Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To be worried about my pension pot?

7 replies

SameoldShize · 30/06/2024 09:54

So I currently have 20k in my pension, I am 34, work part time for the NHS and cannot stop thinking about how I will survive when I retire (if I live that long)

How much do people have in their pension at this point in their life?

OP posts:
isthewashingdryyet · 30/06/2024 09:56

The NHS pension doesn’t work like that.

have a look at your ESR and see what that says

SummerTimeIsTheBest · 30/06/2024 09:58

ESR is unbelievably confusing. I would email the business services authority (I think) and they can give you a breakdown. It takes about 3 months. I
could never work mine out either.

autienotnaughty · 30/06/2024 10:30

You need to find out what that equals as a yearly payment. There should be a prediction on your annual statement.

You have 30+ years you can increase payments if financially possible or invest/take out an isa.

Hopefully you would also get state pension currently around 12k a year

Mia85 · 30/06/2024 10:32

Are you not in the NHS pension scheme?
where does this £20k figure come from?

GrandShow · 30/06/2024 10:34

If you're in the nhs pension scheme there is no "pension pot"
It's a defined benefits scheme based on your salary and the number of years you work.
It's a very good pension scheme

Mainoo72 · 30/06/2024 10:34

NHS is a defined benefit scheme, so you don’t have a pot. You should have a predicted yearly amount at retirement age.

isthewashingdryyet · 30/06/2024 12:51

The NHS pension is defined benefit, so there is no Pot as such.
The ESR figure shows what your pension will be NOW. Each year you work you add 1/54th of you annual salary to this. Adjustments are made for inflation, so it does go up of its own accord.
I keep a record on a spreadsheet of how my pension increases each year, as they only show this years amount, so it can be hard to see how it has increased
ESR updates your pension at the end of August, so find the amount now, and add it to your spread sheet, and then start a new column with the new amount in late August.
i also update the state pension in its own column too, and added together it is an okay amount.
i love a pension planning spread sheet

New posts on this thread. Refresh page