Great isn't it, long may it continue for me and my wifeView attachment 8785
I might add, you have to love the public sector. 23% + 9% ???? The best I have EVER had in the private sector was 6 + 3. Currently I get a maximum 4% from my employer so long as I put in 5%.
It is, I think you would need a pot of around 160 - 200k to buy an annuity of around 9k pa dependent on health and age.the pension, including the one they introduced in 2015, is superb compared to any private pension.
I check mine and tax codes and file tax returns through the on line account. Try this https://www.gov.uk/personal-tax-accountCan anyone clarify, I am going to get the 35 years of NI contributions in easily, i only need another year and have another 15 years to go. i opted out of Serps many years ago. would i get the full £172 state pension, or would it reduce as i opted out?
Sorry mate, you have us at cross wires.It is, I think you would need a pot of around 160 - 200k to buy an annuity of around 9k pa dependent on health and age.
Edit
Just checked on Aviva, a healthy 62 year old would need 200k to buy a 8k pa annuity, with high cholesterol and high blood pressure it goes up to 9k. Increases if the annuity is delayed but just confirms SF point the state pension is really pretty good despite all the criticism.
Ah ok, I know you get decent pensions, I was obviously just comparing my state pension with my private one that I can purchase an annuity or draw down. I'll be doing the latter as I would need to get to about 83 for the former to be financially effective. The state pension will form about 40% of my yearly income so very important to me, cheers.Sorry mate, you have us at cross wires.
The person I answered was in the same public service job as me and I think his question was about that particular pension and not the state pension. So his public service pension is often referred to as ‘golden’.
I would expect you get the lower rateCan anyone clarify, I am going to get the 35 years of NI contributions in easily, i only need another year and have another 15 years to go. i opted out of Serps many years ago. would i get the full £172 state pension, or would it reduce as i opted out?
Before packing in my former role (main job for thirty odd years) I kept a record of everything I spent in 12 months. I then deducted the things I wouldn’t be spending in retirement such as the £450 a month in petrol to drive to work, mortgage, kids at university etcAh ok, I know you get decent pensions, I was obviously just comparing my state pension with my private one that I can purchase an annuity or draw down. I'll be doing the latter as I would need to get to about 83 for the former to be financially effective. The state pension will form about 40% of my yearly income so very important to me, cheers.
Shit, I need to look into this then.I would expect you get the lower rate
I worked for about 45 years but as the NHS opted out of SERPS I only get £599 per month .Best bet is to give them a bell as the online calculator seems to forecast everyone at the same rate good luck
Yes I certainly got a nasty surprise as I was expecting the full wackShit, I need to look into this then.
On the plus side if it is the lower rate then at least I am finding out at 52 and i have time to put things in place, i suspect there will be a lot of people who get to retirement age and get a nasty surprise.