While I was working at a company about 4 years ago , I opened a private pension plan. I stopped contributing after a few months. I did not realise though that I was opted out of the State Second pension. I have now opted back in but about £3000 was paid into the private plan instead of the SSP at this time. Presently, nothing is being paid in at all, and I do not plan to pay any more in.
On my last statement the figures say...
2006 Plan value 4845.64 What you get back when you retire:your fund might be worth:
From payments to replace the additional state pension £86,400
This could buy you a yearly pension of: £3020
From all other payments £1350, £48 a year when you retire
Since I have opted back in to SSP I dont know why the £86400 figure is that high????
How can £4854 turn into £86400? Are they assuming I am going to opt out again?
Is this plan value of £4845 worth bothering with, seeing as I'm not going to pay any more in?