Clueless about my pension!!!

first78

Okay so I'm almost 31 years old and work as a civil servant. I pay into the pension scheme with work but other than that have no savings towards my retirement. I have no idea what I will get from my work pension and for the last couple of years have just been hoping for the best!! Now I want to get a little more clued up and have some sort of rough idea how much money I'll get when I do retire and whether I need to be saving more either in a savings account or as a private pension. Can anyone help me out at all?

Robert_Sterling_3

I have just Googled up "Civil Service Pension Scheme".
It will tell you all you want to know and then some.

first78

I've had a look at the website but still don't really understand exactly what that means in terms of how much money I'll get at the end. I've got a premium pension and it mentions something about me receiving 1/60 of my pensionable earnings...what does that mean?? :mad:

chesky369

It's usually 1/60th for every year you have worked for the company concerned. So if you have worked 20 years it's 20/60th or give or take, 2/3 your final annual salary (or usually final three years averaged out).

chesky369

sorry = one-third, not two thirds.

swiss69

Your pension will be linked to your salary at retirement and the number of years service you have. These pensions are like gold dust at the moment.

Your employer should send you a statement every year telling you what you are likely to get based on current salary and expected years to retirement.

As an example of just how good these schemes are, if you were to receive a pension at 60 of say £15,000 per year that increases each year, that is the equivalent of someone having to save around £300-£400,000 into their own pension pot!