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Coming out of final salary early
Flu_strength_Darren
Posts: 40 Forumite
Im on a downer with my work, no pay rise for 4 years and cant see me getting one for the next 4 either.
My pension as a result is not increasing by much at all, about £400 ( costing me € about 3500 a year in contributions) a year. Its worth £10000 a year at my last statement.i plan on stopping work at about 57 so have 7 years left. So i reckon will be worth approx £13000 by 57.
Transfer values at work have been coming in at 35x.
Pension only thing keeping me at current job, but with no payrises im looking at going, however unlikely ill be walking into another final salary.
New workplace pension is employee pays 6% employer pays 10%.
I am aware it cones with a risk, but i cant help but think id be better transfering the 350k or so and invezting it for 7 years and joining the other scheme which i will also be getting about 50k in 7 years.
Is this even possible?? I know my resentment with payrises is clouding my judgement but my pension increase next 7 years is depressing.
Single house paid, sipp with 60k
Another reason for looking at transfer if i snuff it its all gone, youngest gets about 3k a year.
Would be transfering at 57 anyway and if values reduced???
Any thoughts?
My pension as a result is not increasing by much at all, about £400 ( costing me € about 3500 a year in contributions) a year. Its worth £10000 a year at my last statement.i plan on stopping work at about 57 so have 7 years left. So i reckon will be worth approx £13000 by 57.
Transfer values at work have been coming in at 35x.
Pension only thing keeping me at current job, but with no payrises im looking at going, however unlikely ill be walking into another final salary.
New workplace pension is employee pays 6% employer pays 10%.
I am aware it cones with a risk, but i cant help but think id be better transfering the 350k or so and invezting it for 7 years and joining the other scheme which i will also be getting about 50k in 7 years.
Is this even possible?? I know my resentment with payrises is clouding my judgement but my pension increase next 7 years is depressing.
Single house paid, sipp with 60k
Another reason for looking at transfer if i snuff it its all gone, youngest gets about 3k a year.
Would be transfering at 57 anyway and if values reduced???
Any thoughts?
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