local govt pension scheme - what % of salary to put in ?

is approx 6% of gross salary enough, with 10-12 years left to the big R..? 

 single, no family, renting my place. have some frozen pension pots, from previous private sector jobs..
Long time comper, lapsed MSE'er. Have done a bit of banking, telecoms in my past..

Comments

  • QrizB
    QrizB Posts: 13,822 Forumite
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    Probably not but it really depends on exactly what existing pension provision you have and what level of retirement income you're hoping to have. Someone who's happy on £800/month will have much different needs than someone who wants £4000/month.
    Also, check your state pension forecast: https://www.gov.uk/check-state-pension
    Post your numbers here for us to pore over :smile:
    N. Hampshire, he/him. Octopus Go elec & Tracker gas / Shell BB / Lyca mobi. Ripple Kirk Hill member.
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  • GunJack
    GunJack Posts: 11,672 Forumite
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    If it's LGPS you're in a Defined Benefit scheme, not building a pot of money. The contributions are to be in the scheme..
    ......Gettin' There, Wherever There is......

    I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple :D
  • blue.peter
    blue.peter Posts: 1,199 Forumite
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    GunJack said:
    If it's LGPS you're in a Defined Benefit scheme, not building a pot of money. The contributions are to be in the scheme..

    But presumably it has an AVC facility that would allow member to pay more than the minimum?
  • QrizB
    QrizB Posts: 13,822 Forumite
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    This thread might be better in the "pensions" section, it gets more traffic from pensions people than this one does!

    N. Hampshire, he/him. Octopus Go elec & Tracker gas / Shell BB / Lyca mobi. Ripple Kirk Hill member.
    2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 30MWh generated, long-term average 2.6 Os.
    Taking a break, hope to be back eventually.
    Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs.
  • Nebulous2
    Nebulous2 Posts: 5,101 Forumite
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    The starting point is when you want to retire, and how much you need / want to live on. 

    Retiring at state pension  age means you will have a starting point of over £9000 at todays rates if you have a full pension. Your local government scheme simply needs to top that up. 

    Retiring before that means you have to fund all your requirements from savings, pensions etc until your state pension kicks in. If you can afford it increasing your payments through AVCs, or funding a separate SIPP will increase your options to have more in retirement, or to stop work sooner. 


  • GunJack
    GunJack Posts: 11,672 Forumite
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    GunJack said:
    If it's LGPS you're in a Defined Benefit scheme, not building a pot of money. The contributions are to be in the scheme..

    But presumably it has an AVC facility that would allow member to pay more than the minimum?
    It does, but the AVC is not effecting the core benefit as such, but it could be used to generate the PCLS without affecting the annual pension amount. I'm not a LGPS expert, so try asking @Silvertabby who's a retired LGPS administrator :)
    ......Gettin' There, Wherever There is......

    I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple :D
  • Silvertabby
    Silvertabby Posts: 9,009 Forumite
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    edited 31 August 2021 at 7:07PM
    Do you intend working until SPA?  When did you join the LGPS?
    There are 2 ways of paying more :
    Buying additional pension.  Good value if you intend to work until SPA, not so much if you want to retire at 55 because of the early retirement reductions.
    In-house AVCs.  Most popular for those who want to maximise their tax free cash (within HMRC limits) without commuting (giving up) some of their pension.  Get it right, and it'll all be tax relief in, tax free out.  However, not a problem if you go over the limit - the excess AVC fund can be used to purchase additional LGPS pension at very favourable rates. 
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