Pension question, how can it be so little?

[Datinggal]

Is the amount you see in your ‘personal pension’ online banking the entire amount of your fund?

I’ve been paying in for about 9 years and it is at 1,400. That doesn’t seem right?

Could be right. One of my pension finds I paid into for 5 years and it's worth a bit over £1000 a year.

What kind of pension is it? It depends how much you've been paying in of course but that does seem low for a money purchase scheme.

Depending on the scheme, for a defined benefits scheme, the pension account may be the amount of annual pension you have "saved"

You should get an annual illustration forecasting what your retirement income might be

It might be that it's the yearly pension you receive not the total value of your fund. (And if you've got another 20 or so years before retiring it should increase year by year) - but I'm no expert and it may be worded differently - has your employer got someone you can ask about it?

Oh sorry, I thought you were saying the £1900 figure was projected annual income.?

£1400 not £1900!

No it’s just the ‘pension fund’ as it is called on the online banking.

I pay in 4 and employee pays in 4 so I don’t see how it can be so little!!! Would have been better off saving myself!

4 percent

So how much in £ do you pay a month?

Total about 200 I think

Well that doesn't seem right. You're paying in 2400 a year. So you should have about 20k. You need to ask what's going on, someone at work must be able to explain it?

Is the £1,400 the projected annual pension income you will receive on retirement, rather than the total value of your pension fund?

Depends, its possible for pension pots to lose almost all their value depending on how they have been invested. You'd have to ring or write to them to find out what's going on.

I think it is probably the expected pension you will get at retirement. Annuity rates are in the order of magnitude of about 30 so actual value of your pot is £42k. (Or will be by the time you retire.)

What's the risk rating on it? Itll be going up and down