Will l be no better off

scoobycleaner

L am 41 year of age,Was married for 17 years,divorced now for 4 years. In 2003 l got a job has a school cleaner working 12 hours and after a year increased my hours to 24.My dilema is this l joined the county council pension scheme has got told it was a good one.However my concern is this l am paying £38 a month into this,but when l got my predicted state pension it said that l would only be getting £82 a week pension plus £2.50 additional pension but someone said that the government makes a single person pension up to £120 so am l paying into a pension for nothing and will someone who does not have a pension get the same money has me.This does not seem fair PLEASE HELP

seven-day-weekend

You will get £84.50 Stae Pension plus whatever you LG Pension is.

Yes, the Government will make up a single person's pension to £120. However, this is means-tested, whereas whatever you get from the Council won't be. To me this is far preferable.

I am in a similar position to you - my Local Government pension and my State Pension will only come to a few pounds over £120 per week, but I still think it is better because it is not means-tested and no-one can take it off me.

Also, don't forget your Local Government Pension will pay out a lump sum as well.

Hope this helps.

EdInvestor

How much will you get from the council pension on top of the state pensions? Get a forecast.

sleepless_saver

You can still get pension credit if you have a small occupational/private pension income. If you have savings above the limit then you wouldn't be entitled - remember that this could include any money you inherit. This is all present day rules, which could change in the future.

As another poster has already suggested, I would stick with paying towards my own pension if I could afford it, rather than depending on the state top up.

Andy_L

You're also assuming that the benefit regime in ~27 years will be the same as it is now.