Been kicked out of my DB Pension Scheme and now have to start again with a work place pension DC

TVAS

OMG you mean the contribution is 18% total? It's a no brainer. Some people do not realise how luck they are you will have a combination of DB and State Pension guaranteed. And DC (defined contribution i.e. your workplace pension) is not guaranteed but able to taken in a flexible manner. 

Some people have a workplace pension where the employer contributions a lousy 3% of a minium wage salary and the employee has to pay 5%. 

Yo could consider staggered retirement so give up work but deplete your DC pension first until you get your DB pension (s) and then state pension.

WayOutNow2

I guess that kind of depends on your perspective. I have worked out that I am taking an effective pay cut in terms of my overall pay and benefits package through the loss of the DB scheme, employer contribution was considerably more in the DB scheme.  Had the scheme continued for a further 10 years I would have been in a position to take 25% tax free cash lump sum to pay mortgage off in full at 60 and had the equivalent of what I will get now in the deferred pension at 60.

Albermarle

WayOutNow2 said:

I guess that kind of depends on your perspective. I have worked out that I am taking an effective pay cut in terms of my overall pay and benefits package through the loss of the DB scheme, employer contribution was considerably more in the DB scheme.  Had the scheme continued for a further 10 years I would have been in a position to take 25% tax free cash lump sum to pay mortgage off in full at 60 and had the equivalent of what I will get now in the deferred pension at 60.

The same has happened to many millions of private sector workers. Most already stopped some years ago so yours has done well to last this long . Basically they are unaffordable for most employers .

Albermarle

WayOutNow2 said:

Albermarle said:

Unusual not to have any exposure to your own domestic market .
Although there is plenty of debate as to the right UK % , zero is not normal for a balanced portfolio.

Yes I am wondering about that and what percentage to use given the UK makes up about 5% of the global stock markets and can see the US is massive at 55%.

The ideal UK % is a matter of debate/opinion . From 5% to 40% is typical and everything inbetween .

Dazed_and_C0nfused

Barry_F said:

I was a Headteacher until I took early retirement 5 years ago. I am due to get my state pension in September. I have been told that I will get less state pension as some of the contributions I made to my occupational pension will reduce the amount I paid towards my state pension. No-one ever told me that contributing to a works pension would reduce my state pension. This information needs to be shared so other people do not get the shock I got.

Pretty sure you have totally misunderstood things. 

You will get the State Pension you had accrued, it won't be reduced. 

The new State Pension gives you the opportunity to potentially get £175 rather than c£135 that was the standard under the old system.

You should check your State Pension forecast on gov.uk, reading past the headline figure, to see what you have actually accrued by 5 April 2020.

You are likely to be in the fortunate position of being able to purchase post 2016 years which will add £5/week to your State Pension (stopping at £175.20/week).

It may be you can pay say c£3,200 for 4 years and get £20/week extra State Pension in return.
That £3,200 investment will be paid back in around 4 years (allowing for basic rate tax) and you will be in profit thereafter.  A difficult investment to beat.

You might want to post details of your forecast once you have checked it and then people on here will be able to explain what the best options are.

WayOutNow2

Mine says I have 34 years and no gaps and on track to get the full £175.20 per week so not sure about these reductions, but I have another 16 years before I get mine.  I think that number is triple locked so should go up too.