How many pensions do you have?

enthusiasticsaver

I have 2 plus state pension and 1 SIPP plus investments and property (currently being sold) which all form part of my pension provision plus my husbands much healthier pension.

I thought it would be interesting to see if my pension provision is typical especially with women or men who have worked part time to ties in childcare/elderly relative responsibilities.

I am retiring early at the end of this year 2 months shy of my 58th birthday. I have worked on and off since 18 with hours varying from 17.5 hours per week to full time. I had a 3-4 year career break on maternity and unpaid leave to have 2 children and 1 year off to retrain in 1998.

In total I have had 3 employers over my working lifetime plus a temporary contract while retraining. I have a guaranteed minimum pension from my first employer. I worked for my second employer for 9 years and transferred the occupational scheme into my current LGPS.

My husband on the other hand worked for his employer for 36 years and has one pension which he is now drawing on.

Anyone else care to share or comment? I have been modelling our pension income for the next 8.5 years until we both reach state pension age and realised how much we focused on my husbands pension and really we should have been focussing on mine. Luckily I have other assets but I wonder how many other part time workers will struggle in retirement.

TheTracker

Surely you'll get a full spread of answers. I suspect most people have several pots.

I was only 'employed' for a few years before going it alone almost 20 years ago. Boundaries are very blurred these days in terms of employment vs self employed vs contracting vs owning a business.

As I don't include the SP in my personal forecasting I dont use the word 'pension' at all. I have a SIPP - tax deferred savings with a long maturity date. Retirement will mean drawing down on that, and an ISA, and unwrapped savings. And since 'employment' is long forgotten concept in my household, maybe some dabbling to bring in some extra cash and keep the neutrons firing.

I'm looking forward to early retirement and taking my kids to school

PompeyPete

Armed Forces Pension [22 years]
War Disablement Pension [20%]
Civil Service Pension [only did 10 years, but it's better than nowt.
OAP in a couple of years time.

OldBeanz

It was not until George Osborne brought in the latest reforms that we focussed on the wife's pension. While she will have enough to ensure she pays taxes when she retires it was the ten year gap that could not be filled as she was not going to be able to use flexible drawdown. The change means she is now paying all her salary into AVCs and a SIPP thereby paying no income tax and benefiting from the tax uplift for the rest so receiving tax credit on the way in and tax free on the way out.

enthusiasticsaver

OldBeanz wrote: »

It was not until George Osborne brought in the latest reforms that we focussed on the wife's pension. While she will have enough to ensure she pays taxes when she retires it was the ten year gap that could not be filled as she was not going to be able to use flexible drawdown. The change means she is now paying all her salary into AVCs and a SIPP thereby paying no income tax and benefiting from the tax uplift for the rest so receiving tax credit on the way in and tax free on the way out.

Good plan. I invested in a SIPP but went down the route of stocks and shares isas rather than AVCs. What age does your wife plan to retire?

comeandgo

I am female, have one final salary pension. It will give me half of salary, had my children when very young so back in full time work for nearly forty years.

enthusiasticsaver

comeandgo wrote: »

I am female, have one final salary pension. It will give me half of salary, had my children when very young so back in full time work for nearly forty years.

That sounds brilliant. Do you know when you plan to retire?

ERICS_MUM

Occupational pension from working for the same company for 37 years. Final salary, non-contributory. I retired at 55 through ill health and went straight onto full pension, no deduction for taking it early. I'm very lucky that I held on to this benefit.

Number75

1. State pension, one day maybe

2. £112 in a DC pot from a student job when I was 19 that I was auto-enrolled to one month when I did loads of overtime and went over the threshold

3. Pension from employment that I cashed back in and paid tax on when I left after 18 months age 25. Had I left it, it probably would have been one of those fab CETVs that you see at the moment! But I don't regret it - I used it for a deposit on my first home and I made a lot of money on that AND I got the benefit of living in it. So no regrets.

4. A pension from current employer of 18 years, a mix of FS, CARE and CARE to a max then DC - it's changed a bit!

5. A personal pension that since I turned 40 two years ago, I have really focused on because of the tax relief. Currently has £90K in it. It's a high priority for me - I love my job, but I want to have a choice when I finish.

I am frequently amazed at how much some "ordinary" people on here have - but I'm too young for the days of 30 years in one FS scheme! And I think what I have saved so far would be the envy of many - and they'd be amazed at mine!

Pension is a high priority for me, but so is enjoying things money can buy whilst I'm young and healthy.
I'm happy with my choices so far!

Number75

Oh and I'm female - I had a very short spell of part time work in my first year back (when my pension was FS so I wasn't too concerned about a temporary reduction in pay). Then it went CARE during that year I was part time (80% hours). Looking ahead to my pension was a definite factor in my decision to work full time. I was fine on 80% pay day to day, but didn't want 20% less pension for my retired life.

Drp8713

LGPS
LGPS AVC (Pru)
SIPP

If you count other retirement planning:

S&S ISA
S&S LISA

I transferred my two previous occupational DC schemes into the LGPS when I joined.