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Thread: Pension help for a dummy

  1. #1

    Pension help for a dummy

    This is the post I have been dreading writing and putting off but I need to take my head out of the sand and sort something.

    I am 45 and don't have any pension apart from what I have been paying in via work schemes, I am aware this probably isn't enough.

    I worked since I was 17 paying work pension schemes with a 7 year gap.

    I don't know where to start, please no lectures that I should have done something before now. I bet I am not alone in this situation I might even be better of than some as at least have been paying in something (via work). I have a mortgage that will be paid off before I retire. I live alone and need to work on the basis that it will stay this way.

    Where do I start? I am guessing the easiest thing is to start paying more into my current work pension (nest). Are there any recommended on-line calculators I can play with to work out what I pay now equates to yearly income when I retire.

    Anyone able to reassure me that it will be ok and I still have time Any recommendations on how much extra I should be paying into the pension, I can't afford too much but I guess anything is better than nothing.

  2. #2
    45 isn’t too late, and it sounds like you’ve number of pensions already, which is good news.

    First thing to do is find out what pension provision you already have in place. Contact all your old and current providers, and ask them what income you might expect in retirement.

    Don’t forget to also contact DWP and ask about your state pension.

    Once armed with this information, come back here with some details, and the help you receive will be far more specific to your situation.

  3. #3
    You should be able to check your state pension entitlement today simply by looking at your personal tax account on

    Read it carefully as it may suggest you are going to get 159.55 but you are likely to have only earned a smaller amount to date, the 159.55 (the current maximum under the "new" state pension rules) will likely only apply if there are some additional years contributions.

  4. #4
    Yes it says I will get 159.55 (thats 8,3209 per year) Wow I never realised it would be that much, thank you I was expecting less I am no longer so worried. I appreciate that amount won't be so much when I retire but I will be mortgage free and am quite capable to live frugally plus I still have my private pensions to add on. I will find out after the xmas break their values.

    As I read it all I have to do to get the full 159.55 is to continue to pay my NI contributions for the time it states (7 years which is long before I retire), I will make sure I do this. Have I interpreted that correctly?

    Or is it only my to date figure that is guaranteed and the final figure (159.55) depends on future governments.

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