Pension pot formula section c

TheStrangler · Post by **TheStrangler** » 03 May 2020, 10:17

Sorry tried to search this without success. I'm sure there's a formula for working out roughly your pension pot?
I'm in section c, no avcs, etc
I have my 2019 illustration and also quotes for both pensions @April 2020.
Which is best to use in working it out?
I know my max lump sum will be around 40k so that being 25% do I just assume my total pension pot is 160k or is that too simplistic?
I've tried a few calculators and they always ask for your pension pot.
Also, when they ask you this are you supposed to include your state pension, if so how's that worked out!
Thanks in advance.

Post by **RobertT** » 03 May 2020, 10:48

The formula is:
Pension x 20 + DBCBS + AVC's = total pot value

The annual illustration is really just an estimate, but includes un-reduced figures for final salary(up to 2008) and CSDB(2008-2012).

Your quote will be more accurate, but will be in NRA60(up to 2010) and NRA65(2010-2018) format, and will include any reductions for early payment.

So take your pick. In theory both should work out roughly the same!

TheStrangler · Post by **TheStrangler** » 03 May 2020, 12:12

Thanks Robert, good to know you're on this forum for the likes of me, always appreciate your time.
I assume the figures you multiply by 20 are the bigger monthly figures for Nra 60 and 65 with no lump sum then just add cash balance scheme funds to that.

Post by **RobertT** » 03 May 2020, 13:43

TheStrangler wrote:Thanks Robert, good to know you're on this forum for the likes of me, always appreciate your time.
I assume the figures you multiply by 20 are the bigger monthly figures for Nra 60 and 65 with no lump sum then just add cash balance scheme funds to that.

Yes, although your quotes will obviously include early payment reductions, so the pot value will work out less than if you use the un-reduced figures on your annual illustration.