I plan to get to 70 and then hit the credit cards hard 
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Or become a full time student with a big loan 
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I’m hoping a combination of my savings and AVC will keep me topped up until 67.
Are you on the academic side or support side? I know the original uni’s had a couple of pension schemes but almost everyone at our place is on the LGPS.
TBH I’m treating the state pension as a bonus when it finally kicks in - I’m aiming to retire at 55, so will have to wait at least 12 years before I get my £175 (or whatever it is by then) per week.
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I am in the support side (IT Services). I am in the USS scheme which I think is the main one for Universities. Like most it moved from the years of service (Defined Benefits) model to Defined Contributions model in 2016. I am also topping up with AVCs which hopefully will help.
My daughter is getting married in a couple of years time so I looked into taking out some cash earlier. However you only get the first 25% tax free and the rest is at the marginal rate of tax so not really worth it. Probably a good thing.
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Also in IT Services but we aren’t in the USS scheme, a throwback to the days of being a Poly ran by the council, so we are still in their scheme.
Although it’s had it’s changes it’s still Defined Benefits for us, albeit there were significant changes twice in the last 8 years. First off it went to a career average rather than final salary, and then the payments were increased based on your pay grade, so I ended up paying a couple of % more.
Any pension in the old final salary scheme is protected as well as the lump sum, this has worked out reasonably well for me because quite a lot of the years I paid in I was on a lower grade but jumped up quite a few grades which will affect that.
And the career average since about 2012 (I think) has been on a higher income, so although I’m paying in more obviously I’ll still get a reasonable payout.
The pension statements are slightly confusing as it shows the 2 different schemes but you get a reasonable estimate but it’s based around state retirement age, but the website has a calculator.
This is assuming I’ve got the sums right! I’ve also got to work out the best plan for actually taking the AVC, I don’t think I’m going to buy an annuity, and will probably just withdraw it in chunks over several years.
Sounds like you’ve got a decent plan of 4 more years then retiring at 62, with only 5 years before the supplement of the state pension. And a wedding to look forward to.
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Your pension sounds similar to mine @jeffb, I accrued 28/60ths in my first pension before we were switched to a career (ha, ha, ha) average in 2015.
Are you still a council employee? Are you waiting to see what happens with The McCloud Judgement?
I work for the University but we are still in the shared scheme with the local council, got a feeling it’s shared with a couple of other councils and it is generally considered as a decent one.
It’s the first I’ve heard of McCloud, I’m going to try and understand what it’s saying but the GF is making a noise ATM and I can’t concentrate 
Edit: well I’ve read about McCloud and I’m more confused 
, generally I would appear to qualify for it, but not sure if I’ll be much better off maybe until I retire. The general gist seems to be if you would have been better off on the final salary then you might get an increase, but won’t really find out for another year or two.
Just started that - on week 2
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Permission to officially join this thread, as of today.
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Congratulations! Many Happy Returns
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Happy Half Century, hop on board.
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Got yer bus pass? 
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Happy birthday, and welcome to the performance age group
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Happy birthday @wheezy 
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Nice one @wheezy and Happy Birthday 
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many happies! bloody youngsters… 
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Thanks all. So I’ve just got my first bit of Rapha gear as a pressie. Late to the party again.
Having fun playing with my new toy.
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Woohoo happy birthday dude @wheezy 
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Happy birthday!!
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