Active discussions

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask about your work place pension?

120 replies

Mmmmarmalade · 26/04/2024 14:34

How much you contribute as a % of your salary and how much your employer does?

The minimum an employer has to is 3% which feels awfully low.

my old old employer had a very good scheme, performed v well to, they paid 10% and then a further match up to 6%.
current is ok competitively but not as good, 8+5%

what’s yours like? Wish I still had my old pension plan, can’t lie

OP posts:
Gottoloveatakeaway · 26/04/2024 17:54

cadburyegg · 26/04/2024 14:59

Snap

Show quote history

Me too
But I add a voluntary 10% as I'm panicking a bit now about getting old

Skykidsspy · 26/04/2024 17:52

Mine goes with service. 5% initially, 6.5% after 5 years, 7.5% after 10, 10% from 15 years and 12.5% from 20 years. Non contributory, although I also put in.

Original poster
Mmmmarmalade · 26/04/2024 17:49

So in muppet terms how does the nhs pension work?

OP posts:
NoisySnail · 26/04/2024 17:43

Employer puts in 3%, I put in statutory minimum.

Zanatdy · 26/04/2024 17:39

No idea but I’ve got a civil service pension and I know it’s a good deal. I pay nearly £400 a month

Spendonsend · 26/04/2024 17:38

I pay 6%, my employer 3% in my main job.

Jobs 2, 3 and 4 are LGPS where i pay 5.5% and they pay loads. Like 13% or something. Its defined benefit.

Banana34 · 26/04/2024 17:36

I pay 9.8%, employer pays just over 23%.

lechatnoir · 26/04/2024 17:32

I work for a charity so have both crap pay and crap pension! Salary sacrifice 3% from both and they will match up to 6%. I've just had a (minuscule) pay rise which won't even cover the recent increase on our mortgage payments otherwise which is a shame as I had hoped to increase my contribution a bit.

Honestly, if this wasn't the most flexible job ever with wonderful colleagues I'd have left long ago!

Youcannotbeseriousreally · 26/04/2024 17:30

I pay 8.5% they pay about 19% I think:

countdowntomexico · 26/04/2024 17:26

@Janome9300 I wish Grin

DarkDarkNight · 26/04/2024 17:23

Direct Contribution pension. Employer puts in 0.5% more up to 8.5%. I contribute 8% to get the maximum. I’m moving jobs soon and that will be DC where I will get 13% for a 7% contribution.

I used to be NHS but won’t get a lot from that pension as I was part time and a band 2 while there. I’m pretty scared about my pension, I only have £17,000 in my current workplace pension and am aware I should have much more at my age (40). I wish there was more education about it in schools and early career how important it is to start early and how those early contributions will mount up.

AgnesX · 26/04/2024 17:23

Matches up to 7%, you can put as much as you can afford I think. DC since it's the private sector.

soundsys · 26/04/2024 17:16

Employer 3%, me 5% which is pretty much the minimum I think. But it's a small social enterprise. Previous employer: I put in 6% and they put in 22% (university!).

Janome9300 · 26/04/2024 17:14

Redlettuce · 26/04/2024 17:13

Lawyers are on around £50k - £60k round here so nowhere near the limit.

Sorry was picturing you at Slaughters or something! Take it as a compliment 😁

Redlettuce · 26/04/2024 17:13

The limit is £60k per year now!

Redlettuce · 26/04/2024 17:13

Lawyers are on around £50k - £60k round here so nowhere near the limit.

Janome9300 · 26/04/2024 17:09

countdowntomexico · 26/04/2024 17:03

Law firm. They pay 5%. I currently pay 30% but I've just had a significant pay rise so I'm currently deciding how much extra to put in my pension and how much extra to give myself as a pay rise.

Are you not in danger of hitting the annual limit at 35% on law firm money after a significant pay rise?

countdowntomexico · 26/04/2024 17:03

Law firm. They pay 5%. I currently pay 30% but I've just had a significant pay rise so I'm currently deciding how much extra to put in my pension and how much extra to give myself as a pay rise.

Redlettuce · 26/04/2024 17:02

I think you'll mainly get replies here from people with higher pension contributions. Many people don't know much about their pensions and are probably getting the minimum.

I work in this area and around half employers in the private sector pay just 3%, which is the minimum amount.

TerroristToddler · 26/04/2024 16:57

My employer matches up to 7%, plus some extra to cover the NI saving amount. I put in 15% by salary sacrifice. Employees have to put in I think 3% as a minimum but I increased it along the way each time I've had a payrise.

Alittlefrustrated · 26/04/2024 16:55

Mmmmarmalade · 26/04/2024 14:50

So all in, that’s over 30% going into your pension a month?

im in the wrong line of work!

Show quote history

NHS are crying out for staff

HuntingoftheSnark · 26/04/2024 16:55

Private sector, insurance company. I pay 40%, they pay 12%.

NewJobNewMeNewLife · 26/04/2024 16:54

I pay the minimum in my well paid job and my employee pays the minimum too. They say they would rather pay high wages than up their pension contributions and then it’s up to staff if they pay more into their pension.

I also work self employed and pay a much higher percentage to try to offset the poor employer pension and offset some tax.

Ladybir · 26/04/2024 16:51

Civil servant so work pays 27%. I think I pay 9%

Janome9300 · 26/04/2024 16:46

These threads always make me really angry (with my employer).