How do you calc pension for early retirement ?

R

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How could I calculate my pension benefits and age at which I could retire earlier than 65 ? My scheme allows early retirement over-50 (I'm not anywhere near 50 yet, but just want to plan ahead !!)

I am in a Defined Contribution pension scheme. Is my final fund value multiplied by a percentage value to get the yearly pension amount ?

I have AVCs (11% of my salary) on top of the companies contributions of 7% and my own 3%.
 
  • It is a Defined Contribution (DC) scheme so the benefits depend on how much you put in, investment returns achieved, and annuity rates when you retire - ask the pension consultant to your company scheme for some estimates of your benefits on retirement and on early retirement (such as age 50)
  • The fund value converts to a pension at your retirement by buying a pension from a life insurance company - these rates change in line with interest rate movements and mortality rate changes
I hope this helps - you really need to put these questions to your pension consultant.
 
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