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?

Thanks @Fofftwenty21 I’ve already checked this, but unfortunately as it was pre-2006 the window for overpayments has closed.

£20 k annually ( defined benefit) plus state pension

Full state pension, 20hrs NHS pension and private pension. Will be about 12k a year with current contributions, taken from age 60, plus have enough savings to retire around 62, to keep me going until state pension. Mortgage almost paid so will plough more into pension to increase that.

Full state pensions for DH and I
Private pensions currently £250 k each invested funds
Currently supporting 2 DC through Uni at £1100 a month each,once that is done we will put the money into pension
Likely to inherit around £300 k but not banking on it

Full state pension plus Civil Service pension that I'm already getting, currently £545 a month.

About £1600 a month plus state pension. My mortgage should be paid off in about four years.

It's enough, but I will probably end up taking lump sums so I can help out my young adult DC and so monthly payments will be lower.

Even though mine doesn't look much, I'm currently on benefits due to ill health & when I reach retirement age will be around £1k a month better off.

Thank you again @Sisterpita - yes, I will definitely look to pay the class 3 voluntary NI contributions if I decided to retire earlier. I have scope to go even more part-time (and have been in the past) so I will probably do that first, if that means I can enjoy working for longer.

@IBlinkThereforeIAm

You said “People over state pension age are exempt from NI on their earned income. Therefore if still working at that age you need to log into the Government portal, check your NI record and manually top up NI with additional voluntary payments if you need these years to access full state pension and it will be economically beneficial to do so. Tbh it's crazy that pensioners are exempt from NI, especially given the two national expenditures that drawf all others are state pensions and the NHS (80% of the cost of which relates to older people). But that's our Government's level of logic for you!”

You clearly state NI stops at state pension age so if you are still working at that age and you need these years. (the ones after state pension age) you need to pay voluntary NI.

It may not be what you intended to say but it is incorrect to say I misunderstood what you actually wrote.

It's a bloody good job pensioners are exempt from NI - they have been paying it all their lives!

@Sisterpita actually I explicitly said that I apologise if it wasn't clearly worded, and then clarified my point with a detailed explanation in case it had not been clear.

Yes, if people have insufficient years of state pension accrued and they need these because they have insufficient private savings then they need to log in and check this and pay any catch ups required. I don't actually even think what I originally said is that unclear reading it back! Working more post-state pension age will not accrue more qualifying years for state pension because once people reach state pension age they no longer pay NI! So like with all pension planning, it requires taking some responsibility and looking at your circumstances properly and understanding your entitlement before you reach retirement age. The point was that some people might not have been aware that they can check their accrued state pension entitlement online and that there is - in some cases but time limited - an opportunity to make catch up payments for years missed if this is economically beneficial to them.

I've got ten years yet, but it looks like I'll have £20k a year plus £40k lump sum from 60. Then full state pension from 67.

I’m a cautionary tale. I wasn’t married to my children’s father so he’s been merrily ploughing loads into his pension while I’ve single handedly raised the DCs. They have difficulties which mean I’ve only really worked full time for a few years.
I’ve paid into a stakeholder pension in addition but only what I could afford which had been between £50-£100 a month so it won’t pay loads out. I’ll be paying my mortgage up to retirement age but there will be an inheritance I can top my pension up with. I will get full state pension and my living costs are fairly low really.
I’ve got another 20 years till I can retire so I have time to improve the situation but I’m knackered.

Lol. Not at anything like the rates required. Analysis shows that Boomers will each take - on average - approximately £400k more from the state in benefits and services than they have paid in over their lifetimes (inflation adjusted, in real terms). Millennials will - on average - pay in £300k more than they take out. And that's if the state pension etc remains as it is, with the triple lock until they retire and available to all and the NHS with no means testing. Effectively one generation have voted for low taxes in their working lives then expect healthcare and pensions they absolutely did not fund for the generation before them, who had nothing like these levels of provision, while leaving an asset-stripped and trashed economy with failing infrastructure and decades of underinvestment, North Sea oil revenues squandered on said low taxes rather than invested in a sovereign wealth fund or infrastructure, huge education costs and Brexit knocking 4% and compounding off GDP per year as the cherry on the cake, for future generations to deal with. The "paid in all our lives" nonsense does not wash: they paid nowhere near enough and left everyone else to pick up the pieces.

@IBlinkThereforeIAm not this old stuck record again?. They also suffered power cuts in the 70s, paid higher interest rates for mortgages blah blah. Trying to judge one generational'lot' against another is futile and petty.

Well no, it isn't. There is this subject and profession called "economics" that does analysis on exactly this type of issue to come up with objective comparisons and guess what? See my previous post for its conclusions on the relative contributions made by different generations. Meaningful comparisons can be made and facts exist whether you like them or not.

I'm pretty sure most millenials would trade some power cuts for an additional £700k in their pockets. 🤣

@IBlinkThereforeIAm I'm sure you are a real oracle on such matters. The best of luck in your race to the bottom!

My current NHS pension forecast is approx £12,500 per year with £71k lump sum, or £19k per year no lump sum, and full state pension.

I have 3 pensions, total about £55k

Ive got about £170k in private pots (late 30s) and i think about 18 years worth of contribs on state.

Its not great, im planning to up my pension contributions as really i want a 500k pot to retire on.

Stock market returns are crap now, it makes it much harder. I'm a bit cautious so would plan on having more than one savings pot - pension but something else beside.

Its hard. I earn 4 times what my mother did as a primary school classroom teacher, but putting 15% of my income away gets me a pension similar to her final salary teaching pension with 30 years of contributions. People of that generation really underestimated just how valuable those pensions were.

Me too - have always paid tiny amounts in and although l should get the full state pension, this type of thread just panics me.

I'm early 50s. Will have full state pension plus 3 work pensions. One is £3k per year from DB scheme. I've £300k in a DC pension to take at 65 and if I stay where I am currently another £7k per year plus £40k lump sum at 66. Have worked part-time for over 14 years, currently considering going up to 4 days a week from 3.

DH will have 17 years worth of NHS pension, full state pension and a private one which is worth not a lot.

Neither of us will inherit anything.

We feel lucky.

It’s worth checking that you weren’t opted out of SERPS when you get a state pension forecast. I didn’t think I’d opted out but actually I was when I started my local government pension. I’ll get full state pension minus 11 opted out years. I read somewhere that very few people my age will actually get a full state pension because so many opted out whether with or without knowledge

IBlinkThereforeIAm
Dh (economist) and I (tax expert) would say sadly you are right, and my parents are classic examples. University 100% funded with generous grants. Large family (4 kids). Property much cheaper relative to wages, even factoring in interest rates. My DSis and DBil coincidentally do the same jobs as my parents, with same employers, have 2 fewer kids and are much worse off despite more careful budgeting than my parents.

But pensions were the real swindle. There was an era when british DB pensions did not predict life expectancy well, they were over optimistic about performance and gave payment holidays and all sorts, its why so many private schemes either went bust or are still being heavily shored up today. A huge swathe of people are benefitting from generous pensions now who simply did not contribute anything like enough. So essentially, the real value of their salary packages including those pensions is very high relative to what people in the same jobs today.