Pensions help!

[MILdesperandum]

Struggling to understand my pension statement:

As of mar 2020

Projected fund value £182000
Estimated taxable pension I will receive at retirement date £4470pa

I pay in £2883 pa and employer pay £2224pa

Does this sound right? I’m thinking paying in £5100. Ish a year for the next 30 years should give me more than £4470 pa? Please explain someone!

Thanks in advance

Does the projection say that it assumes contributions are continuing as at present or is it based on no more contributions being made?

Also, what growth rates is it using? Should be three different ones for low, middle and high.

I make regular payments similar to you although my employer does not contribute. I've usually sacrifice my bonus into my pension which can double the overall contribution and my projected pension is at £10k pa. check with the pension provider what risk level your stake is being invested at , I'm on high risk as I still have over 25 years to go until I can retire!

I mean my pension contributions are similar to yours and your employer's total and I add the bonus into pension also. Don't think I was very clear!

There is a very good discussion forum on Money Saving Expert - there are lots of posters on there who are pensions advisers who will help clarify.

Thanks all, I am pretty clueless on pensions! I think it must be based on contributions continuing, but it doesn’t say a different growth rate. I’ll take a look at MSE thanks for the advice