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Pension question again!!!

29 Oct 2018, 20:20

I have asked a similar question before, my mate who has 31 years service received his pension
illustration recently. His wife who does the books for local firms thinks she is a finacial expert
has told him he will have a pension of 18,500 when he retires in 5 years time when he is 65. I
Have tried to advise him that this is unrealistic, he has not paid any extra to his scheme to inflate
his pension, could this woman be right, according to my estimates she is miles out. What does
the forum think?.

Pension question again!!!

29 Oct 2018, 21:04

Put it this way. My pension as a opg with 38 years service would be half that plus lump sums section b.

Pension question again!!!

30 Oct 2018, 03:08

ballee wrote:I have asked a similar question before, my mate who has 31 years service received his pension
illustration recently. His wife who does the books for local firms thinks she is a finacial expert
has told him he will have a pension of 18,500 when he retires in 5 years time when he is 65. I
Have tried to advise him that this is unrealistic, he has not paid any extra to his scheme to inflate
his pension, could this woman be right, according to my estimates she is miles out. What does
the forum think?.

That may be right if she is including his state pension at 65 .

Pension question again!!!

30 Oct 2018, 04:58

It's very difficult to answer with limited info, but I would agree with Snurgs that with the state pension added on, it could be about right!

I have a similar length of service and had I worked full time for all of it(I was part time for the first few years), I would expect my section C pension in total(NRA60 & NRA65) to be around £9-9,500 per year unreduced. With a total supplement of about £1,600, which is only payable between taking your pension and leaving RM, and state pension age.

Assuming I qualify for the full rate of the state pension(not everyone will), then based on current figures, I'll get another £8,500 from that. So that would put my figures in the same ball park!

Although if he's currently 60, your mate won't be getting his state pension until he's 66.

Pension question again!!!

30 Oct 2018, 15:45

Thanks very much for info guys, I thought it seemed a bit high.

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