I have been paying into our company pension for 16 years, paying 3.5% and company paying 5% of salary. Salary has gone from circa 38k in 2003 to 85k currently (since 2010). I also pay AVC of 134/month so at the moment I'm paying around 729 per month. This will increase slightly with a recent 2% pay increase and 2 further pay increases in 2020, 2.5%, and 2021, 2.25% I plan to put all into the pension.
I'm 40 this year and was always told to start early etc and that's what I done at 24 but it just seems to be less than what I anticipated perhaps.
The company changed provider in 2017 and looking online on the new provider website area, I can see the fund value. Premium paid 136k, current value 146k. Does that sound right?
Also, there is nowhere on the client pages where I can see what they charge and when.
Lifestyle strategy is 'legal and general ARF', Mix 100%.
Looking at the paperwork on statements, the previous provider projection was 831k at retirement, whereas the current one says 706k at retirement. I know it's a guessing game but just curious.
I have very little knowledge on pensions and what I need to do/not do so am wondering if I need to take independent advice or if that is even permitted under our group scheme. Office is not very helpful in this regard.
I am currently beginning to do some research and learning on the whole pensions thing to educate myself but it appears daunting to say the least.