Unlikely to get close to qualifying for pension, best options?

thegreenone

Do you have exact figure needed to top up the part years? Perhaps you could start doing this now. I wrote and asked and have 2.5k to pay by 2019 but that's doable for me. Fingers crossed for your health.

greenglide

FPC = Future Pension Centre.

The are the DWP department that does pension forecasts. See https://www.gov.uk/future-pension-centre

Telephone contact details:-

Future Pension Centre helpline
Telephone: 0345 3000 168
Telephone from outside the UK: +44 (0)191 218 3600

molerat

Lungboy wrote: »

I just called them, the figure is £0 until 10 years, then it would be £44.something.

Which technically is correct and you have obviously managed to speak to the front line "computer says" call handler. If you want to pursue the pre 2016 purchases you need to speak to someone who can do all the calculations or at least give you the full figures which will be available to them. Hopefully the contact posted above will be able to help with the question of "what is my 2016 starting amount used in your calculations".

Lungboy

molerat wrote: »

Hopefully the contact posted above will be able to help with the question of "what is my 2016 starting amount used in your calculations".

That's the number I called. Maybe a written enquiry would produce a more thorough response.

zagubov

Be careful of buying AVCs, compared with paying more into other pension pots.

The AVC provider may be giving good advice but does have a vested interest in selling you the AVCs. If the LGPS has other ways of paying for future pensions, you should find a union official or a more senior colleague who can talk you through the advantages.

Good luck!

Lungboy

If I plan based on my health not deteriorating too badly and I get to SP age, my combined pension will end up roughly the same as my current wage, which would be plenty to live on as mortgage will be paid off etc. With that in mind I'm now leaning towards a s&s isa to give me access to my money should I need it in the short to medium term and hopefully I'll end up with a nice pot in 30 years time. It just seems a shame to lose out on the tax break of investing pre-income tax.

atush

It isnt either or with pensions and S&S isas- it is both. So split your spare cash between both.

Lungboy

I was worried that would spread myself too thin so as to be pointless. I could do £50 a month into s&s and £50 a month into either avc or LiSA. Would that be a reasonable solution?

Lungboy

molerat wrote: »

Which technically is correct and you have obviously managed to speak to the front line "computer says" call handler. If you want to pursue the pre 2016 purchases you need to speak to someone who can do all the calculations or at least give you the full figures which will be available to them. Hopefully the contact posted above will be able to help with the question of "what is my 2016 starting amount used in your calculations".

Well I've emailed the FPC, let's see what they say. They won't be able to give me a direct figure over email as they can't verify any details, but I've asked how to find out the value given that their call handlers say the value is £0.

Lungboy

Lungboy wrote: »

Well I've emailed the FPC, let's see what they say. They won't be able to give me a direct figure over email as they can't verify any details, but I've asked how to find out the value given that their call handlers say the value is £0.

No reply from the FPC yet. I still can't decide what's best to do for the future. Lisa vs S&s isa vs avc vs PPP vs SIPP is too many conflicting pros and cons.