Career average Pension

crv1963

RyanIre wrote: »

Joe much appreciated

That appears much better than my current 8% contribution
I suppose the only negative appears to be the 68 pension age, if I didn't transfer in my DC pension pot could I retire at say 65 and still be eligible for the LGPS pension?

Also the £255 per month contribution is only 6.8%, that seems quite low conpare dot any private sector firm I've worked for!

Hence my suggestion about further reading and then planning an earlier retirement date.

We started much later in life than you in planning but we looked at -

1) What retirement income do we need (basically covers the outgoings an EU holiday pa)/ would like ( take up new interests, annual long haul holiday, an EU holiday, run two cars)/ wish for (two or more long haul holidays plus possible holiday cottage).

We decided to try for the would like version.

2) What starts when- DB, DC and ISA savings pots-

DB - 58 to get the maximum pension in my scheme
DC- anytime after age 55
ISA- whenever we want.

3) How will we pay mortgage off? TFLS to finish it after a few years of overpayments(not vast sums).

4) Where is the best place to put savings? For us SIPP but you may find a combination of SIPP, PP or LISA or ISA?

Play around with your figures- pick a target age to go and how to fund it, allowing at 35 the target may change, the rules certainly will but you can only plan within the rules as they are currently.

Good luck.