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To ask you how much you save every month for your pension

(248 Posts)
yousignup Sat 28-Jan-17 19:57:49

48, not in the UK but similar pension rules. Work part time so will qualify for percentage of state pension. Many years paid in, but no private pension. Mortgage almost paid off, hope to buy another place in a year or two with another mortgage, so basically my paid for house will be my pension pot. It's not worth a lot, but it's something.
Looking at UK articles about pensions, absolutely horrified to realise that for a modest payout at retirement time I need to be paying in approximately 900 GBS equivalent a month until I'm 65. No chance of employer matching any payment, would have to be private scheme.
AIBU to ask you how much you put away each month for your pension, and how old you are? Just thinking about my old age with a sick feeling in my stomach. Why didn't I start 30 years ago?

BarchesterFlowers Sat 28-Jan-17 20:01:46

Nearly 50 and I pay 6.5% of my salary, my employer pays 19.5%.

I took ten years off in my 30s but have always contributed to an employer pension scheme. Unfortunately two of them are now in the pension protection fund, as in have not got enough assets to meet their liabilities so who knows where they will be when I retire.

DH has a good pension.

CaveMum Sat 28-Jan-17 20:10:59

The rule of thumb I was told about pension payments (to ensure a d c not provision in old age) is whatever your age when you start paying into it, halve it and that is the % you should be paying.

So, for example, I was 22 when I opened my pension so I should be paying 11% of my salary into it. As it stands my employer makes a 10% contribution so I'm not paying anything myself at the moment, but once my children are in school and I don't have a humongous childcare bill anymore I will start paying something myself.

MiladyThesaurus Sat 28-Jan-17 20:14:08

I pay 8% of my salary and my employer pays 18%. I've been paying in for 8 years and have a long, long time to go. Apparently my pension currently stands at £4,500 a year (not available til 2045). Every year I pay in more and am promised less on retirement though.

problembottom Sat 28-Jan-17 20:16:06

I'm in my early 30s and pay 17% of my salary into my company pension each month.

OrcinusOrca Sat 28-Jan-17 20:21:11

I'm 25. I pay in 10%, they pay 15%.

Turquoisetamborine Sat 28-Jan-17 20:27:05

I'm a civil servant and have been since I was 16 so my pension will be quite good I think. Between me and my employer we pay in £400pm. I only work part time though and have done for the last 8 years and don't ever plan to return to full time work.

MsRinky Sat 28-Jan-17 20:31:25

8% from me and 18% from my employer into defined benefit scheme, another 9%/1% into the additional defined contribution scheme. Am 44, mortgage paid off. Only intend working until 57.

Allergictoironing Sat 28-Jan-17 20:32:44

I wish I could afford to pay more into my pension, but sadly I can't right now. I don't know if it's the same in the country you are in, but the UK pension contributions are tax free, i.e. if you are a basic rate (20%) tax payer, for every £80 you put into your pension from your net pay the government tops it up by £20.

You really need to talk to a decent financial advisor about your options, who should work out the most tax efficient way of saving for your retirement. I work in a related area, and it's frightening how few people are aware how little their current pension pots will be worth when they retire and therefore how small their income will be sad

TheHobbitMum Sat 28-Jan-17 20:35:53

I don't work (SAHM) but DH pays in approx £300 a mth and employer matches on a final salary scheme (he's been there 19yrs aged 40 now) . As soon as I start work again I aim to save a min of 15%

Sung Sat 28-Jan-17 20:38:43

I started paying into a private pension at 24 and immediately also starting paying AVCs so my total contribution was 15%. Employer paid too then but not sure how much (at a guess 10%).

I stopped paying AVC's once I had DC and I went part-time. I am still part-time 13 years later (now 43) and currently I pay 7.4% and my employer pays 16.4%.

DH started paying into a private pension at 18 and is now 47 - with his current employer he pays 10% and they pay 10%.

Hugepeppapigfan Sat 28-Jan-17 20:41:10

I pay 9.6%. Employer pays 16.4%. I think. There have been so many changes to it.

UncomfortableBadger Sat 28-Jan-17 20:43:58

Am in my late twenties & am squirrelling away half my age as a % of my salary into my employer's GPP scheme. To be honest, this still doesn't feel like enough.

Full disclosure: I work in personal finance and see first hand the massive disconnect between clients' retirement income needs and their actual retirement provision sad

MrsKoala Sat 28-Jan-17 20:45:24

I have no pension. I am a SAHM and doubt i'll work again for an employer. Dh has only got one thru work since when it was the law and pays in the minimum. We have property and inheritance tho.

Ellypoo Sat 28-Jan-17 20:48:21

I pay 10%, employer pays 10% - just had a small pay rise though & now I don't have a mortgage, I'm going to increase my contribution to 15% as it's a tax-efficient way to save, apart from anything else.

tallwivglasses Sat 28-Jan-17 20:52:24

Zilch. I'm fucked.

JaceLancs Sat 28-Jan-17 21:13:31

6% from employer - I can't pay anything as I'm struggling to live as it is
I'm screwed anyway and don't think I'll ever be able to retire

namechangedtoday15 Sat 28-Jan-17 21:20:41

Can I ask which field people work in where employers are paying in 15%+?! Have genuinely never heard of anyone paying this much.

throwingpebbles Sat 28-Jan-17 21:27:16

Oooh don't know what % it works out at, but I work a few days/week and pay about £150/month and my employer pays double that (so about £300/month)

I didn't pay in much till my late 20s though as was either studying or ill ...

Topseyt Sat 28-Jan-17 21:28:31

I pay £80 per month into a private pension, which is topped up to £100 by the government.

I am part time and not a high earner so it is a fairly high proportion of my pay, but I figured that as I was an SAHM for many years I need to play catch-up as much as I can.

throwingpebbles Sat 28-Jan-17 21:29:05

(Ie £450/month total).

BarchesterFlowers Sat 28-Jan-17 21:36:57

namechange, I worked in corporate finance for 16 years, now work in local government. I could earn much more (double) if I commuted to my nearest city, an hour away, but choose not to. I have a senior local government job. It lacks in pay for my skills but is very flexible and whilst I work 40 + hours a week I can fit it around my family.

So two completely different industries, both with a decent pension provision.

honeysucklejasmine Sat 28-Jan-17 21:40:08

Dh pays 5%, employer pays 7%. He was paying 10% but I am a SAHM so we need to save pennies. Will push back up to 10+% when salary increases or I start work again.

I have a teachers pension and am hugely ignorant to how it works. I know what it's value is (fuck all), and hope to add to it when I go back to work.

GingerAndTheBiscuits Sat 28-Jan-17 21:44:40

Local govt pension scheme averages between 14 and 18% employer contribution

GingerAndTheBiscuits Sat 28-Jan-17 21:45:27

Sorry, was replying very late to namechange

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