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[Migv6 le Frog Fan]

Can't say I really understand how pension pots work. Wifey is going to retire in six years, when she is 60. Her Normal Pension Age (NPA) for her final salary pension is 60, but for her career average is 67. She is already up to 80% of her lifetime allowance, so around £800,000. She will probably not exceed the LA if she retires at 60, but at 67 she would well exceed it, and have to stop paying in. But career average is the best three years out of the last 10, so how would that work?
Plus....the government pays it anyway, not out of a pot which has accrued, just out of public funds. So what difference does it make how much is paid in each year?

Im pretty sure LTA,s were abolished recently ?
From memory, surgeons in particular were reaching the LTA and retiring far too young.
If someone doesnt find a way of sorting out the public finances soon, I can see a scenario where the Govt. will have to take on the Unions and change the system to something along the lines of private sector pension schemes at some point.
Even then it would probably be for new entrants rather than current members, so I imagine its highly unlikely your wife will ever have to worry about that, whatever happens.

Edit.     https://www.gov.uk/government/publications/abolition-of-the-lifetime-allowance-from-6-april-2024/abolition-of-the-lifetime-allowance-lta#:~:text=Individuals%20who%20receive

[STEMO]

Your state pension, from November, is almost £12,000. That will be taxable if you carry on working, of course. But, still, it's a nice bonus.

[STEMO]

Can't say I really understand how pension pots work. Wifey is going to retire in six years, when she is 60. Her Normal Pension Age (NPA) for her final salary pension is 60, but for her career average is 67. She is already up to 80% of her lifetime allowance, so around £800,000. She will probably not exceed the LA if she retires at 60, but at 67 she would well exceed it, and have to stop paying in. But career average is the best three years out of the last 10, so how would that work?
Plus....the government pays it anyway, not out of a pot which has accrued, just out of public funds. So what difference does it make how much is paid in each year?

Im pretty sure LTA,s were abolished recently ?
From memory, surgeons in particular were reaching the LTA and retiring far too young.
If someone doesnt find a way of sorting out the public finances soon, I can see a scenario where the Govt. will have to take on the Unions and change the system to something along the lines of private sector pension schemes at some point.
Even then it would probably be for new entrants rather than current members, so I imagine its highly unlikely your wife will ever have to worry about that, whatever happens.

Edit.     https://www.gov.uk/government/publications/abolition-of-the-lifetime-allowance-from-6-april-2024/abolition-of-the-lifetime-allowance-lta#:~:text=Individuals%20who%20receive

Right......I told you I didn't really understand 

Although the LTA is still showing as a percentage on her monthly pension statement.

[STEMO]

My wife is not worried about, she is very (too) laid back about it all. I guess she might start thinking about it when she's 59 and 11 months old 

[Migv6 le Frog Fan]

I dont plan on taking either private pensions until November 2029.
I will take my state pension from November this year and plan on saving it until November 2029.
Hopefully this mess will be over and the markets will be on the up well before then.
Also hopefully, my health and job will still be ok until then.
If so, I can retire at 70 and not have to worry too much about financial matters.
A lot of "ifs" involved but we need to have some kind of plan I suppose. 

You have to ask yourself, Albs, what will you need when you retire? Unless you're planning to retire to the South of France, or buy a mansion, I'll bet it's not much. I know bills are quite high these days, but the are quite a few days when I spend absolutely nothing. I also know that a nice few bob in the bank makes you feel all warm and fuzzy, but I really don't think any of us will starve.

Im hoping to pay my bills, maybe have an occasional holiday in this country (no longer interested in holidays abroad) and leave a few quid for the kids.
Time will tell. No point getting completely fixed on whats going to happen because health / job / economy isnt really within my control, but also not having any kind of plan in mind probably means ending up in a bit of a muddle.
As for retiring to the South of F****e - have a word with yourself. 

[Doctor Gollum]

Teacher pensions are basically paid from the imaginary money pot and are guaranteed regardless of whether there's any actual money to pay out.

[STEMO]

Teacher pensions are basically paid from the imaginary money pot and are guaranteed regardless of whether there's any actual money to pay out.

Yep, all public sector pensions are. So my question was why the LTA, which Albs answered.

[Migv6 le Frog Fan]

Your state pension, from November, is almost £12,000. That will be taxable if you carry on working, of course. But, still, it's a nice bonus.

I will be taxed on mine as Im still working, but yes a nice bonus to build up reserves with.
Swmbo is currently 12 years short of NIC,s for her state pension, but we are in the process of buying them , so she will also get full state pension untaxed from June 2028.

[STEMO]

I dont plan on taking either private pensions until November 2029.
I will take my state pension from November this year and plan on saving it until November 2029.
Hopefully this mess will be over and the markets will be on the up well before then.
Also hopefully, my health and job will still be ok until then.
If so, I can retire at 70 and not have to worry too much about financial matters.
A lot of "ifs" involved but we need to have some kind of plan I suppose. 

You have to ask yourself, Albs, what will you need when you retire? Unless you're planning to retire to the South of France, or buy a mansion, I'll bet it's not much. I know bills are quite high these days, but the are quite a few days when I spend absolutely nothing. I also know that a nice few bob in the bank makes you feel all warm and fuzzy, but I really don't think any of us will starve.

Im hoping to pay my bills, maybe have an occasional holiday in this country (no longer interested in holidays abroad) and leave a few quid for the kids.
Time will tell. No point getting completely fixed on whats going to happen because health / job / economy isnt really within my control, but also not having any kind of plan in mind probably means ending up in a bit of a muddle.
As for retiring to the South of F****e - have a word with yourself. 

OOPS 

[Doctor Gollum]

I dont plan on taking either private pensions until November 2029.
I will take my state pension from November this year and plan on saving it until November 2029.
Hopefully this mess will be over and the markets will be on the up well before then.
Also hopefully, my health and job will still be ok until then.
If so, I can retire at 70 and not have to worry too much about financial matters.
A lot of "ifs" involved but we need to have some kind of plan I suppose. 

You have to ask yourself, Albs, what will you need when you retire? Unless you're planning to retire to the South of France, or buy a mansion, I'll bet it's not much. I know bills are quite high these days, but the are quite a few days when I spend absolutely nothing. I also know that a nice few bob in the bank makes you feel all warm and fuzzy, but I really don't think any of us will starve.

Im hoping to pay my bills, maybe have an occasional holiday in this country (no longer interested in holidays abroad) and leave a few quid for the kids.
Time will tell. No point getting completely fixed on whats going to happen because health / job / economy isnt really within my control, but also not having any kind of plan in mind probably means ending up in a bit of a muddle.
As for retiring to the South of F****e - have a word with yourself. 

There are plenty of places to move to and retire without breaking the bank.

Fortunately, none are in France

[Migv6 le Frog Fan]

Im about done with going abroad. Hate airports for a start, but if I won the lottery I could be tempted to have a second home at Lake Como.
A stunningly beautiful place, and I really like all things Italian, despite the fact they would steal the eyes from your head and come back for the eyelashes - and shag your missus while they were there. 
They would do it all with style you see, and that makes all the difference. 

[STEMO]

Teacher pensions are basically paid from the imaginary money pot and are guaranteed regardless of whether there's any actual money to pay out.

Anyone who spends nearly 40 years being punched, kicked and spat at, deserves every penny they get.
But that's teachers for you, some of the kids are even worse 

[Migv6 le Frog Fan]

Ive been punched and kicked by a teacher (when I was a pupil) but none of them ever spat at me. 
Got touched up by an R.E. teacher when I was about 14, so I chinned him.
Unsurprisingly, there were no repercussions. 

[Doctor Gollum]

Teacher pensions are basically paid from the imaginary money pot and are guaranteed regardless of whether there's any actual money to pay out.

Anyone who spends nearly 40 years being punched, kicked and spat at, deserves every penny they get.
But that's teachers for you, some of the kids are even worse 

Both my parents were teachers in the private sector, yet their pensions are/were dictated by the greater good.

[Doctor Gollum]

Herpes. Collected a parcel in Hull on Wednesday last week.

Scanned into the hub this morning. Just been scanned again...

In Hull.

At least they haven't lost it I suppose