How many pensions do you have?

sandsy

Deferred DB (10 years)
Current employer DC
SIPP, also now incorporating an ex-employer DC
Very small overseas ex-employer DC that still needs transferring to U.K.

worried_jim

I've got three + State.
Legal + General 100% kamikaze funds
Friends life a more balanced approach
Company scheme split equally across Japan and emerging markets.

23 years saving with 12 years until I reach 55. I think I'm doing okay and this year my funds should increase by more than my current salary. We have a pension club at work and every November we get together to review our company scheme and boast about who has increased the most, its very competitive.

kidmugsy

There are two pensions I don't have. (i) I have some rights to an Australian pension that I won't get because it's means tested. (ii) I was obliged to remove my money from an Australian superannuation scheme when I changed jobs because that was the rule covering me at the time. When I returned to the UK I was able to put that money into a Section 226 retirement annuity policy.

There might be a (iii): tiny bits and bobs in the UK, long since lost because the laws were different in those days. Plus conceivably some sort of minuscule right to US Social Security but if so it would presumably be a few cents a week and anyway any documentation was lost decades ago.

enthusiasticsaver

Number75 wrote: »

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.

Sounds like you have it sorted. I have to say having discussed this with my mum earlier on one thing we did not focus on was my pension when our children were small only my husbands which we overpaid on considerably as his job was long hours and lots of travel. It is not so much of an issue as our money is joint but my sister who is just a few years younger than me and has similar working history and low pension is now going through a divorce after 29 year marriage and the big disparity is between her pension and her ex husbands which is much better.

Same with my husband. His will be 3 times bigger than mine because he did not work part time as he left childcare responsibilities to me. If we divorced I would be left high and dry with very little pension although I have more investments, assets then him due to inheritance.

Well done for looking ahead and making provision for retirement. Great you love your job too.

enthusiasticsaver

Drp8713 wrote: »

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.

Sounds like you did the same as me except I did not go for the Pru AVC but did transfer my previous occupational scheme into the LGPS and took out a SIPP. I do not have a LISA. Can I ask how old you were when you started paying more into AVCs and ISAs?

enthusiasticsaver

I know this forum is not typical and obviously most people on here are financially savvy but it is interesting to see how many people plan ahead for retirement. I keep impressing on my daughters how important it is to make provision for retirement but I think they, like I did at that age saw retirement as something which would happen in the distant future and no need to worry about it in their twenties and thirties.

We are luckily fairly well set up but having seen my sister having to go through a divorce in her fifties after a long marriage and worry about pension after thinking she was all set because her ex had a decent civil service one it makes me think that I also relied too much on my husbands and did not place enough emphasis on mine.

LXdaddy

I had 1 company pension - which is actually 2 sections (a DC and a DB part) plus AVCs built up over 35 years. Prior to working for that company I had built a grand total of ZERO in pension entitlement thanks to changing jobs before any value was transferable. Plus a State Pension which is currently deferred.

My OH has a very small company pension plus State Pension which was originally deferred then taken for a while and then de-retired and is about to come back into payment.

enthusiasticsaver

kidmugsy wrote: »

There are two pensions I don't have. (i) I have some rights to an Australian pension that I won't get because it's means tested. (ii) I was obliged to remove my money from an Australian superannuation scheme when I changed jobs because that was the rule covering me at the time. When I returned to the UK I was able to put that money into a Section 226 retirement annuity policy.

There might be a (iii): tiny bits and bobs in the UK, long since lost because the laws were different in those days. Plus conceivably some sort of minuscule right to US Social Security but if so it would presumably be a few cents a week and anyway any documentation was lost decades ago.

That's unfortunate. Are you worried about retirement finance or are you looking to something else to finance it like property? I often wondered how people who worked abroad coped as presumably that also means the state pension is lower too due to paying no NI.

enthusiasticsaver

worried_jim wrote: »

I've got three + State.
Legal + General 100% kamikaze funds
Friends life a more balanced approach
Company scheme split equally across Japan and emerging markets.

23 years saving with 12 years until I reach 55. I think I'm doing okay and this year my funds should increase by more than my current salary. We have a pension club at work and every November we get together to review our company scheme and boast about who has increased the most, its very competitive.

What a brilliant idea to have a pension club and nothing wrong with a bit of healthy competition. Sounds like you will be fine. You sound like you are quite au fait with investing. I went for the lazy approach and bought the Vanguard Lifestyle 60 for my SIPP and stocks and shares ISA.

enthusiasticsaver

sandsy wrote: »

Deferred DB (10 years)
Current employer DC
SIPP, also now incorporating an ex-employer DC
Very small overseas ex-employer DC that still needs transferring to U.K.

Sounds as if you are well set up too. When did you get into SIPPs? I have only in the last few years set one of those up so quite late to the party