A Better Life.

Sun_Addict

I can’t take my work pension until I’m 67 so will be working full time right up until then. 

RosaBernicia

That's a ruddy irresponsible FA if they didn't check your pension situation - they should have got you to check details. 

But a good think about what you want is a step towards getting there. 

beanielou

Sorry to read this Buffy xx

Buffythedebtslayer

I think because a few of my friends are older they are on a different scheme and I assumed I was on the same one. The FA just look at my contribution - I pay the most I can...........

Rough day at work. 

but still no regular CC bill. 

RosaBernicia

Most of the public sector schemes have been altered and are still being changed away from their allegedly 'gold plated' era, so old assumptions are unfortunately not likely to hold.  I've had two where the old scheme closed and you're not allowed to continue paying into it, so I can access some from 60 but can't put any more into it so it will only be a small amount, what I have been paying since that scheme closed will only go towards being accessible at min 65. 

You should get a yearly summary forecast that shows how much you've paid in and what you can expect at retirement age, including whether you're expected to take a lump sum.  If you haven't been getting them, chase them up (and your FA should have asked you for it, imho - mine did).  I know it's dull and scary, but it's information you need to make plans. 

Willowtree222

Sorry it's not good news on the pension. I think I'm on the same as you. I have part in one bit and most in another. 
X

enthusiasticsaver

You presumably have a teachers pension? That is a defined benefit scheme so as the FA says it is normally better than a defined contribution scheme as you are not dependent on stock market performance which is pretty flat at the moment. Your normal retirement date is state pension age.  That is 66 for me but I am older so presumably 67 is your retirement date?  That however does not mean you cannot draw on it until then.  You can apply for early retirement and the pension will be reduced depending on how early you take it.  I took mine 6 years early at 60 and lived for 2 years off my husbands DB pension and savings/investments. I still have to wait 3 years for my state pension but on working it out it was not reduced by that much considering I took mine 6 years early. Mine was a local government pension so not unlike the teachers scheme in that it is career average salary rather than final salary but part of mine was the pre 2014 scheme and was protected. 

You should get a statement every year or be able to see online what the quote is for. 

in_need_of_direction

Lots of good advice but I suggest you request the statement then park the pension until you have the headspace to deal with it.  Truly I think you should spend time planning 7 nice things a week while you’re on holidays.  You need a reminder of what makes life worth living. 

DawnW

in_need_of_direction said:

Lots of good advice but I suggest you request the statement then park the pension until you have the headspace to deal with it.  Truly I think you should spend time planning 7 nice things a week while you’re on holidays.  You need a reminder of what makes life worth living. 

Excellent advice!

Willowtree222

We made it! I hope you've got some lovely plans over the 6 weeks x