Re: Fiona Onasanya
Pensions and pension schemes are notoriously complicated the only thing that is certain is that the more you put in your pot the more you will receive in retirement.
If Onasanya, who is approaching 40, hasn't already got much in her pot then her chances of adding much to it are, potentially, slim.
Relevant illustrations:
https://www.telegraph.co.uk/financia...d-pension-pot/
More than half of those aged between 40 and 60 years old (54%) say they want to save but can’t afford to do so, which means they struggle to put money away for retirement as finances are spread too thinly.
People in this age group have average pension savings of just £60,000, while expecting their funds to last around 20 years, which would provide a monthly income of around £250.
According to research by insurer Royal London in May 2018, you’d need a pension pot of £260,000 if you want to avoid an uncomfortable retirement. This sum would provide a pension income of just over £9,000 a year in addition to the new state pension of £8,546.20 a year.
If my calculations are correct then savings of at least £6,000 per year for 40 years are required to reach a pension pot of £260,000 .....
Just to "avoid an uncomfortable retirement" .....