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Pensions |
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#26 |
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Forum Member
Join Date: Jun 2003
Location: Suffolk
Posts: 21,390
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I may have got it wrong but I read the £30k as being the value of two defined contribution schemes, not an annual pension under a defined benefit scheme.
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Well I did wonder that, but it doesn't seem much for £40 per month.
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£40 a month won't get you much back. I have had a work pension for about five years since I was about 35 and including employer's contributions currently pay in about £500 a month. At current rates I probably won't get much over £500 a month when I retire.
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#27 |
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Join Date: Jun 2002
Location: Black Country lad in Yorkshire
Posts: 118,029
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Many years ago, I chose a job which would give me an excellent pension. I have never been so well off.
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#28 |
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Forum Member
Join Date: Dec 2012
Posts: 3,441
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I had a colleague who was in the Civil Service - clerical grade - for most of his adult life and when he retired, tol me 'He had never been so well off in his life'. This would tally with my 3 years experience also in the Civil Service with extra generous over time rates and holidays. I even had a C.S Union rep warning me that I still had 13 unused sick days outstanding and if I did not claim them soon (as holidays) then I would lose them for that year. Most of my former C.S colleagues all seem to be very comfortably off enjoying retirement on C.S pensions although I couldn't say if things remain the same today.
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#29 |
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Forum Member
Join Date: May 2011
Posts: 1,465
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Well I have about 4.
I originally had a private pension, as I worked for a company with no pension scheme. I then joined a company with a DB scheme, into which I transferred in about five thousand I had in my private pension, for which gave me an amount at retirement per annum to roughly equal to what I transferred in. That was a very good deal. After two and a half years we then got taken over and the DB scheme was closed. Since then I've been in a DC scheme and when auto enrollment came along we got moved to a new L&G Worksave scheme. The Worksave scheme, where you pick your investments, just cut the company's Pension Admin costs. I also have moved some opted out of SERPS pension (which I wasn't allowed to transfer from my private pension) in a SIPP. The three combined pots are around £55k at present. I'm hoping to give up work in 17 years at 65. I won't be loaded but I hope to be OK. |
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#30 |
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Forum Member
Join Date: Feb 2004
Location: Southern East Anglia
Posts: 75,207
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I had a colleague who was in the Civil Service - clerical grade - for most of his adult life and when he retired, tol me 'He had never been so well off in his life'. This would tally with my 3 years experience also in the Civil Service with extra generous over time rates and holidays. I even had a C.S Union rep warning me that I still had 13 unused sick days outstanding and if I did not claim them soon (as holidays) then I would lose them for that year. Most of my former C.S colleagues all seem to be very comfortably off enjoying retirement on C.S pensions although I couldn't say if things remain the same today.
The rest probably much the same. |
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#31 |
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Forum Member
Join Date: Oct 2010
Posts: 216
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Gave up with Pensions about 10 years ago and invested all my spare cash in buy to let property.
Thanks to the renters effectively buying them for me, most are now mortgage free or nearly mortgage free, and I get a steady monthly income meaning I will be able to retire comfortably when I am 50. |
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#32 |
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Forum Member
Join Date: May 2012
Posts: 21,722
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Well I did wonder that, but it doesn't seem much for £40 per month.
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#33 |
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Forum Member
Join Date: May 2012
Posts: 21,722
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How lovely for you. I plan on retiring at 45 with a clear conscience, but if being an arsehole is what it takes then you do you.
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#34 |
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Forum Member
Join Date: Feb 2016
Posts: 2
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I have a works pension which has approximately 35k which started in 2010, I'm now 32 and between myself any my employer I'm putting in 16.5% of my salary each month.
I would be interested in any advice to ensure I'm putting enough in to cover my retirement. |
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#35 |
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Forum Member
Join Date: May 2002
Location: GL51 0EX
Posts: 14,086
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I have a works pension which has approximately 35k which started in 2010, I'm now 32 and between myself any my employer I'm putting in 16.5% of my salary each month.
I would be interested in any advice to ensure I'm putting enough in to cover my retirement. General recommendations I've seen are something like need 40-45% of you current income for a minimal comfort level to 60% for a maintain my present life style level - but those recommendations come from parties with a vested interest i.e. insurance companies. Money Saving expert gives the rule of thumb that you should Take the age you start your pension and halve it. So in your case you're covering that nicely If you want to see a few projections try using one of these https://www.zurich.co.uk/life/existi...nt-calculator/ http://www.aviva.co.uk/retirement/to...ement-planner/ https://www.standardlife.co.uk/c1/gu...alculator.page |
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#36 |
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Forum Member
Join Date: May 2012
Posts: 21,722
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Quote:
I have a works pension which has approximately 35k which started in 2010, I'm now 32 and between myself any my employer I'm putting in 16.5% of my salary each month.
I would be interested in any advice to ensure I'm putting enough in to cover my retirement. |
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