How many pensions do you have?

Thrugelmir

State , SIPP and 2 DB's.

I've swept up all my ad-hoc pensions that I've accumulated over my working career into my SIPP.

Have already reached the maximum state pension (plus a little more).

Currently contribute to a DB scheme which is by analogy mirrored to the Civil Service one. Buying extra pension as well. In addition continue to pay into the SIPP on a monthly basis.

enthusiasticsaver

TheTracker wrote: »

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

Yes I think the days of working 40 years for the same employer and retiring with final salary are gone. At least you will have total control of your income in retirement. We have not counted on the state pension mainly because we are retiring early so will have to wait for it anyway. Once our state pensions kick in we will actually have a higher income than when we were employed.

worried_jim

enthusiasticsaver wrote: »

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.

We can let them run it for us or we can choose from about 18 different funds. We can compare them all together over any time frame so we looked at the last 5 years and made our choices. The American property fund was +154% over 5 years but I went for-

Japan equity fund +26% last 12 months
Emerging markets +33% last 12 months

One guy has gone all in on American property (ballsy), another has divided his across 4 different funds equally. My boss has copied me for his wife's choices!

We can change at anytime but we've agreed to resist looking at the funds performance until November as we would go mad on a daily basis- I know of one chap who claims to change his funds monthly- I must have a chat with him on Monday.

When we first started this we spent the following month discussing compound interest on a daily basis! We are so sad!

enthusiasticsaver

worried_jim wrote: »

We can let them run it for us or we can choose from about 18 different funds. We can compare them all together over any time frame so we looked at the last 5 years and made our choices. The American property fund was +154% over 5 years but I went for-

Japan equity fund +26% last 12 months
Emerging markets +33% last 12 months

One guy has gone all in on American property (ballsy), another has divided his across 4 different funds equally. My boss has copied me for his wife's choices!

We can change at anytime but we've agreed to resist looking at the funds performance until November as we would go mad on a daily basis- I know of one chap who claims to change his funds monthly- I must have a chat with him on Monday.

When we first started this we spent the following month discussing compound interest on a daily basis! We are so sad!

:rotfl: I resist looking at my investments any more often than every 6 months. I don't have the confidence or knowledge yet to make my own choice of funds so just stick to the boring but apparently well balanced and diversified LS fund. One thing I do know though is chopping and changing funds frequently incurs lots of charges so yes your colleague may regret moving funds constantly. Those Japan and Emerging Markets funds have done well.

I don't think I would sleep at night sticking it all in American property especially now.

resk

I have two pension pots right now. One has all the employer contributions for the first seven or so years I've been with my current employer, the other one is the one that's getting the monthly contributions now. My employer changed pension provider in June 2016. Prior to this date, the employer put in 9% of our basic salary with no requirement for any employee contributions. Now, if we want the 9%, we have to put in 6%. Lots of colleagues were fizzing at this - some put in eg. 4% to get 7% from the employer, and some opted out altogether. I've told them they are passing up free money....

Like a lot of people, I used to take the attitude of "it's too far in the future / I'll be dead of super-AIDS by then" and didn't pay any extra in (despite repeated nagging from my old man!). I changed this attitude after doing a bit of research and now I put in as much as I can in addition to the 9% from employer. I got close to the £40K max last tax year and I'm on course to do the same this year.

I could combine the pots, but right now it's interesting to compare their performance. I'm slowly learning about funds, bonds and the like, thanks to this and other sites. I have a good job, but it's not really my "calling". I don't want to do it my whole life and I'd like to enjoy retirement (and retire as early as possible!).

For context, I'm 37 and single.

Thrugelmir

enthusiasticsaver wrote: »

Yes I think the days of working 40 years for the same employer and retiring with final salary are gone.

Well gone. Over 2 decades ago.

I had no opportunity to join a pension scheme when I first started work at 17. On my fathers advice. I started with £10 a month into a S32 policy. Which was about 8% of my take home pay. Still thank my father for his foresight to this day.

Dragon_Lily

I have 4 pensions
1. DB via LGPS (11 yrs) deferred and will have to take at 60.
2. DC pension around £80K
3. DC around £5k deferred will look at maybe transferring to higher DC pension pot at some point.
4. DB current employer - 2 years so far

I've not had very high paying jobs, mainly full time admin (now part-time through choice) but have always paid into a pension since I was 20 yrs (53 now). I want to retire at 60 and hope to have a modest amount by then, although not as generous as some on MSE I'm married and husband has DB and DC pensions. Mortgage will be paid off in 6 years, so will be just about the right time for me if I want to give up work at 60.

atush

Between us, 5 DC, 2x UK SP, 2x Jersey SP, 1x USA soc Sec

kidmugsy

enthusiasticsaver wrote: »

That's unfortunate. Are you worried about retirement finance or are you looking to something else to finance it like property?

No worries. In a way the point I was making is that the rules were different in other times and other places. If you were young you might not have been allowed to join a pension scheme. If you changed employer you might just have your pension rights evaporate, rather than automatically getting a deferred pension. Or you might get a refund of contributions instead of a deferred pension. Or your pension might not include a widow's pension, or might not include automatic inflation-protection.

As desirable features were added to DB pensions by law the pensions became more and more expensive to provide, hence their being closed in large numbers.

thatoldchestnut

35 year old male, I've paid into the LGPS since 2009, which until 2014 was final salary, and since then has been a CARE scheme. From my rough calculations, by April I will have accrued enough service for it to give me £3,200 per year in retirement (in today's money). Before the scheme changed in 2014, I used some of my savings to pay more of my salary into the scheme, so I will hopefully get an extra £1,500 per year, which will also be adjusted for inflation.

I don't know how much longer I will be lucky enough to have this benefit, but I want to pay into it for as long as I can.