Pot size query

tgon

My pension statements only ever show projections and transaction records. Is it important to know the pot size? I've 8 years until I retire at 65.

MoneyWealthKnowledge

Ask for a fund and transfer value from your pension provider.

Projections are exactly that projections! they're based on assumptions.

Jack_Griffin

Mine generally show the fund size & projections. Projections I ignore, preferring to look at historical performance, something which they seem reluctant to show, but for personal pensions if you know the fund names you should be able to look that up on trustnet.

http://www.trustnet.com/

fiesta04

tgon wrote: »

My pension statements only ever show projections and transaction records. Is it important to know the pot size? I've 8 years until I retire at 65.

If it is a Final Salary Pension it will not show the "pot size"

If it is a Personal Pension it should show it.

You need to contact your Pension Provider for details.

F4

tgon

fiesta04 wrote: »

If it is a Final Salary Pension it will not show the "pot size"

If it is a Personal Pension it should show it.

You need to contact your Pension Provider for details.

F4

Its a Nuvos pension.

Jack_Griffin

It seems to be a well documented civil service pension, I don't know what you are worried about?

Try reading it up.

http://www.civilservice.gov.uk/pensions/annual-benefit-statements

tgon

Jack_Griffin wrote: »

It seems to be a well documented civil service pension, I don't know what you are worried about?

Try reading it up.

http://www.civilservice.gov.uk/pensions/annual-benefit-statements

The statements have changed from this. Try to keep up to date.

Linton

tgon wrote: »

My pension statements only ever show projections and transaction records. Is it important to know the pot size? I've 8 years until I retire at 65.

Its a Nuvos pension.

For a Defined Benefit pension ("Final Salary") there is no pot. Your employer has to provide the specified pension no matter how much it costs. The pension you have accrued so far I would guess is in your statement and I would guess the projections are on the basis of you continuing to be employed in your current job until retirement. No further information is needed.

Jack_Griffin

Its a civil service pension! There is loads of stuff online, try doing some research.

I'm not in it & I don't really give a damn about it TBH.

tgon

Linton wrote: »

For a Defined Benefit pension ("Final Salary") there is no pot. Your employer has to provide the specified pension no matter how much it costs. The pension you have accrued so far I would guess is in your statement and I would guess the projections are on the basis of you continuing to be employed in your current job until retirement. No further information is needed.

Thanks - this helped further reading of my (average salary) scheme a little more understandable.

mark55man

i believe an estimate of the pot is by multiplying the expected payment by 20 (in some cases 25).

I think most posters believe a cicil service pension is probably worth a bit more, but those are rough estimates

but as previous posters have said its just notional you don't need the pot, because you have a DB