Public sector pension - very rough guess?

[Zorua]

I realise I need to dig out the details of my pension and try work this out.
But if anyone knows much about public sector pensions and can help me in the meantime with a rough guess.
I have 10 years in a final salary pension which I'm guessing must have been based on 80ths. I left on £32k. Is it fairly accurate to guess that is worth 10/80 per annum, ie, £4k - (plus inflation?). I now work part time on low income so that will be my main top up to state pension.

Given the limited information that is a reasonable rough guess. You should get an annual pension statement.

Which part of public sector were you in? Most of them have online calculators to help

I was wondering if it's that simple.

I am trying to work out how to build up more pension and it seems more complicated than I understood my previous pension to work.

Will have a look for online calculator thanks.

I think that's right.
Private pensions seem much more confusing to me. I tried to look into having a private pension on top of my local authority one but can't work them out.

You can easily build up more pension by starting a SIPP (or a LISA if eligible).

With a SIPP, even if you’re income so low that you don’t pay any tax on it, you can put in £2880 per year and the government will add £720. It’s really easy as you can just open one online and when it comes to retiring, you’ll use the money as an when you please so might be nice addition the inflexible pension you already have.

Civil service pension is 80th for every year worked. Lots of others are 60ths.

Most of the old schemes offered a lump sum of x3 annual pension.

Civil service is 60th since 2015 but no lump sum anymore.

It will depend which scheme you were in and when. As others have said above the accrual rates have changed over the years. Local Government was 80ths until 2008, then changed to 60ths then changed again in 2014 to 49ths but as a career average scheme not final salary.

If your scheme was 80ths, it’s likely you will also be entitled to a one off lump sum as well as the annual pension - lump sum would usually be 3x pension.

If I recall it was considered a really good pension. I started it in 1998. Was 80th and lump sum though can't remember the deal. I'm public sector again and I think on the LGA deal. Low income but I guess it'll be worth something. (Especially as will have to work until nearly 70!)
Will have a read about SIPP thank you. Will struggle to find much extra to set aside at the moment but anything better than nothing.

Sounds like a reasonable estimate. Mine is similar ball park for same rough details. I can see mine via my government gateway account, perhaps you could get a login and see your statement?

@Zorua

I realise I need to dig out the details of my pension and try work this out. But if anyone knows much about public sector pensions and can help me in the meantime with a rough guess. I have 10 years in a final salary pension which I'm guessing must have been based on 80ths. I left on £32k. Is it fairly accurate to guess that is worth 10/80 per annum, ie, £4k - (plus inflation?). I now work part time on low income so that will be my main top up to state pension.

Is it the Civil Service pension? If so you can register and use the calculators on the website with the appropriate rates for the scheme you are on:

www.civilservicepensionscheme.org.uk/members/

Mine of almost 6 years would be £160 a month so I'd say it might be less, but civil service ones are a bit more generous I think

If you're back in local government aren't you paying into the pension again? Sorry if I've got the wrong end of the stick!
The online calculator is good but before I decided to retire I rang my local government pension office and asked them to double check it, they were very helpful.

I'm paying into a different pension now and I am earning a lot less.

It sounds like you can't afford to pay much into a pension but I'd advise you to top up as much you can. It's tax efficient and you'll reap the benefits when you're older. We can't rely on the state pension continuing to rise.

If you are on LA one you can pay extra into that - two different ways of doing it. Think one us better than the other, I always mean to look into it but haven't done yet.

With my LG pension I paid AVCs. It's tax deductible and then you can take it with your pension as a tax free lump sum! It's a no brainer if you can afford to do it. Things may have changed since I retired 2 years ago so please take advice.