PENSION question- married or single pension?

[onedomesticgoddess]

This is basic but I am confused.

I will receive my teachers pension in just under two years. The pension forecast on the teachers site shows that I am also eligible for my full state pension though that won't be for another number of years after the teachers pension starts paying out.

But as I am married, will I get my own pension- currently the maximum for one person- or will DH and I get the married couples pension? This is less by around £2K pa.

If I've paid all my own contributions and always been taxed separately, then surely I'll get my own full state pension and so will DH, on top of his own private company pension?

You get your own full state pension (providing you have enough NI contributions, currently 30 years but due to increase to 35 years).

Thanks- I thought I did as the TP estimate says I do.

It's relevant as DH has a generous final salary pension plus lump sum, and we have to decide how to split his pension pot between lump sum and pension- so adding in 2 full state pensions makes a difference to the sums.

If you are looking at a FS pension consider the commutation rate and the value it offers.

If you were to take the lump sum and buy an income for life on the same basis as the pension you are surrendering (annuity, possibly indexed), would the lump sum replace the income you are giving up? The answer is usually NO WAY! In other words its a bit of a rip off. The higher the rate the better. If it's 1:12 it's rubbish, 1:20 is the max you'll see, usually it's in the middle. Think carefully if you need the lump sum. It's the one time that we don't just take the tax free offering.