Private Pension contribution

j1n

Does anyone know if there is a website that I go to, enter my details etc, and find out how much I need to put into a private pension to receive a certain amount of pension per annum?
Currently I have two very small pensions but I am 53 years old and working as a temp.
Thanks.

Cautious_Investor_3

Hi

Take a look here, they will look into your existing pensions, calculate what they will be worth at retirement and give you information how much you need to put away to meet your retirement goals.

The service is free, although they will need your permission (naturally) to contact your existing pension providers.

The link:

http://www.!!!!!!.uk/free-services/retirement-planning-services/

Of course you could always find an IFA at www.unbiased.co.uk

I hope this helps.

The Cautious Investor

j1n

Thanks Curious Investor.

I thought there was a webste that didn't need to include what existing pensions I have but you could just enter age, retirement age, and then it would calculate how much I would need to put into a pension if, say, I needed 20K p.a.

Cautious_Investor_3

You probably can do this somewhere but you really need to include your existing pensions and even the state pension to get an accurate forecast of your retirement income.

CLAPTON

j1n wrote: »

Thanks Curious Investor.

I thought there was a webste that didn't need to include what existing pensions I have but you could just enter age, retirement age, and then it would calculate how much I would need to put into a pension if, say, I needed 20K p.a.

you can make a stab at it using readily available data

look up annunity rate for your proposed retirement age and sex
so e.g. at 60 years a man who wants a indexed linked annunity will get about 3% of his pension pot

so to have a pension of 20k pa he will need to have saved 20,000/3% = 666,000

so as you have 7 years to save that then you need to save 666,000/7 = 95,143 per annum

so course in reality you will have a state pension at your state retirement age- get a pension forecast from the pension people

but it gives you a sort of idea

j1n

Thanks everyone.

Marine_life

Just type "pension calculator" into google and you will get some good ideas.