Is Final Salary pension be enough when i retire?

spakkaman

I was in a final salary scheme for 25 years until I 'retired' at 55. I decided 20 years ago to give myself some independence by investing is a Free standing AVC with Skandia. The amount wasnt huge per month but that now sits at something like £140K after pumping in close to £50K (inc tax relief I guess). I continue to save and will bump up contributions as the tax relief is very attractive. The reason I did the AVC was two fold - to give me 'sod off' power with my employer and also to support an early retirement. I am really glad I did it.

Debt_Free_Chick

davidm1 wrote: »

im on a Final Salary pension, so i can't put more money in.

will it be enough when i retire in 50 years time?

obv i have ISA saving but should i be thinking private pension on top of the FS pension?

How old are you?

What does the FS scheme provide? 1/60th of final salary or something else?

Annie1960

davidm1 wrote: »

im on a Final Salary pension, so i can't put more money in.

will it be enough when i retire in 50 years time?

obv i have ISA saving but should i be thinking private pension on top of the FS pension?

Maybe you can't pay any more in to your final salary pension, but you can get an AVC (added voluntary contributions). Your employer may have a linked AVC, or you could consider a free-standing AVC.

When I was younger and in your position I went to see an Independent Financial Adviser to help me make decisions about extra pension, ISAs etc. It is useful to have someone independent to help you think it through.