Another DB & DC pension question

MetManMark

https://forums.moneysavingexpert.com/discussion/comment/81875760#Comment_81875760

Thanks. I will take another look. I have done in the past and have it in my head that I need the standard 35 years...

I have been paying in since I started work in 2003 and have a couple of additional years attributed to when I was 17 and 18 and in full time education.

TBH this isn't something that I have concerned myself with massively. At the moment I am just paying what I can into my SIPP and seeing where that leaves me at the tail end of my 50s...

M

MetManMark

Thanks. You are correct. I have a mix of Alpha and Premium with a decision to make at some point given the McLeod judgement.

I posted here a couple of days ago regarding reading pension for la lump sum. The consensus seemed to be that taking a lump sum wasn't a good idea. But I will look into this more the closer I get to retirement.

I understand that any lump sum will impact my ability to take a lump sum from my SIPP.

M

MetManMark

Yup. I fully expect things to change in the coming years. I will need to roll with the punches!

M

MetManMark

This depresses me! I will need to check in with gov.uk to double check how many I need. In my head it was 35 but I am probably wrong... As per previous comment, I fully expect things to change before I get there which is part of the reason I am paying into my SIPP.

MetManMark

You make a good point. I am thinking that I can use my SIPP to top up my income to the £50k mark.

At the MOT I am putting anything salary over £50k I to a SIPP as I don't want to pay 40% tax or lose child benefit. I guess the question comes to the fore if I inherit any chunks of cash in terms of where I stash any money. We currently mex out ISAs.

One option is just to gift any inheritance directly to children? We could put £9 into a Junior ISA or £20k into an ISA when they turn 18. Any other cunning plans out there? Although this is all purely hypothetical. Proper financial modeling is probably required if the time comes…

M

horsewithnoname

https://www.gov.uk/check-state-pension you need to check on here to see how much state pension you will get and if you can improve it.
I was contracted out and get my full pension after 43 years of full contributions

MetManMark

TBH I don't fully understand this contracted out business. I need to check out what that means for me given that I have been on premium and then alpha pension schemes all my working life.

DRS1

Don't get hung up about contracting out. Just look at your forecast. There will be a big box saying the most you can get is X (c£230pw) but the important information is underneath that. It will tell you how many more years you need to contribute to get to that maximum. Or it may say you are there already.

DigForVictory

You may be one of those lucky civil servants who are currently absolutely stuffed as having both the Classic & any other pension eg Nuvos, the new administrators cannot handle the "one person two pensions" logic. Yet. Let us hoped they get this sorted before you want to retire. (I'd say about 3 years but I'm a dreadful optimist.)
So logging on & looking at forecasts currently isn't happening.

For all this "ooh you civil servants, you get gold plated pensions" - [massive redaction mindful of the avoid political debate] just I would hope anyone who worked for one business for thirty plus years could retire, confident their pension would be paid as agreed, in full, and on time.

eastcorkram

https://forums.moneysavingexpert.com/discussion/comment/81880557#Comment_81880557

Perfectly possible to have worked for one business for over 30 years, and have no pension whatsoever.