If I stopped paying my Civil Service Pension Contributions..

seven-day-weekend

My husband paid a lot of AVCs through Prudential too, connected to the Teachers' Pension Scheme. He was never in any doubt that his AVCs went to the Pru, for an eventual annuity.

He gets £49 a month from it ( with a final pot of £10k), as well as his Teachers' Pension.

Procrastinator333

robbiez666 wrote: »

Thanks for all the responses.

I think I would be more naive to blindly keep paying into a pension scheme without questioning if there was any point. I've been in the CS for 7 (long) years.(the 2 years refers to what the drones tell you when you ask how much money is in the pension pot-I transferred some in),

I don't drive, don't own a house, no long holidays in St Tropez, single, no children (basically the government does nothing more me)

My point was:

Would it not be better to enjoy life at a younger age and be more frugal when I retire than the other way round? In a couple of years, my contributions are likely to be £100 pm net. That adds up to at least one holiday per year for a start.

I believe the basic state pension is £107.45. There's no point owning a property when you retire a sit will just get used to pay for housing (and probably medical treatment given the direction the NHS is going in). I will have no reason to save anything (as no one to leave anything to) so it would be a case of hand to mouth.

At the end of the day, there's a decent change that I'll die without receiving all my pension. I have every intention of working as long as a can.

As a taxpayer, I say spot on, best blow that £100 a month now.

I also have every confidence the state pension will be plenty by the time you get to retirement.

zagubov

robbiez666 wrote: »

Thanks for all the responses.

I think I would be more naive to blindly keep paying into a pension scheme without questioning if there was any point. I've been in the CS for 7 (long) years.(the 2 years refers to what the drones tell you when you ask how much money is in the pension pot-I transferred some in),

I don't drive, don't own a house, no long holidays in St Tropez, single, no children (basically the government does nothing more me)

My point was:

Would it not be better to enjoy life at a younger age and be more frugal when I retire than the other way round? In a couple of years, my contributions are likely to be £100 pm net. That adds up to at least one holiday per year for a start.

I believe the basic state pension is £107.45. There's no point owning a property when you retire a sit will just get used to pay for housing (and probably medical treatment given the direction the NHS is going in). I will have no reason to save anything (as no one to leave anything to) so it would be a case of hand to mouth.

At the end of the day, there's a decent change that I'll die without receiving all my pension. I have every intention of working as long as a can.

Whoah!
Blink once- you're 30 . Blink again - you're 40! Blink once more -you're 50!

You'll be retired before you know it pal. Then what'll you do for money!
Trust me, it's closer than you think!

atush

I don't drive, don't own a house, no long holidays in St Tropez, single, no children (basically the government does nothing more me)

Will you always be a renter? If so, you won't have any security and won't be earning equity. Will you always be single and childless? No holidays? What do you spend your money on?

The govt does nothing for you? It didn't pay for your healthcare, your education, the roads you drive on, the police and fire service?

I sincerely hope with the poor lack of knowledge you show that you aren't involeved in anything that some would need to use on a daily basis.

You are really making the biggest mistake of your life not paying into this, and if you need more cash in your pocket go to the Debt free or budget boards and post an SOA and ask for help in trimming your spending as you must be wasting quite a bit.

bigfreddiel

robbiez666 wrote: »

I call them that because they refuse to actually tell you how much has gone into my pension pot. They say 2 years. It means nothing to anyone who doesn't fully understand pensions. It irks me more as I transferred in quite a bit from my previous employer.

this is very strange indeed -i'm in the cs classic scheme and i've transferred in service from previous pensions - every year we get a statement from xaffinity which is very clear as to what our future pension will be.

any time i've called the pension people with a query they have never refused to answer it - I just cannot believe they said to you 'we're not going to answer your question'.


hope that helps

fj

jem16

bigfreddiel wrote: »

I just cannot believe they said to you 'we're not going to answer your question'.

They have answered the question. They have told the OP it's 2 years.

Unfortunately the OP doesn't understand the answer as he's looking for an amount of money and Defined Benefit pensions don't work like that.