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Have we got enough

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  • allyl22
    allyl22 Posts: 17 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    I am currently putting the maximum into my work pension. The DB pension I mentioned is a previous employment . I probably could put more into my SIPP as currently we are saving £2k per month into a Marcus account. That also is used for the annual ISA allowance for us both. 
  • allyl22
    allyl22 Posts: 17 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Thank you to all that commented I really appreciate your thoughts.
  • hemeloid
    hemeloid Posts: 17 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Given you will have significant reserves in ISA & Cash,  have you considered opting for higher annual payments from your DB pensions by foregoing the lump sums? Depending on commutation rules of the DB schemes, this could add around £5k pa (combined) for life (and index-linked, probably). 
    As you have a January birthday, it is worth checking with your DB scheme to see whether there is any advantage in holding off your retirement until the April (i.e. end of financial year). There are instances where indexation rules can mean it is to your advantage financially.
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