Your pension health check results
Summary:
With the retirement goals you've set, aged your retirement income could look like this:
*This illustration is a guide to the possible value of your pension when you retire. It is shown in today's prices and is NOT a promise or guarantee that your pension will be paid at this rate. This is because it is based on a number of assumptions (see below). Always seek independent Pension Advice before making changes to your pension plans.
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How we calculated your results*
You told us you were born on the , and that you wish to retire when you reach , being on/around .
We've assumed that you'll be entitled to the full basic state pension (currently ) when you retire.
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Important Notes:
The values contained in this report and health check are for illustrative purposes only and are NOT a promise or guarantee that a pension will be paid at the rates shown. It shows the amount of pension that might be payable when you retire, in today's prices. It has been worked out in accordance with The Occupational and Personal Pension Schemes (Disclosure of Information) Amendment Regulations 2002 (SI 2002/1383) and Technical Memorandum 1 using various assumptions.
Among other things, your final pension will depend on:
- when you actually retire and start to take your pension;
- the actual contributions made;
- the way your own fund is invested, and the investment growth it achieves;
- how much it costs to buy a pension when you retire;
- whether you choose to buy a fixed pension or one that increases each year and what allowance (if any) you make for a pension for your [husband][wife].
This illustration has been calculated using general assumptions about various factors, including:
- that you will buy a pension that will increase each year in line with inflation (the Retail Price Index) and
- that when you die you will be married to some-one three years [older][younger] than yourself, who will inherit half of your pension.
- that your earnings will rise in line with inflation in future. In practice, earnings have in general grown faster on average than prices, though this varies significantly between people.
What actually happens and your own individual circumstances may vary considerably from these general assumptions. The actual amount of pension will depend on the actual performance of the investments and the cost of buying a pension when you retire and so may be significantly different from the amount shown here. Because of this, you should consider getting further information or advice before you review your pension arrangements.
PensionTracker can arrange for an an Independent Pension Adviser to contact you and discuss your pension options. If you want to know more about the way this illustration has been worked out or the assumptions made, you can contact us at support@pensiontracker.co.uk.
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