pension

tisha

i pay and my co pays a good whack into my pot i have another 5 years before i retire if i am lucky enough not to get made redundant before, might sound stupid but how do you work out what you get from your pension

thanks

Manual_Reversion

If you can estimate what your final pot will be (assuming DC scheme) then multiply that by the annuity rate that suits your situation to get a yearly income.

If you don't know what your final pot will be then you need to look at what your pot size is now, and then factor for both employer/ee contributions as well as assumed growth rate until you retire. Not a particularly straightforward calculation but, for example, the Hargreaves Lansdown website can help you there:

http://www.h-l.co.uk/pensions/interactive-calculators/pension-calculator

If a DB scheme then best look at the contract you signed when you joined, or approach your trustees, to see the terms.

Hope it helps,

Kind regards.

EdInvestor

https://www.fsa.gov.uk/tables

Go to pension annnuity section and input info which willl tell you how much income you can get when you convert your pot into an annuity (assuming a money purchase pension).

You can also draw an income direct from the pot via income drawdown, which willl give you more money (but at possibly higher risk).