Current pot is 80k ish so about 5% growth
Poll: Pensions - Are you worried about the future?
- Thread starter SideWinder
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Current pot is 80k ish so about 5% growth
75/15 and that'll be 32 years service.
Waiting for the new calculator due out Oct 23.
Depends if you're pension trapped. Still a good pension, but there's also good money to be made in civvy st at the minute.
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Yeah that's my exact situation. I have scope for way more money outside and still have another 5 years+ til I get full pension in forces.
Alpha doesn't have a lump sum payment as standard. You must have sacrificed £3,333.33 of your annual pension for a £40k sum (£12 for every £1 sacrificed).
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I'm 32 with £108k in the pot at the moment. The below projections are from a few months ago so probably pretty meaningless now, not that they weren't meaningless anyway with that growh range. Also I think that's based on a retirement age of 65 so hopefully I will have hung up my boots before then.
The government really need to take a look at the lifetime allowance rules in my opinion. Instead of pension value it should be based on the value of contributions (or just introduce a lifetime cap for tax free contributions). The rules currently require people to guess what their pension may be worth in several decades time and manage their contributions to stay below the cap to avoid the ridiculous life time allowance tax rates.
The government really need to take a look at the lifetime allowance rules in my opinion. Instead of pension value it should be based on the value of contributions (or just introduce a lifetime cap for tax free contributions). The rules currently require people to guess what their pension may be worth in several decades time and manage their contributions to stay below the cap to avoid the ridiculous life time allowance tax rates.
Yes I did. I adjusted the lump sum up until it brought the annual pension down to 80% of my annual salary.
Caporegime
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Lifetime allowance is a freaking disaster in the NHS, no once can work it out as many are in two or three pension schemes ( and now McCloud ruling on top) and people are getting hit with huge bills on imaginary pension growth that doesn't really benefit them and they may never live to see.
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I've got about 1/60 years of the 2008 NHS scheme, 3/54 years of the 2015 NHS scheme and coming on to 5/49 years local government - all based on the state pension age as far as I remember. I keep meaning to set up regular payments to my lifetime ISA so this is a useful reminder!
Probably what they are hoping for. Have as many people snuff it before they draw down on them
Soldato
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Great pot and projections!
These golden handcuffs be real... (also from March, so you know...)
No idea, paid max contributions that the company will match so 7%. Have it in my head I want to retire at 70 but not too bothered if it's a little longer than that. With a mortgage gone and possibly looking at down sizing to a two bedroom house I ain't worried. I like work and don't see the issue of retiring late in life as long as I have my health and marbles.
Considering only one of my family has ever lived beyond 70 that I know of I decided retiring in my 50's was the wiser choice.
The amount of people I saw drop dead in their late 50's / early 60's at work over the years was the clincher.
Wow that's really unfortunate, you may break that though and live to 90. All my family who died were in there late 80s mid 90s but I could die in my 40s, know one knows.
You WANT to retire at 70+? Dude, there is more to life than work.
Tell me what it is and I'm probably already doing that between work?
Associate
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Same for me, but expecting to leave at 25 years and not that far up the rank chain. 12K pension but will leave with a qualification which I cam walk into a decent paying job still.
More of what you are 'probably' doing and less of that work thing.
Why 25 years then? You aren't pension trapped anymore (great feeling!)
I'm content at the minute, but the cons list is growing greater than the pro list daily unfortunately.
Associate
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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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