A pension question- how much?

[Lucindalupin]

I am thinking of finishing work - I already get my state pension - just over £1000 a month ( I didn’t defer as I wasn’t going to stay on at work but did) ……I get part of my late husbands RAF pension - £400 a month.
i am in the local government pension scheme and the forecast is a £10000 lump sum and £11000 a year……I was wondering how much that would break down to in a month……. I am trying to see as I won’t have my wages coming in (£1000 a month) what I will have. I have googled and it says £11000 pension pot is not good but I am sure I will manage and know I am better off than some pensioners..

11k a year and a state pension is decent.
£916 per month plus the £400 plus state pension minus tax if there was a any to pay.

Are you confusing pension pot (total available sum in a defined contribution scheme) with pension income (what you get each year, from an annuity or otherwise?

Looks like you'll get, per month,
1k already
400 from your husband's pension
11k a year from your pension, so about 916

So around 27792 a year, or 2316 per month, taxable. Depends on your outgoings really, but it's similar to what you're currently getting, unless I've misunderstaood.

Thank you - you have really helped I think I did get the pension pot and pension income mixed up…everyone says the LGPS were good - I didn’t really understand it. It makes sense now - I will be fine - I would have retired a few years ago but after my husbands sudden death - work gives me something to focus on….i won’t have much outgoings so will manage and tick along nicely.