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  • FIRST POST
    • bagpussuk
    • By bagpussuk 6th Dec 17, 1:55 PM
    • 5Posts
    • 0Thanks
    bagpussuk
    Just been made redundant and have 4 pensions and would like to get some advice
    • #1
    • 6th Dec 17, 1:55 PM
    Just been made redundant and have 4 pensions and would like to get some advice 6th Dec 17 at 1:55 PM
    Hi, I have just been made redundant on 30/11.

    I have 3 personal pensions.

    1) First one i set up when i was young.
    2) A work final salary pension that closed due to work closing the final salary pension scheme.
    3) The pension that started when 2) finished.
    4) State pension.

    I was going to set up a appointment with the government pension help desk but just found out that you need to be 50+ (I'm 45).

    Where is the best place for me to go to get a good idea of what these would give me @ 55 and @ 65.

    As I don't have a job at the moment, I'd prefer an inexpensive option (if that exists)

    Thanks

    1) Value of my first personal pension is £20,692
    2) My final salary pot is worth £8,0909 per annum @ 65.
    3) My newer (but now frozen due to redundancy pension) is worth £20,323
    4) According to HMRC, my state pension will pay £159.55.
    Last edited by bagpussuk; 06-12-2017 at 2:21 PM.
Page 1
    • PeacefulWaters
    • By PeacefulWaters 6th Dec 17, 2:02 PM
    • 7,293 Posts
    • 9,030 Thanks
    PeacefulWaters
    • #2
    • 6th Dec 17, 2:02 PM
    • #2
    • 6th Dec 17, 2:02 PM
    I'd suggest posting more detail here and seeing what responses you get. The alternative will be to see an IFA, paying £hundreds.

    How much is in pot 1 and 3?

    What is the retirement age for pot 2? How much will this pay in income?

    How much will your state pension pay?
    • bagpussuk
    • By bagpussuk 6th Dec 17, 2:19 PM
    • 5 Posts
    • 0 Thanks
    bagpussuk
    • #3
    • 6th Dec 17, 2:19 PM
    • #3
    • 6th Dec 17, 2:19 PM
    Apologies, here is what I have worked out:

    1) Value of my first personal pension is £20,692
    2) My final salary pot is worth £8,0909 per annum @ 65.
    3) My newer (but now frozen due to redundancy pension) is worth £20,323
    4) According to HMRC, my state pension will pay £159.55.

    Many thanks
    • tempus_fugit
    • By tempus_fugit 6th Dec 17, 3:11 PM
    • 326 Posts
    • 310 Thanks
    tempus_fugit
    • #4
    • 6th Dec 17, 3:11 PM
    • #4
    • 6th Dec 17, 3:11 PM
    Your state pension won't kick in until you are at least 67/68 years old, so there's quite a bit of time to go until then. The other pensions you would have to really go to the providers to get updated estimates of what these might be worth when you are 55 and 65, and of course it also depends on whether you are or will be continuing to contribute to any of them.
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.
    • MallyGirl
    • By MallyGirl 6th Dec 17, 3:36 PM
    • 2,095 Posts
    • 6,962 Thanks
    MallyGirl
    • #5
    • 6th Dec 17, 3:36 PM
    • #5
    • 6th Dec 17, 3:36 PM
    Apologies, here is what I have worked out:

    1) Value of my first personal pension is £20,692
    2) My final salary pot is worth £8,0909 per annum @ 65.
    3) My newer (but now frozen due to redundancy pension) is worth £20,323
    4) According to HMRC, my state pension will pay £159.55.

    Many thanks
    Originally posted by bagpussuk
    there are lots of free pension calculators out there but they are going to basically say that you can't have any money for another 10 years, and the private pots aren't very big even then, so finding a job is priority 1.
    • kidmugsy
    • By kidmugsy 6th Dec 17, 7:54 PM
    • 9,894 Posts
    • 6,672 Thanks
    kidmugsy
    • #6
    • 6th Dec 17, 7:54 PM
    • #6
    • 6th Dec 17, 7:54 PM
    4) According to HMRC, my state pension will pay £159.55.
    Originally posted by bagpussuk
    Are they assuming that you will carry on paying National Insurance Contributions until State Retirement Age? Did they tell you how many years worth of contributions you are already credited with?
    Free the dunston one next time too.
    • bagpussuk
    • By bagpussuk 7th Dec 17, 9:56 AM
    • 5 Posts
    • 0 Thanks
    bagpussuk
    • #7
    • 7th Dec 17, 9:56 AM
    • #7
    • 7th Dec 17, 9:56 AM
    I have 29 full years. Need another 8 to get the £155 otherwise £126.

    Copy paste from online:

    You need to continue to contribute National Insurance to reach your forecast

    Estimate based on your National Insurance record up to 5 April 2017
    £126.10 a week
    Forecast if you contribute another 8 years before 5 April 2039
    £159.55 a week
    £159.55 is the most you can get
    • xylophone
    • By xylophone 7th Dec 17, 10:46 AM
    • 23,634 Posts
    • 13,768 Thanks
    xylophone
    • #8
    • 7th Dec 17, 10:46 AM
    • #8
    • 7th Dec 17, 10:46 AM
    Will you be signing on for JSA?

    https://www.gov.uk/national-insurance-credits



    It seems likely that you will be getting another job and paying NI so that deals with the State Pension (which you will not receive until you are 67/8).

    Otherwise there is the possibility of voluntary contributions.

    Your Final Salary pension is now deferred and presumably you will leave it within the scheme until Scheme NRA?

    If you should wish to transfer it out to a DC scheme, as the value is likely to be well in excess of £30,000, you would be required to take and pay for the advice of a Pension Transfer Specialist.

    https://www.moneyadviceservice.org.uk/en/articles/transferring-out-of-a-defined-benefit-pension-scheme

    With regard to your personal pension and your DC pension, it would be possible to transfer to another scheme if that suits your objectives.

    Any redundancy lump sum over £30,000 will count as relevant earnings for this year so you might consider a contribution to your personal pension.

    When you find a new job, you may be able to transfer your pension (s) into your new employer's scheme.
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