How Does My Pension Pot Compare?

Albermarle

It's not mentioned how much of your income you are saving /putting in your pension. There are various ideas about this , with your age/time to retirement an important factor .
However it is clear most people do not put in anywhere near enough. The standard 5%employer /5% employee is inadequate for most people and normally needs to be at least double that , especially if your pension projection is looking a bit low.

dunstonh

I have a private pension which I thought was doing ok, but the breakdown of what I might get when I retire compared to that of my partner (who is on a teachers pension scheme) pretty much sucks (and makes me want to switch careers).

The teachers pension scheme is a very good scheme no doubt. However, its also likely your pension projections are understating the likely outcome and you are misreading the assumptions. For example, the figures are lowered and shown with todays spending power. They use an annuity type that nobody buys but is one of the lowest methods you can get.

Of course, you could be paying peanuts in and therefore you will get peanuts out. You dont mention your age or your pension value or current contribution. That info would help.

crv1963

Mr.Anderson wrote: »

I have a private pension which I thought was doing ok, but the breakdown of what I might get when I retire compared to that of my partner (who is on a teachers pension scheme) pretty much sucks (and makes me want to switch careers).

The projected amount I will get varies a lot with my statements every year, so was trying to work out how my pension pot compares to what others have saved.

Has anyone else using the site managed to compare their pension pot? Or can anyone recommend any other sites which allow you to compare the same data?

Hi Mr Anderson- comparing with others is a waste of time. Especially comparing a private or DC pension with a public or DB pension.

My DB pension provision is the basis of my and Mrs CRV pension planning. We both have the same basic professional qualification but diverged in career pathways. I stayed in the public sector and always paid my pension deductions, Mrs CRV went into the private sector and stopped paying pension contributions after the end of SERPs until auto enrollment. Therefore her pension provision is much lower than mine. Now late in the day we are ploughing savings into building her pot up.

Better to do as OMG suggests- work out your personal number- what you and your partner need to live on in retirement. Find out how much SP you'll get and don't split from your partner- I got divorced some years ago and 40% of my pension CETV was transferred to my ex-wife, it really has reduced my pension entitlement, I am having to work a few years longer than I had planned to make up the difference. Oh and yes the lost money was worth it for the happiness I have had since!

I think read around the threads for awhile, learn how others are doing it, ask questions, test plans but don't worry about the eye watering figures some have, what counts is what you have, need and can work towards. Use your partners Teachers pension and your SPs as a basis as it is defined, certain income when the time comes.

We used my DB pension and our SPs and then worked backwards, to calculate-1) how much we actually need- 24k pa nice retirement, - 36k pa very comfortable retirement, 2) how much it would mean saving to reach both and then 3) at what age that would be.

It is no good for your peace of mind to get worked up about what others have either amounts of income or sources of income, that is theirs' and if they have been fortunate/ lucky/ planned better then all you can do is work with what you have available to you. Make the best of what resources you can.

Wenlock

Does it matter what you will get?

If your partner has a teachers pension and you both have the state pension you really have nothing to worry about.

You will have more coming into the household in retirement than many working families.

I would concentrate on making sure your outgoings are sensible.

Thrugelmir

Mr.Anderson wrote: »

The projected amount I will get varies a lot with my statements every year, so was trying to work out how my pension pot compares to what others have saved.

Focus on what your "pot" is currently worth every year. That's a better indication of whether you are getting closer to achieving your personal goals. Futuristic projections have little value. As could have changed by tomorrow.

System

Muscle750 you really do have some serious issues with envy and bitterness. In thread after thread you go on and on about public sector pensions. You are so blinded by your feelings that you even state inaccurate factual information about such pensions. You must be a godsend to the Daily Mail. Get over it and move on or seek professional help.


Don't blame others unfairly, for whatever has happened to your own pension planning.

JoeCrystal

There is a calculator on HL which uses data from an estimate derived from 'Office for National Statistics Individual private pension wealth by age and sex: Great Britain, July 2014 to June 2016' and include defined benefit pension wealth.

https://www.hl.co.uk/financial-advice/pension-comparison-calculator

I am doing better than average for 32 years old or same as 45/46 years old. Still, a long way to go since it never seems to be enough.

Mr.Anderson

Albermarle wrote: »

It's not mentioned how much of your income you are saving /putting in your pension. There are various ideas about this , with your age/time to retirement an important factor .
However it is clear most people do not put in anywhere near enough. The standard 5%employer /5% employee is inadequate for most people and normally needs to be at least double that , especially if your pension projection is looking a bit low.

Yes, 5%/5% this is the naive trap I fell into thinking that if I just matched my employers contributions things would be ok. I'm 40 now, and have only just upped my contributions to 10% (so 15% combined between me and employer), but I'm thinking I should probably go higher, but with a 3 year old and a 6 month old things are pretty stretched as they are.

As for time to retirement... that's the big Q, I guess I will use all the good info above to calculate what size pot I think I need and retire when it's reached. I just hope the result isn't too ominous!

Mr.Anderson

JoeCrystal wrote: »

There is a calculator on HL which uses data from an estimate derived from 'Office for National Statistics Individual private pension wealth by age and sex: Great Britain, July 2014 to June 2016' and include defined benefit pension wealth.

https://www.hl.co.uk/financial-advice/pension-comparison-calculator

I am doing better than average for 32 years old or same as 45/46 years old. Still, a long way to go since it never seems to be enough.

Awesome, thanks Joe that's exactly the sort of thing I was after

bostonerimus

JoeCrystal wrote: »

There is a calculator on HL which uses data from an estimate derived from 'Office for National Statistics Individual private pension wealth by age and sex: Great Britain, July 2014 to June 2016' and include defined benefit pension wealth.

https://www.hl.co.uk/financial-advice/pension-comparison-calculator

I am doing better than average for 32 years old or same as 45/46 years old. Still, a long way to go since it never seems to be enough.

As this does not include anything about income levels it's pretty useless as a planning tool. If you want to do some real planning look at tools like cFIREsim.