Pension provider says I can retire early.

MikMikandThriceMik

My pension prov has an "ageometer" which says I can retire on £15000 per year, and that does not include the stat pension. I have no idea how the computer program works that out and the prov support people don't seem to have much idea either. 
Any idea of a good company to go ask what my options actually are?

JoeCrystal

Which pension provider are you referring to specifically? It is up to you precisely to calculate your needed income to retire. You can base this on your current expenditures plus any expected extra retirement spending, home repairs, white goods replacement, and everything else that may pop up.

There is an incredibly long-running thread on "The Number" on this forum: Pensions Planning: The NUMBER, which may help you to figure out the possible number.

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

As for retiring early, it is not based on your pension provider; you have to decide exactly when and how to retire and decide on your strategy regarding your retirement provision.

sammyjammy

OP has another thread https://forums.moneysavingexpert.com/discussion/6450777/i-can-take-a-gov-pension-early-but#latest

MikMikandThriceMik

I don't know how the provider calculates it at the moment since the personal allowance cannot be included since ai am not 67.
So ai suppose I am asking, how could they be calculating the figure at the moment, could it be based on me taking my other pensions early, and also factoring in my savings?

QrizB

MikMikandThriceMik said:

I don't know how the provider calculates it at the moment since the personal allowance cannot be included since ai am not 67.
So ai suppose I am asking, how could they be calculating the figure at the moment, could it be based on me taking my other pensions early, and also factoring in my savings?

The calculator will only know what you have told it. If you have told the calculator that you have other pensions, other savings or other income streams, it is likely to have taken them into account.

If you tell us the name of the pension provider there is likely to be someone who is familiar with the tool and can explain how it works in more detail.

Dazed_and_C0nfused

It's a QrizB said:

MikMikandThriceMik said:

I don't know how the provider calculates it at the moment since the personal allowance cannot be included since ai am not 67.
So ai suppose I am asking, how could they be calculating the figure at the moment, could it be based on me taking my other pensions early, and also factoring in my savings?

The calculator will only know what you have told it. If you have told the calculator that you have other pensions, other savings or other income streams, it is likely to have taken them into account.

If you tell us the name of the pension provider there is likely to be someone who is familiar with the tool and can explain how it works in more detail.

It's a DB scheme and op is looking at taking extra PCLS even though it's at 1:12 commutation rate 😳

GrumpyDil

I'm wondering if this might actually be in relation to some of the other pensions the op mentions in his other thread but who knows.

OP if you want decent suggestions you will need to be much clearer with your questions. 

MikMikandThriceMik

GrumpyDil said:

I'm wondering if this might actually be in relation to some of the other pensions the op mentions in his other thread but who knows.

OP if you want decent suggestions you will need to be much clearer with your questions. 

This query is not related to the DB scheme but a lifesight pension.
Thanks.

Dazed_and_C0nfused

MikMikandThriceMik said:

GrumpyDil said:

I'm wondering if this might actually be in relation to some of the other pensions the op mentions in his other thread but who knows.

OP if you want decent suggestions you will need to be much clearer with your questions. 

This query is not related to the DB scheme but a lifesight pension.
Thanks.

Then how are you getting £15k/year from it?

Buying an annuity or drawdown? 

How much is the value of this pension? 

dunstonh

Calculations will be based on assumptions.   Unless you know what the assumptions are, then the calculation is meaningless.

Pension providers always show their assumptions.

MikMikandThriceMik

Dazed_and_C0nfused said:

MikMikandThriceMik said:

GrumpyDil said:

I'm wondering if this might actually be in relation to some of the other pensions the op mentions in his other thread but who knows.

OP if you want decent suggestions you will need to be much clearer with your questions. 

This query is not related to the DB scheme but a lifesight pension.
Thanks.

Then how are you getting £15k/year from it?

Buying an annuity or drawdown? 

How much is the value of this pension? 

dunstonh said:

Calculations will be based on assumptions.   Unless you know what the assumptions are, then the calculation is meaningless.

Pension providers always show their assumptions.

Sorry for not writing it properly. 
So the £15Kpa figure is based on my doing a drawdown or annuity on the current pensions and savings that I put into my lifesight account I guess.
I did not know I could drawdown or get an annuity at my age, some X years before my personal allowance age.
That explains it then.
Thank you.