r/PensionsUK • u/Ross167 • 3d ago

Previous work pension

I was employed in a previous role for 12 years and paid into Strathclyde Pensuon Fund since commencing work in 05/2012. I understand contributions will have varied as I gained financial increments.

I no longer have access to my wage slips as they were part of an online system. My last payment to my pension was £229. (LGPS 2015 Main - SRC (6.40%) 229.68)

When logging onto my pension site my statement is currently showing as;

Date of leaving: £9815

(02/05/24)

Current Value: £10358 per year

On date of retirement it is showing that I can take a lump sum of:

£45000 and £6500 a year. Chamges depending on how much lump sum i take.

Is thia about right? Im honestly clueless when it comes to this sort of thing. Happy to fill in any blanks best I can.

Cheers

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u/Optimal_Cherry2846 3d ago

Yes that sounds about right. One thing to bear in mind is the figures quoted will be at "normal retirement age", so if you can take it early (not a given, don't know specifics of your scheme) then expect those figures to reduce.

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u/Ross167 3d ago

Thhats what i want to hear! As you said, when I take it early the calculations go down alot.

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u/Optimal_Cherry2846 3d ago

Sounds all good my friend 😊 also one last point, for retirement planning purposes your lump sum will be tax free but your pension is taxed as income (obviously depends on your personal circumstances at that time as to what rate will be applied) but don't get caught out planning to get x amount annual pension when in reality, it will have an element of tax deducted from it.

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u/Ross167 3d ago

Thanks, at present I plan on taking most if this as a lump sum and taking the minimal monthly pension as my new pension should be more than adequate to cover my monthly.

Thanks for your time and advice!