Pointless pension?

hugheskevi

How many men can expect to live to over 90 in the UK

More than half who are 65 now

2010-based UK cohort life expectancy for males aged 65 in 2012 (principal projection) is 21.3 years, so the forecast will be less than 50%.

Source: Table D1 at this link.

(although no one ever went bankrupt betting it would be more than forecast)

McKneff

usignuolo wrote: »

My OH has recently had a quotation from a small pension plan to which he contributed for a few years in a particular company. He ceased contributing about 5 years ago and the pot now contains £11,000.

The quote assumes he will take a £2,750 pension pot leaving £8250 for an annuity. The yearly rates quoted for this are from age 65: single life level lifetime annuity, 5 year guarantee, £376; single life level lifetime annuity no guarantee, £377.
,
It really doesn't seem worth it, taking a pension that is, for such a derisory amount or am I missing something? How much is the maximum lump sum he could take?

Well, it's better than a smack around the chops with a wet haddock

jamesd

hugheskevi, thanks, I'd misread a table. Fixed with link added - thanks for that table, I hadn't found the 2010-based detailed ones.