Just been made redundant and have 4 pensions and would like to get some advice
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bagpussuk
Posts: 5 Forumite
Hi, I have just been made redundant on 30/11.
I have 3 personal pensions.
1) First one i set up when i was young.
2) A work final salary pension that closed due to work closing the final salary pension scheme.
3) The pension that started when 2) finished.
4) State pension.
I was going to set up a appointment with the government pension help desk but just found out that you need to be 50+ (I'm 45).
Where is the best place for me to go to get a good idea of what these would give me @ 55 and @ 65.
As I don't have a job at the moment, I'd prefer an inexpensive option (if that exists)
Thanks
1) Value of my first personal pension is £20,692
2) My final salary pot is worth £8,0909 per annum @ 65.
3) My newer (but now frozen due to redundancy pension) is worth £20,323
4) According to HMRC, my state pension will pay £159.55.
I have 3 personal pensions.
1) First one i set up when i was young.
2) A work final salary pension that closed due to work closing the final salary pension scheme.
3) The pension that started when 2) finished.
4) State pension.
I was going to set up a appointment with the government pension help desk but just found out that you need to be 50+ (I'm 45).
Where is the best place for me to go to get a good idea of what these would give me @ 55 and @ 65.
As I don't have a job at the moment, I'd prefer an inexpensive option (if that exists)
Thanks
1) Value of my first personal pension is £20,692
2) My final salary pot is worth £8,0909 per annum @ 65.
3) My newer (but now frozen due to redundancy pension) is worth £20,323
4) According to HMRC, my state pension will pay £159.55.
0
Comments
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I'd suggest posting more detail here and seeing what responses you get. The alternative will be to see an IFA, paying £hundreds.
How much is in pot 1 and 3?
What is the retirement age for pot 2? How much will this pay in income?
How much will your state pension pay?0 -
Apologies, here is what I have worked out:
1) Value of my first personal pension is £20,692
2) My final salary pot is worth £8,0909 per annum @ 65.
3) My newer (but now frozen due to redundancy pension) is worth £20,323
4) According to HMRC, my state pension will pay £159.55.
Many thanks0 -
Your state pension won't kick in until you are at least 67/68 years old, so there's quite a bit of time to go until then. The other pensions you would have to really go to the providers to get updated estimates of what these might be worth when you are 55 and 65, and of course it also depends on whether you are or will be continuing to contribute to any of them.Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.0
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Apologies, here is what I have worked out:
1) Value of my first personal pension is £20,692
2) My final salary pot is worth £8,0909 per annum @ 65.
3) My newer (but now frozen due to redundancy pension) is worth £20,323
4) According to HMRC, my state pension will pay £159.55.
Many thanks
there are lots of free pension calculators out there but they are going to basically say that you can't have any money for another 10 years, and the private pots aren't very big even then, so finding a job is priority 1.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
4) According to HMRC, my state pension will pay £159.55.
Are they assuming that you will carry on paying National Insurance Contributions until State Retirement Age? Did they tell you how many years worth of contributions you are already credited with?Free the dunston one next time too.0 -
I have 29 full years. Need another 8 to get the £155 otherwise £126.
Copy paste from online:
You need to continue to contribute National Insurance to reach your forecast
Estimate based on your National Insurance record up to 5 April 2017
£126.10 a week
Forecast if you contribute another 8 years before 5 April 2039
£159.55 a week
£159.55 is the most you can get0 -
Will you be signing on for JSA?
https://www.gov.uk/national-insurance-credits
It seems likely that you will be getting another job and paying NI so that deals with the State Pension (which you will not receive until you are 67/8).
Otherwise there is the possibility of voluntary contributions.
Your Final Salary pension is now deferred and presumably you will leave it within the scheme until Scheme NRA?
If you should wish to transfer it out to a DC scheme, as the value is likely to be well in excess of £30,000, you would be required to take and pay for the advice of a Pension Transfer Specialist.
https://www.moneyadviceservice.org.uk/en/articles/transferring-out-of-a-defined-benefit-pension-scheme
With regard to your personal pension and your DC pension, it would be possible to transfer to another scheme if that suits your objectives.
Any redundancy lump sum over £30,000 will count as relevant earnings for this year so you might consider a contribution to your personal pension.
When you find a new job, you may be able to transfer your pension (s) into your new employer's scheme.0
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