To ask how much you save in your pension?

[pimlicopubber]

I'm in my 30s and have been contributing the a minimum amount, that my employer matches. However, at my current speed of saving, it doesn't seem nearly enough to retire comfortably. I'm aware of how compounding works - the earlier I contribute, the better!

How much do you put away as a % of your salary and do you plan to increase or decrease the contributions in time?
At what age do you hope to retire?

I wonder if this is public sector defined benefit employer cost - it’s not actually contribution to a ‘pot’ but it’s what the employer pays in to the pension scheme and covers existing pensions for retirees.

Agreed.

I had no pension until 30. Then paid minimum matched until 34/35
since then I've used my max annual allowance and used my back allowance I’m 41and have a pot valued at about £400k

its about 30% of my pay but has been as high as 50%

I don’t get why people get so hung up on this so much as if you pay into a work pension from 21 by the time you retire it should be more than enough to live off. People act like you need a massive income when you retire.
if you’ve no mortgage by then it should be enough.
Paying in lots of extra just ends in being taxed more.

How is €8000 a month a wage? Surely that's a great salary?

I have a DB pension so it should be quite good, however, if I didn’t have this, there’s no way I’d be able to put in 20-30% of my income. I doubt anyone earning anywhere near the average salary could afford that and especially if they have a family to raise. I’m still sceptical about telling everyone to invest in their own pension and whether it will just result in smaller state pensions or none at all. Personally, I’ll cut my cloth accordingly and spend what I have but I would not miss out on living now. No one knows whether they will even see retirement and with the retirement age pushed further and further back, the idea is that you don’t really benefit.

I put in 10% and my employer puts in 30%, I fully believe it’s why people stay to retirement.
It’s a brilliant pension scheme but if I started hating my job I’d leave.
I have other investments and not solely reliant on my pension when the time comes. I’m 40, some people are making additional contributions but I just leave mine at the standard opt in 10%.

I pay in 10% and my employer pays in 10% but I'm part time and increased my contributions after having DDs because I need to try and offset the lower part time wage. My pension pot is currently £65k and I'm in my late 30s......scarily it is not enough!

Mid 50s, I pay 10% with employer 5% but these are small numbers, and DH who is self employed has no private pension.

Most of our lives we’ve never earned enough to pay into a pension. We’ve lived frugally without holidays or expensive purchases, to focus on paying off our mortgage (recently done this) and giving DCs a decent life / help with deposits etc. Now the mortgage has gone we are saving into ISAs so we at least have something to top up the state pension / my tiny pension we’ll get at 67.

I know it’s far from ideal, but it’s all we’ve got.

We're only just buying our first home this year in our early 40s so no early mortgage pay off and stashing away for us. Only put away the statutory workplace contribution. Will probably put away any inheritance we get towards pension.

24% into my pension.

10% employer contribution.
7% my voluntary contribution.
7% employer matching contribution.

There are so many variables to consider, it is hard to generalise, but a few factors that make a difference, or have to me in the past....

1. Employer contributions. "We will match what you pay to %". Maximise that.
2. Higher tax earner with kids, especially around the bracket of £60k, where it might make a difference to whether you get child benefit.
3. Higher tax earner full stop. If you are young, the current govt limits can catch you out here (you can take £268,275 tax free, 25%, this may change). There are also other limits per year.
4. Age, the closer you are to retirement, the more these things become a no-brainer, especially if you a 3), but only if your income is at a certain level after retirement (so, early retirement)
5. Ability to access state pension, it is not a given, it depends whether you have paid NI for many years.... Check it out here https://www.gov.uk/check-state-pension. Some older schemes (DB pensions mainly, had contracted out agreements, which in short, mean you will lose some of your state pension because you paid lower NI in the early days, it won't affect many of us these days, but if you have a DB scheme, it is worth knowing.

I'm aware that this post does not answer what @pimlicopubber was posting, but I hope it helps others that have posted. To answer directly, I absolutely maxxed my pension contributions in the last years of working a) because it reduced my tax bill and because I knew I was going to draw down the moment I hit 55, and get the 25% tax free lump sum. But I was I was a 40% tax earner so it all made sense at the time. What works for one person, definitely does not work for another if you know what I mean. xx

43 and 0% , i can hardly manage to pay my bills , i have 7k currently in my pension and will never be able to increase

In my 30s I just put in 4%. But I was working PT and had childcare to pay for. Once my DC were at school and I started increasing my hours (and especially once I was a higher rate tax payer) I increased my contributions and now in my 50s I put in 20% and increase my contribution every pay rise. I have a good salary though and work in the private sector. DH (similar salary) puts less than me in his but he's public sector so his employer contributions are much higher than mine.

9.7% into my main pension. Employer adds about 24%. But it's defined benefits, not defined contribution scheme.

On top of that I put another 5% into an AVC and have done for the last 25 years. I hope it makes up a little for all the years I was part time.

Civil Service so 7% me and 29% employer but haven’t been in long. Focussing on savings at the moment in ISA / SIPP to fund early retirement and minimise tax payment from 55 - savings about £20k a year

@exhaustedbeinghappyi think your situation is very normal IRL

Banking in my case. I’ve been there nearly 20 years and the scheme I’m in has now been closed to new starters, unfortunately.

I work for the civil service so I have a good DB pension worth about £14k p.a. so far. I also top up into a DC pension (10%) which I plan to use to retire before state pension age.
I also have a LISA which I will be able to withdraw without penalty at 60. I can only pay into that until 50, so after that the £4k per year will go into my DC pension.

I am aiming for 60 but hoping 58.

Contribute 5% above my basic so it’s 11.6% altogether Amy my employer contributes 14.5%.