How much is in my pension pot?

mcraig67

I know this is an obvious question, but given the govt's recent announcement that pots can be withdrawn to cash, I thought i'd check. But none of my annual pension documentation tells me the size of my pot/fund. They only tell me what to expect by way of an annuity when I retire.

So, Ive paid into a local govt superannuation scheme for 20 years. I'm 46. My salary is £35k. Can anyone tell me roughly how much my fund/pot would be worth if I cashed it in today?

dunstonh

But none of my annual pension documentation tells me the size of my pot/fund. They only tell me what to expect by way of an annuity when I retire.

You are in the LGPS. You dont buy an annuity with that.

So, Ive paid into a local govt superannuation scheme for 20 years. I'm 46. My salary is £35k. Can anyone tell me roughly how much my fund/pot would be worth if I cashed it in today?

You cant cash it (it would be extremely silly if you could). The changes have nothing to do with the type of pension you have.

jem16

mcraig67 wrote: »

I know this is an obvious question, but given the govt's recent announcement that pots can be withdrawn to cash, I thought i'd check. But none of my annual pension documentation tells me the size of my pot/fund.

That's because the LGPS is a Defined Benefit pension scheme. You don't have a pot of money - you have guaranteed benefits when you retire.

They only tell me what to expect by way of an annuity when I retire.

What they will be telling you is how much pension you will receive each year and how much of a tax free lump sum you will have. This is not an annuity as this does not apply to your type of pension scheme.

So, Ive paid into a local govt superannuation scheme for 20 years. I'm 46. My salary is £35k. Can anyone tell me roughly how much my fund/pot would be worth if I cashed it in today?

You cannot cash it in today and the new rules only apply to defined Contribution schemes and only from at least age 55.

Your LGPS is far more valuable than anything you could do by cashing it in. Currently it will give you a pension of 20/80ths of £35k which is £8750 plus an automatic lump sum of £26,250. You will obviously be adding to this over the next 20/25 years until the scheme retirement date.