Average pension pot on retirement and whats your aim ?

Stubod

similar thread?

https://forums.moneysavingexpert.com/discussion/2146737/pensions-planning-the-number/p207

Lifematters

hugheskevi said:

Lifematters said:

I am taking a large cut in my headline pay to join the CS entirely so that I can transfer some of my DC into the CS DB scheme.

I am seriously considering this option. Have you had a quote as to the amount of DB you could get for x amount of DC at x age?  Wondering just how generous the transfer in is. I know it gets more expensive with age.

The actuarial factors are at this link - https://www.civilservicepensionscheme.org.uk/media/yxhmcyya/cetv-factors-and-guidance-alpha.pdf

Thank you @hugheskevi, this is perfect! 

anonmoose

Reading flipper-72 s post it could be me!  I earn same salary as you and yes it is also half what it was 16 ish yrs ago when I gave up my career to bring up our kids. I worked part time and flexi since having children but in a lower paid job that fitted around our kids.  I went back to full time when they started school but in the same flexible lower paid job.  So I do all the sick days, orthodontic appts, hospital appointments, afterschool pickups (you get the drift).  It works well as a family set up and my husband is free to pursue his career but is fully aware it wouldn't be possible without my support.

We see our pension pots as joint and my other half has a reasonable salary but below higher tax bracket.  So between us we have done ok, brought up our kids, have a wonderful house but have modest pension pots which we are just starting to ramp up in our mid 40s.  

I personally don't get intimidated by posts from people in the top 1% of earnings.  I think this forum and the savings forum has taught me so much and by the nature of these forums it does attract very savvy savers in very well paid jobs so the results of any questions about pot size will be skewed.  You just have to search online to see what national averages are to get a more realistic picture. 

When I read posts about the LTA I chuckle and think what a nice problem to have!

But there is room for all of us and the fact is my retirement will be more comfortable because of the great advice on this forum and that is the key thing.  It's all relative from where you personally start your journey.

Ibrahim5

My wife has always earned very little but I don't think she has ever thought of our money as joint. She has always thought of it as hers.

MallyGirl

absolutely - hopefully everyone from every budget/goal can gain something useful from these type of threads even if the numbers vary significantly. By being on here and reading up then people are set up to make more informed choices.
My numbers are bigger than many but so are my outgoings and commitments, plus some expensive travel plans when that is safe to do.
I took out a low APR 5 yr fixed rate mortgage in November (phew) so will still have mortgage to pay when I hope to retire but PCLS may get used to pay the remaining balance off if rates are high.

Workerdrone

anonmoose said:

Reading flipper-72 s post it could be me!  I earn same salary as you and yes it is also half what it was 16 ish yrs ago when I gave up my career to bring up our kids. I worked part time and flexi since having children but in a lower paid job that fitted around our kids.  I went back to full time when they started school but in the same flexible lower paid job.  So I do all the sick days, orthodontic appts, hospital appointments, afterschool pickups (you get the drift).  It works well as a family set up and my husband is free to pursue his career but is fully aware it wouldn't be possible without my support.

We see our pension pots as joint and my other half has a reasonable salary but below higher tax bracket.  So between us we have done ok, brought up our kids, have a wonderful house but have modest pension pots which we are just starting to ramp up in our mid 40s.  

I personally don't get intimidated by posts from people in the top 1% of earnings.  I think this forum and the savings forum has taught me so much and by the nature of these forums it does attract very savvy savers in very well paid jobs so the results of any questions about pot size will be skewed.  You just have to search online to see what national averages are to get a more realistic picture. 

When I read posts about the LTA I chuckle and think what a nice problem to have!

But there is room for all of us and the fact is my retirement will be more comfortable because of the great advice on this forum and that is the key thing.  It's all relative from where you personally start your journey.

I find it quite inspiring and something to aim for. Theres a lot of good advice on here about how to handle your pot and general investing regardless of how big it is. I for one am simply grateful people take the time to share experience.

michaels

Lifematters said:

I am taking a large cut in my headline pay to join the CS entirely so that I can transfer some of my DC into the CS DB scheme.

I am seriously considering this option. Have you had a quote as to the amount of DB you could get for x amount of DC at x age?  Wondering just how generous the transfer in is. I know it gets more expensive with age.

There is also an added pension calculator here, not sure if it uses exactly the same rates and has a 7k max addition as it is for a slightly different purpose

Pension calculators - Civil Service Pension Scheme

Transfer in is additional pension amount is capped at 50% of annual salary

daz378

I'm a single carer renting....but luckily up to know  I've managed to keep tupe...last year at 55   was on 7.5 k dB    at 60 will ask for figures ..I imagine will be tired enough to retire...maybe try and get a part time job....only if I've saved enough of a lump sum   at 60 rule of 85  may reduce my actuarial reduction....I'm currently slowly building my savings stocks and shares isa  and normal savings....but if not will carry on a couple more years

Albermarle

Workerdrone said:

anonmoose said:

Reading flipper-72 s post it could be me!  I earn same salary as you and yes it is also half what it was 16 ish yrs ago when I gave up my career to bring up our kids. I worked part time and flexi since having children but in a lower paid job that fitted around our kids.  I went back to full time when they started school but in the same flexible lower paid job.  So I do all the sick days, orthodontic appts, hospital appointments, afterschool pickups (you get the drift).  It works well as a family set up and my husband is free to pursue his career but is fully aware it wouldn't be possible without my support.

We see our pension pots as joint and my other half has a reasonable salary but below higher tax bracket.  So between us we have done ok, brought up our kids, have a wonderful house but have modest pension pots which we are just starting to ramp up in our mid 40s.  

I personally don't get intimidated by posts from people in the top 1% of earnings.  I think this forum and the savings forum has taught me so much and by the nature of these forums it does attract very savvy savers in very well paid jobs so the results of any questions about pot size will be skewed.  You just have to search online to see what national averages are to get a more realistic picture. 

When I read posts about the LTA I chuckle and think what a nice problem to have!

But there is room for all of us and the fact is my retirement will be more comfortable because of the great advice on this forum and that is the key thing.  It's all relative from where you personally start your journey.

I find it quite inspiring and something to aim for. Theres a lot of good advice on here about how to handle your pot and general investing regardless of how big it is. I for one am simply grateful people take the time to share experience.

Also probably would not be a good sign if those sharing their knowledge about investing were skint   

Ganga

anonmoose said:

Reading flipper-72 s post it could be me!  I earn same salary as you and yes it is also half what it was 16 ish yrs ago when I gave up my career to bring up our kids. I worked part time and flexi since having children but in a lower paid job that fitted around our kids.  I went back to full time when they started school but in the same flexible lower paid job.  So I do all the sick days, orthodontic appts, hospital appointments, afterschool pickups (you get the drift).  It works well as a family set up and my husband is free to pursue his career but is fully aware it wouldn't be possible without my support.

We see our pension pots as joint and my other half has a reasonable salary but below higher tax bracket.  So between us we have done ok, brought up our kids, have a wonderful house but have modest pension pots which we are just starting to ramp up in our mid 40s.  

I personally don't get intimidated by posts from people in the top 1% of earnings.  I think this forum and the savings forum has taught me so much and by the nature of these forums it does attract very savvy savers in very well paid jobs so the results of any questions about pot size will be skewed.  You just have to search online to see what national averages are to get a more realistic picture. 

When I read posts about the LTA I chuckle and think what a nice problem to have!

But there is room for all of us and the fact is my retirement will be more comfortable because of the great advice on this forum and that is the key thing.  It's all relative from where you personally start your journey.

Also bear in mind you do not need lottery type figures to live on ,me and my wife get by on our state pensions and her small works pension ,we get approx £1800 a month and with no mortgage to pay it goes a long way ,i have a private pension sitting with the PRU  ,it is a six figure sum but sits untouched at the moment ,we are off to the Canaries on Monday for a couple of weeks ,all payed for so do not worry too much about having to have megabucks to enjoy your retirement.