Further increase to police pension contributions?

happymum37

Hello

Haven't been on in a while but my situation is as follows-

Mortgage free. House valued at 350k. No plans on moving. 

Have paid 10 years into a police pension,  8 of which are part time contributions.  Started over paying into pension by £125 per month in 2021.
I have minimum of 15 years left to work and maximum 18 in the police.  I won't work after.

Hubby has avviva pension. He pays 10% and his boss 4%. He only increased it a few years ago and as a went has about 100k in it.  He's 47 and wants to retire at 63

So we have about £150  spare per month after contributing to a savings account. 

Would you put it into the police one or avviva or do half and half?
Thank you

BoGoF

What's your police pension forecast to be? You don't say what age you are?

In terms of hubby what does the 10% and 4% contributions equate to in actual payments?

Is there any reason you are prioritising savings over pension?

Marcon

happymum37 said:

Hello

Haven't been on in a while but my situation is as follows-

Mortgage free. House valued at 350k. No plans on moving. 

Have paid 10 years into a police pension,  8 of which are part time contributions.  Started over paying into pension by £125 per month in 2021.
I have minimum of 15 years left to work and maximum 18 in the police.  I won't work after.

Hubby has avviva pension. He pays 10% and his boss 4%. He only increased it a few years ago and as a went has about 100k in it.  He's 47 and wants to retire at 63

So we have about £150  spare per month after contributing to a savings account. 

Would you put it into the police one or avviva or do half and half?
Thank you

Have you got projections for what you'd get if you paid £150 extra into your police pension, £150 extra into your husband's pension or half and half?

happymum37

BoGoF said:

What's your police pension forecast to be? You don't say what age you are?

In terms of hubby what does the 10% and 4% contributions equate to in actual payments?

Is there any reason you are prioritising savings over pension?

Sorry !
I'm 42. 

My forecast says £14000a year if I take maximum lump sum of 85k

The company is not the most helpful and cannot provide a projection to include the overpayment of £125 or month I already add so that's also to be taken into account.

Hubby's got £125k in 2 separate pots currently which at best will give us 9k a year according to his app.

We are trying to get a savings pot for a new ish car and so we have savings for helping our kids through uni and so on.  We have very very little savings after paying off the mortgage

happymum37

Marcon said:

happymum37 said:

Hello

Haven't been on in a while but my situation is as follows-

Mortgage free. House valued at 350k. No plans on moving. 

Have paid 10 years into a police pension,  8 of which are part time contributions.  Started over paying into pension by £125 per month in 2021.
I have minimum of 15 years left to work and maximum 18 in the police.  I won't work after.

Hubby has avviva pension. He pays 10% and his boss 4%. He only increased it a few years ago and as a went has about 100k in it.  He's 47 and wants to retire at 63

So we have about £150  spare per month after contributing to a savings account. 

Would you put it into the police one or avviva or do half and half?
Thank you

Have you got projections for what you'd get if you paid £150 extra into your police pension, £150 extra into your husband's pension or half and half?

I'm going to ring police pensions to ask this but hubby's app just doesn't have that function in afraid.

kipsterno1

If you don't plan on working after retirement have you got an eye on your state pension projection?

happymum37

kipsterno1 said:

If you don't plan on working after retirement have you got an eye on your state pension projection?

Yes I will get a full state pension at 68 if the date doesn't move. 
Hubby will also get the same full pension ar 68