Projection question

sandsy

Yes, the annuity rate used to convert the pension pot into an annuity looks about right for annuity shape you've stated.

I can't quite match the projected pension pot but I'm not too far out.

I don't understand the Aviva quotation bit and I can't get anywhere near replicating it on Aviva's quick quote online. It takes account of postcode which standard projections don't.

Effectively, the rollup of your current pots and the £500pm planned contributions will double your pension pot in today's terms. I would therefore expect the Aviva quote to be about half of the projected annuity unless you live in a postcode area with very poor longevity.

iFart

For pension projection illustrations, all insurance companies have to use the same rates (from the FSA or the one that replaces it PRA) that convert the fund into an income.
This is to ensure that comparing illustrations from different companies is easier.
Once you are within a year to retirement, a company can use their specific annuity rates to convert from the fund to the income.

HTH