the second pension early and actuarily reduced.

DH - full state pension. £12k/yr military pension which goes into payment next year when he retires from the forces after 25yrs, and then it increases at age 55 and 68. Plus whatever he goes into next.

I've paid into my pensions since I was 23 and I hope it pays off. I'm also overpaying my pension now.