Suggestions??

antdon

Hi Everyone

I am after any suggestions or advice you may

offer....

I am 59 this month

I currently have 2 pensions

Pension 1
A superannuation pension (deffered) MPF
This is due to pay in march next year..
Pension £6233
Lump £18700

Pension 2
My current works pension
Aviva Plan for my company
Current plan value is £50200
My company currently pay in £237 per month

I currently have little in the way of savings (10K)ish


Any advise or suggestions would be very gratefully recieved.....

NoMore

Suggestions or advice on what ? You haven't given us much to go on.


What's your goals ? Retire in 'x' years, maximise future pension income versus current income? etc.


I suppose one suggestion is to check your current State Pension Forecast, but beyond that without more info can't give more a the moment

Dazed_and_confused

I suggest a question or some indication of why you have posted on this board would be useful.

Triumph13

If you have a full SP, or pay voluntary NICs to get one, then that plus your DB pension would give you just over £14k pa after tax to live on. Is that enough? If it is you could retire at 60 and use the current works pension to fill the gap until your SP starts 6 years later.
If that isn't enough then you'll need to keep working. Does the DB pension increase if you defer it?

dunstonh

Any suggestions should be made after ascertaining what your financial situation is. Your needs and objectives, taxation and personal circumstances (both you and financial dependents. e.g. spouse). As such, there is very little to go on. We dont even know if you are retiring or carrying on working.

atush

You need to decide when you want to retire, and how much income you need. In the mean time you need more cash savings and to put more into pensions

antdon

Many Thanks for all the replies.

I am married.
Wife is 17 years younger, working, but probably no chance of retiring in the foreseeable future.
One 14 year old son.

My current pay is £34k
I own my home outright
And have no debt..

State pension forecast is £164.35/week £8575.55/year

My health is not great, but I was looking for ideas for.
1. Increasing my pension when I am 66....
2. Or Options for retiring early..

Please excuse the lack of detail.
I am just an average guy who has started looking at his pension for the first time.... And trying to get my head around it...

LHW99

Increasing my pension when I am 66....

Can you pay more into your current scheme? And would your employer pay more if you did?

Dox

With a 14 year old child, and so little by way of rainy day savings, probably increasing those would be worth considering.

antdon

LHW99 wrote: »

Can you pay more into your current scheme? And would your employer pay more if you did?

I can add to the works pension, but the company will not match it.

xylophone

Pension 1
A superannuation pension (deffered) MPF
This is due to pay in march next year..
Pension £6233
Lump £18700

MPF?

Presumably the name of the employer? This is a deferred Defined Benefit Scheme where normal pension age was 60?

How does the pension increase in payment?

You will be receiving around £520 (gross) a month in addition to the salary from employment from March next year.

This should enable you to consider making additional contributions to your current pension scheme?

The lump sum will give you an emergency fund - when you you receive it, you can check out which accounts will give you the best return on your savings.