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How much money do I need to put in my pension

darren1977_2
Posts: 4 Newbie
I have just received my pension statement, which I havent seen for some time - due to leaving my employment and moving house a couple of times.
I have a staff link company pension plan (whatever that means)?? I know my employer wasnt paying anything in to the pension it was my contributions only - and like I said I left that employment about 4 years ago - so I assume at that time the pension was frozen.
I cant remember exactly how much Ipaid into the pension, but it wasnt a lot £1500 I think - the fund now stands at £7800.
I am now self employed and approaching my 30th birthday, and think its time to start paying into a pension again.
1. Do I start paying into the pension I currently have or do I move the money and start paying into a new scheme??
2. How much money should I be putting into a pension now - e.g. If Ipaid £100 into the pension fund each month - what sort of pension would that give me at age 65.
Any help greatfully received!!!
I have a staff link company pension plan (whatever that means)?? I know my employer wasnt paying anything in to the pension it was my contributions only - and like I said I left that employment about 4 years ago - so I assume at that time the pension was frozen.
I cant remember exactly how much Ipaid into the pension, but it wasnt a lot £1500 I think - the fund now stands at £7800.
I am now self employed and approaching my 30th birthday, and think its time to start paying into a pension again.
1. Do I start paying into the pension I currently have or do I move the money and start paying into a new scheme??
2. How much money should I be putting into a pension now - e.g. If Ipaid £100 into the pension fund each month - what sort of pension would that give me at age 65.
Any help greatfully received!!!
0
Comments
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1. Do I start paying into the pension I currently have or do I move the money and start paying into a new scheme??2. How much money should I be putting into a pension now - e.g. If Ipaid £100 into the pension fund each month - what sort of pension would that give me at age 65.
£100 is a small contribution by todays standards. If you spend 30 years putting £100pm in then you should really expect to get more than £250pm coming out.at age 65.
Will you be able to afford to retire at 65? Your state retirment age is 67. So unless you invest enough to fund that 2 year gap, you will almost certainly be looking at retiring at state retirement age and not earlier.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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