Pension Forecast and help please

salduck

Hi there hoping for some advice in laymans terms as getting myself confused! 
Old pensiosn all transferred in to NEST equalling a current pot of £30000- Nothing paid in
National Insurance all up to date and showing forecast as full for state pension 
Current pension through work I pay 5% work pay 10% off £40k salary only been there a few years and current pot is £8000 showing as forecast of £128k when i get to retirement age in 24 years. 

Couple of questions- I am trying to see if i am best to transfer my £30k into my curent pension and if so would it serve any purpose other than being in one place?
Can someone help out with a forecast for retirement age of a cash withdrawal and regular payment?
What if anything do i need to do to ensure i have as good a retirement in my old age!! 

Thanks in advance
Ducky!

eskbanker

salduck said:

Current pension through work I pay 5% work pay 10% off £40k salary only been there a few years and current pot is £8000 showing as forecast of £128k when i get to retirement age in 24 years. 

Not sure I'm following these figures - if there are annual contributions of 15% of £40K, i.e. £6K, then you should have accumulated more than £8K over 'a few years' and in another 24 years you'd have paid in more than another £120K, so the pot by then is unlikely to be £128K?

Nobody can really forecast how pension pots will look in the future but providers usually show projections, based on stated assumptions, do you receive annual statements showing potential outcomes according to different growth rates?

salduck

eskbanker said:

salduck said:

Current pension through work I pay 5% work pay 10% off £40k salary only been there a few years and current pot is £8000 showing as forecast of £128k when i get to retirement age in 24 years. 

Not sure I'm following these figures - if there are annual contributions of 15% of £40K, i.e. £6K, then you should have accumulated more than £8K over 'a few years' and in another 24 years you'd have paid in more than another £120K, so the pot by then is unlikely to be £128K?

Nobody can really forecast how pension pots will look in the future but providers usually show projections, based on stated assumptions, do you receive annual statements showing potential outcomes according to different growth rates?

Mmh - I think it varied over the first year as to when i paid in- think it might have started at a lower rate and after 6 months? Only been there 2 years. I do get statements i guess Im just trying to get my head round things in advance ! 
I will check the statement and see what it says

eskbanker

salduck said:

Can someone help out with a forecast for retirement age of a cash withdrawal and regular payment?

As a rule of thumb, 3-4% is often quoted as a safe withdrawal rate for annual drawdown, i.e. if, say, you had a pot of £200K, you'd expect £6-8K of annual income from it to be sustainable.  Under current rules, you can access 25% tax-free as a lump sum....

salduck

 It looks like i dont have an annual statement- My payments started in December 2020. The pension forecaster that was giving me the £128k was only taking my 5% contributions and not the School 10% contribution into account! 
Is there a good independant calculator i can enter all these figures into? 

eskbanker

salduck said:

 It looks like i dont have an annual statement- My payments started in December 2020. The pension forecaster that was giving me the £128k was only taking my 5% contributions and not the School 10% contribution into account! 
Is there a good independant calculator i can enter all these figures into? 

I don't have experience of using any of them, but Googling 'pension calculator' brings up plenty of choices, with the Money Helper one being linked from MSE's pensions articles.