Read about Dave

Dave is 55 year’s old and is around 10 years away from his Target Retirement Date.

• Last year we estimated his pension account could be worth £45,000.
• This year we estimate his pension account could be worth £41,000.

We’ve not assumed anything different about how much Dave earns or pays in, but the new assumptions about how much his investments will make mean we estimate he will have less when he reaches his Target Retirement Date.

We used these account values to estimate how much monthly pension Dave could buy. 

• Last year we estimated he could get a monthly income of £85 when he came to retire.
• This year we estimate he could get a monthly income of £215 when he comes to retire.

Remember, this is calculated on the basis that Dave will purchase an annuity that:

• Has a five-year guarantee
• Issues level payments to him that do not increase over time
• Provides for Dave solely
• Does not take his gender into consideration

Pensions that increase each year and pay benefits for a spouse on your death are generally more expensive. This is why last year Dave’s monthly pension was lower than the estimate for this year.

* Numbers are approximate and have been used for illustration purposes only.