Am I On Track?

1813

Hi,
I just wanted to ask as a general consensus if you think I am on track with my pension ? 
I have a db pension from the civil service which pays around £4000 a year currently with a lump sum of around £17,000. I also have 18 years on my state pension record so far and for the last two years, have been working for the NHS, on and off, as a bank worker, working in Administration.
I am currently 38 years old.
Any help much appreciated.
Regards

Albermarle

Even for a general comment , you need to supply more detail, Such as
Are you now a member of the NHS pension scheme as a bank worker ?
Do you have any other savings/investments?
Do you have a house/mortgage/family to support?

AnotherJoe

OK so currently when you retire you'd get SP £9k and £4k DB  =  £13k in todays money.

Enough to subsist on and not much more.

So whatever you'd get from the NHS would allow more "discretionary" spending and can be regarded as your "real" pension for holidays days out whatever.

But maybe that wont be much if you'll be working part time (if thats' what "on and off" means) ?

So perhaps look to see if you can afford add to a private pension,  or will the NHS allow AVCs or similar?

crv1963

I'd suggest that you ensure you are contributing to the NHS Pension to start with, then as the 2015 Scheme is career average try to secure a permanent post if that suits your personal circumstances. Then look to what you actually want as a retirement income, what you can afford to contribute currently to make up any shortfall between "want when retired" and "currently projected to get when retired".

When you know the shortfall you can plan the best way forward for you, be that additional NHS contributions- read the scheme rules look at "increasing my pension" on the NHSBSA website or look at other tax effective savings be that LISA, ISA or some form of Personal Pension.

Thrugelmir

Two very good DB schemes. Become debt free you'll be set for life. 

1813

Albermarle said:

Even for a general comment , you need to supply more detail, Such as
Are you now a member of the NHS pension scheme as a bank worker ?
Do you have any other savings/investments?
Do you have a house/mortgage/family to support?

Yes I am a member of the NHS scheme. I have been a member for two years. No I don't have savings really but I have investments that I could sell, maybe make 10k plus.
I live at home - I cannot really afford living costs when I worked for the civil service but it is possible I may be one day able to rent a very modest property as I do not own a home. It is too expensive. I am single. 

1813

AnotherJoe said:

OK so currently when you retire you'd get SP £9k and £4k DB  =  £13k in todays money.

Enough to subsist on and not much more.

So whatever you'd get from the NHS would allow more "discretionary" spending and can be regarded as your "real" pension for holidays days out whatever.

But maybe that wont be much if you'll be working part time (if thats' what "on and off" means) ?

So perhaps look to see if you can afford add to a private pension,  or will the NHS allow AVCs or similar?

Ty for your reply. I will look into this, see what happens. 

1813

crv1963 said:

I'd suggest that you ensure you are contributing to the NHS Pension to start with, then as the 2015 Scheme is career average try to secure a permanent post if that suits your personal circumstances. Then look to what you actually want as a retirement income, what you can afford to contribute currently to make up any shortfall between "want when retired" and "currently projected to get when retired".

When you know the shortfall you can plan the best way forward for you, be that additional NHS contributions- read the scheme rules look at "increasing my pension" on the NHSBSA website or look at other tax effective savings be that LISA, ISA or some form of Personal Pension.

Yes I have been looking at shortfalls amongst other things. 
I did look at this one site and it did suggest that by the time I retire, rent may have at least doubled but if rent can keep pace with inflation, that would be beneficial. I am not overly interested in anything else right now apart from the fact I have a roof over my head. I just hope with what I have built up so far, that'll at least do that, my pensions. 

ZeroSum

You've been in gainful employment for 20 years, still live with parents but only have £10k in savings/investments

What on earth have you been doing? 

barnstar2077

ZeroSum said:

You've been in gainful employment for 20 years, still live with parents but only have £10k in savings/investments

What on earth have you been doing? 

I though the same thing, but I assume they have been contributing to the home bills, and possibly working part time?

ZeroSum

barnstar2077 said:

ZeroSum said:

You've been in gainful employment for 20 years, still live with parents but only have £10k in savings/investments

What on earth have you been doing? 

I though the same thing, but I assume they have been contributing to the home bills, and possibly working part time?

Even still, it equates to about £40 a month. Think I make more than that alone from playing the banks with cashback & stoozing

The £4k pa in civil service pension (from 16 years?) to me would suggest an income of more than FT NMW in their final year (I reckon about £20k) (unless parents absolutely taking the mick with bills)