Poll: Pensions - Are you worried about the future?

How much is in your pension pot?

  • <£20k

    Votes: 69 20.6%

  • £21k - £30k

    Votes: 11 3.3%

  • £31k - £40k

    Votes: 15 4.5%

  • £41k+

    Votes: 168 50.1%

  • No clue

    Votes: 72 21.5%
  • Total voters
    335
Penfold101 said:
Return of Service for getting my aircraft maintenance licences. I passed my 22 a couple of weeks ago so it’s very much a countdown timer now while watching the economy implode, and hopefully by then the McCloud judgement will have all been sorted!
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Ah! That makes sense. So you'll have the choice of taking your full 22yrs on 75, with 3yrs on forced 15 or 15yrs on 75 and 10yrs on 15 (if my maths is correct!). A colleague left after 34yrs and was adamant he was better off on the 15 pension, but as we all know, they never change things for the better to us.

New calculator is due around Oct 23 and i am also a member of the Forces Pension Society - i'm sure you are aware, but you can request pension forecasts from them and they are better than the calculator as they are delivered in a spreadsheet format which shows what you will get for each pension scheme - much easier to understand.

What aircraft do you work on? I'm with the fast and noisy ones ;)
 
ivrytwr3 said:
Ah! That makes sense. So you'll have the choice of taking your full 22yrs on 75, with 3yrs on forced 15 or 15yrs on 75 and 10yrs on 15 (if my maths is correct!). A colleague left after 34yrs and was adamant he was better off on the 15 pension, but as we all know, they never change things for the better to us.

New calculator is due around Oct 23 and i am also a member of the Forces Pension Society - i'm sure you are aware, but you can request pension forecasts from them and they are better than the calculator as they are delivered in a spreadsheet format which shows what you will get for each pension scheme - much easier to understand.

What aircraft do you work on? I'm with the fast and noisy ones ;)
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Exactly correct - my latest pension forecast should be waiting at work when I go in next week, and I’ll start looking into the official projection shortly. It won’t make a huge amount of difference from what I can tell whichever way I go, but knowing the exact numbers is always handy.

I’m on slow and noisy - there’s only a couple of frames we have that require licensing so you can probably work it out from there…:D
 
Barring any major medical advances that improve quality of elderly life I reckon the best plan is to cash in all the pensions etc at X age, go on a mad one, then jump off a bridge... nobody lives forever!
 
Uther said:
occaminvesting.co.uk

Average pension pots [UK] - Occam Investing

Every now and then it’s interesting to see where the UK’s at with its finances.So I thought I'd use this week's post to see how the average UK pension pots are looking. And I found it pretty surprising. I was not only shocked by the average size of pension pots, but also how many people
occaminvesting.co.uk occaminvesting.co.uk

Average pension pots [UK]:​

  • Ages 16-24: £2,700
  • Ages 25-34: £9,500
  • Ages 35-44: £30,600
  • Ages 45-54: £81,200
  • Ages 55-64: £189,700
  • Ages 65-74: £190,000
  • Ages 75+: £90,300
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Looks like lots of you UK guys are loaded, Sometimes wish i lived in the UK :(
The really crazy high rents & house prices over here eat most of the wages and not leave a lot left for savings..
 
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chaparral said:
Looks like lots of you UK guys are loaded, Sometimes wish i lived in the UK :(
The really crazy high rents & house prices over here eat most of the wages and not leave a lot left for savings..
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Not really - pensions aren't easily accessible and an average of £190k for those just reaching retirement age won't last very long even when supplemented by the state pension. At 4% withdrawal that's only ~£8k a year, and most people don't want to spend retirement living that frugally.
 
Not entirely sure how much I have in my pot, last I checked it was circa £70k but decided to uninstall the Aviva app and just to leave it be in the background. I'm putting 14% away at the moment.
 
Late 30s, I pay in 15% and employer contributes 9%. As our careers have progressed, we have tried not to allow our spending to creep up too much and instead increase investments. Pound cost averaging means these market dips hopefully end up nicely benefiting those of us who don't have to start drawing down in the near future as we'll be buying in lower.
 
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My pensions are typically in the providers lifestyle fund, the way I've always looked at it is when markets go down I get to own more units for the same amount of money so in the long term should work out well.
 
36, have a final salary/defined benefit pension (Transport for London) think it worked out as 4% contribution and 30% by the company, but as has been over the news, the government are coming after it, which off course is not good.

I guess therefore there's a possibility it will change, but the latest pension statement April 21- April 22 I got showed £125k as 'value for LTA purposes' and retiring at 60 would give £120k lump sum and £17.5k/y or at 65 £130k lump and £20k/y. My salary has increased by 23% than the one listed on this report though so not sure how accurate the numbers are.
 
Uther said:
occaminvesting.co.uk

Average pension pots [UK] - Occam Investing

Every now and then it’s interesting to see where the UK’s at with its finances.So I thought I'd use this week's post to see how the average UK pension pots are looking. And I found it pretty surprising. I was not only shocked by the average size of pension pots, but also how many people
occaminvesting.co.uk occaminvesting.co.uk

Average pension pots [UK]:​

  • Ages 16-24: £2,700
  • Ages 25-34: £9,500
  • Ages 35-44: £30,600
  • Ages 45-54: £81,200
  • Ages 55-64: £189,700
  • Ages 65-74: £190,000
  • Ages 75+: £90,300
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I'm line for that.
Probably screwed. But that's life.

One of my main reasons for my next job change is thier pension and benefits are terrible.

Don't think my later years is something I'm going to enjoy anyway. Being old sucks.
 
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Uther said:
It does, today my knees hurt. Tomorrow it will be something else. :p
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I think ill be so miserable when my health fails. I don't think I'll really care. Its a genuine concern actually! I get quite down when I can't get out
 
413x said:
I think ill be so miserable when my health fails. I don't think I'll really care. Its a genuine concern actually! I get quite down when I can't get out
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It's even more important to try and stay active and healthy as you get older. I don't have any plans to live beyond 80 though, if I get that far. That's 23 years though, and about 30,000 OcUK posts away.
 
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Uther said:
It's even more important to try and stay active and healthy as you get older. I don't have any plans to live beyond 80 though, if I get that far.
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I'd love to die before my health gets bad. Mobility health especially! 37 now. Still OK. But def have to be more careful!
 
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