DS Forums

 
 

Pensions


Reply
Thread Tools Search this Thread
Old 31-12-2016, 17:54
Porcupine
Forum Member
 
Join Date: Jun 2003
Location: Suffolk
Posts: 21,390
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.
Indeed. That's why I said it's worth bugger all as a monthly annuity would be nowt.

Well I did wonder that, but it doesn't seem much for £40 per month.
Combined with my employer it's about £80 a month. I have worked there eleven years and it rises annually. The £10k one is with a previous employer and I didn't pay into it.

£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.
It's not good is it. I'm just hoping that when I retire with state pension and no mortgage to pay I might be able to eat twice a week
Porcupine is offline Follow this poster on Twitter   Reply With Quote
Please sign in or register to remove this advertisement.
Old 31-12-2016, 19:34
SULLA
Forum Member
 
Join Date: Jun 2002
Location: Black Country lad in Yorkshire
Posts: 118,029
Many years ago, I chose a job which would give me an excellent pension. I have never been so well off.
SULLA is offline   Reply With Quote
Old 31-12-2016, 22:43
cessna
Forum Member
 
Join Date: Dec 2012
Posts: 3,441
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.
cessna is offline   Reply With Quote
Old 31-12-2016, 23:12
19Nick68
Forum Member
 
Join Date: May 2011
Posts: 1,465
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.
19Nick68 is offline   Reply With Quote
Old 31-12-2016, 23:47
blueblade
Forum Member
 
Join Date: Feb 2004
Location: Southern East Anglia
Posts: 75,207
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.
That bit definitely isn't. My sister is a civil servant, and their attendance management procedures nowadays rival even the most draconian private sector ones.

The rest probably much the same.
blueblade is offline   Reply With Quote
Old 31-12-2016, 23:54
Plundermot
Forum Member
 
Join Date: Oct 2010
Posts: 216
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.
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.
Plundermot is offline Follow this poster on Twitter   Reply With Quote
Old 01-01-2017, 11:21
walterwhite
Forum Member
 
Join Date: May 2012
Posts: 21,722
Well I did wonder that, but it doesn't seem much for £40 per month.
Depends how long they've been paying in. £40 a month with decent growth would take a long time to get to £20k.
walterwhite is offline   Reply With Quote
Old 01-01-2017, 11:23
walterwhite
Forum Member
 
Join Date: May 2012
Posts: 21,722
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.
You have a strange definition of 'arsehole'.
walterwhite is offline   Reply With Quote
Old 01-01-2017, 22:34
Damien_Brown
Forum Member
 
Join Date: Feb 2016
Posts: 2
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.
Damien_Brown is offline   Reply With Quote
Old 02-01-2017, 17:48
platelet
Forum Member
 
Join Date: May 2002
Location: GL51 0EX
Posts: 14,086
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.
"Enough" is almost impossible to quantify given we're projecting so far into the future here to know what the cost of living will be; what your particular needs would be etc.

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
platelet is offline   Reply With Quote
Old 03-01-2017, 12:45
walterwhite
Forum Member
 
Join Date: May 2012
Posts: 21,722
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.
Lots of websites will project your fund value at retirement, just be conservative with growth rates and don't forget inflation.
walterwhite is offline   Reply With Quote
 
Reply




 
Forum Jump


All times are GMT. The time now is 13:40.