47 and no pension
Bobby_Bouche
Posts: 89 Forumite
Having done most things later in life sadly I neglected to arrange a pension.
I had one in 2009 to 2011 via work but apart from that not done one.
Worked some years so I doubt I will get a full state pension.
What are the options for someone like myself? I am about to go back and work for the local authority so will be working full time again
I did do a search here but was not able to see anything similar.
Thanks in advance.
I had one in 2009 to 2011 via work but apart from that not done one.
Worked some years so I doubt I will get a full state pension.
What are the options for someone like myself? I am about to go back and work for the local authority so will be working full time again
I did do a search here but was not able to see anything similar.
Thanks in advance.
0
Comments
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Well on the positive side;
(a) you still have about another 20 years until you retire; and
(b) you might well be eligible to join the Local Government Pension Scheme (LGPS)
The LGPS is a career averaging scheme, but it's pretty generous in that it pays out 1/49th of salary for each year of accrual. So if you work 20 years, you'll get about 40% of your average salary. And then your state pension too. You can check how much the government thinks you'll get in state pension online based on historic and predicted future NI contributions, but this itself will be about £9,100 pa based on 2020/2021 levels
You'll have to make some contribution to it, see here;
https://www.kentpensionfund.co.uk/__data/assets/pdf_file/0010/35587/A-brief-guide-to-the-local-government-pension-scheme.pdf
But it has to be about one of the best schemes going.
On top of that, you might consider paying into a SIPP or making AVCs to LGPS."Real knowledge is to know the extent of one's ignorance" - Confucius1 -
Have you obtained a state pension forecast?
https://www.gov.uk/check-state-pensionI had one in 2009 to 2011 via workWhat kind of pension? What has happened to it?
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xylophone said:Have you obtained a state pension forecast?
https://www.gov.uk/check-state-pensionI had one in 2009 to 2011 via workWhat kind of pension? What has happened to it?
It's a Group personal pension plan. The company I had it with is AEGON.
Plan value/transfer value is £5,046 in 2012.
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You should try to fill your NI contribution gaps while you can, to enhance your state pension entitlement. Get a state pension forecast as suggested above and see if you have any NI contribution gaps in the last six years. If you have, fill what you can now. Fill the oldest year first, as you will have more money to fill the more recent years in the 20/21 tax year.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.1
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If you think that you are likely to spend the next twenty years in LG, you might wish to consider asking whether you could transfer in the Aegon Pension to buy benefits in LGPS.
https://forums.moneysavingexpert.com/discussion/6102994/lgps-transferring-dc-pension-pot-into-the-lgps#latest
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I don't think I will be with the LA for more than 3 years. I will move to agency work as a Locum after roughly 3 years. I will speak with an IFA about the older pension.
NI contributions have just been paid from 2013-2018 to address gaps.
Thanks to all for the help and information.
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Bobby_Bouche said:I don't think I will be with the LA for more than 3 years. I will move to agency work as a Locum after roughly 3 years. I will speak with an IFA about the older pension.
NI contributions have just been paid from 2013-2018 to address gaps.
Thanks to all for the help and information.
People often say you need to commit about a third of your salary to replicate a DB pension.
Will agency work be that lucrative (and regular)?There is no honour to be had in not knowing a thing that can be known - Danny Baker1 -
zagubov said:Bobby_Bouche said:I don't think I will be with the LA for more than 3 years. I will move to agency work as a Locum after roughly 3 years. I will speak with an IFA about the older pension.
NI contributions have just been paid from 2013-2018 to address gaps.
Thanks to all for the help and information.
People often say you need to commit about a third of your salary to replicate a DB pension.
Will agency work be that lucrative (and regular)?0 -
zagubov said:Bobby_Bouche said:I don't think I will be with the LA for more than 3 years. I will move to agency work as a Locum after roughly 3 years. I will speak with an IFA about the older pension.
NI contributions have just been paid from 2013-2018 to address gaps.
Thanks to all for the help and information.
People often say you need to commit about a third of your salary to replicate a DB pension.
Will agency work be that lucrative (and regular)?
All good agencies have auto-enrollment, only a basic pension, but still better than nothing.
OP, why are you thinking about doing temp / locum work? Most people stick around councils / universities etc due to the pensions and holidays, they put up with the not-so-good wages as they know retirement will be covered.Mortgage started 2020, aiming to clear it in 2026.1 -
MovingForwards said:zagubov said:Bobby_Bouche said:I don't think I will be with the LA for more than 3 years. I will move to agency work as a Locum after roughly 3 years. I will speak with an IFA about the older pension.
NI contributions have just been paid from 2013-2018 to address gaps.
Thanks to all for the help and information.
People often say you need to commit about a third of your salary to replicate a DB pension.
Will agency work be that lucrative (and regular)?
All good agencies have auto-enrollment, only a basic pension, but still better than nothing.
OP, why are you thinking about doing temp / locum work? Most people stick around councils / universities etc due to the pensions and holidays, they put up with the not-so-good wages as they know retirement will be covered.
Thank you once again. Some food for thought indeed.2
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