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jameela
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Joined: 04 Nov 2004
Posts: 9
Cash Points ££ 15.00
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 Posted: Wed Jan 12, 2005 4:02 am Post subject: Stakeholder Pension - How much will I get after 30 years ? |
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Hi
I am thinking of starting a stake holder pension (approaching 30years), and am thinkin of putting in £75 per month, so if I put in £75 per month how much am I likely to end up with at the end i.e. after 30 years or so ?
Any estimates greatly appreciated |
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Neo
Saving Enthusiast
Joined: 24 Oct 2004
Posts: 147
Cash Points ££ 595.04
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| Posted: Sun Jan 16, 2005 7:13 pm Post subject: |
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Okay , lets do the sums -
£75 per month for 30 years.
Average annual return 5% - compound (and after charges)
Total cash put in by yourself would be £27,000
Would result in a pension pot of = £59,980
Value of the pension pot in todays money (RPI 3%) = £24,052
if you took out an annuity of say 5.5% on the total pension pot that would give an annual income of £3,299 or £1,323 in todays money.
Now £1,323 equates to £25.44 per week in todays money, which is less than the £40 top up that pensioners get which is means tested so if you were retiring today, they would take off the £25 and give you £15
To beat the pensions top up allowance, the pension pot would need to be over £38k in todays money, which equates to a monthly contribution of £118.50
Now the other variables that can lead to a higher pension is the age that you retire at, the later the higher the annuity, and whether you have any serious medical history at the time of taking the annuity.
BUT The way things are, people are living longer, and thus annuity rates are likely to be much lower for a 60-65 year old in 30 years time then a 60-65 year old today. |
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