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

[yousignup]

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?

I need a new career that's less physical. Icant see us managing what either of us do into late 50s

I second what one poster said re public sector jobs and salaries. I get far less in the public sector than I would privately. The pension is one of the few perks there is.

I get far less in the public sector than I would privately.
statistically, public sector pensions and state pay rises mean that the public sector paid better than the private up till around 2 years ago

the pension is worth 20% on pay
and then the sickness and holiday pay ....

the private sector is much further along the race to teh bottom than the public sector

but people keep voting for tax cuts so just have to suck that one up

The employer % are surerly not relevant on final salary scenes.

I also worked for several years abroad and no idea how I'm going to be able to transfer my pension from that work to the UK, because they will only transfer it to a UK employer, not to me directly.

I would check up on that, not that they should pay the money to you directly but they should be OK to pay it into a regulated private pension scheme and not only to an employer scheme.

You can get an immediate state pension forecast here, as well as details of any gaps you have in national insurance contributions:

Www.gov.uk/personal-tax-account

It takes about five minutes

I work at a Uni and am part of the superannuation scheme- I pay about 7% and the employer pays about 15% I think. I don't currently own a house though so buying one takes priority over paying more into a pension at the moment.

armani and Ta1kin, yes the employer contributions to my employee's pension may reduce my tax bill, but I make negligible profit from having an employee anyway (she was taken on in spite of this because of the potential to expand the business, not because of the profit I would make directly from hiring her. However, at least I was breaking even on having her come in, which at this stage was enough for me). As it is, any employer contributions to her pension, which will come into force for me in summer 2017 mean I will actually make a loss on her. As it is, it therefore looks as though I will be forced to terminate her employment anyway because I simply won't be able to foot the bill.

Unfortunately that is the sad reality, but I can't see any other way around it.

I have c£150k in my pension pots (am 48) and pay in 10% of my current pay and employer pays 5%, this is about £780pm. I am increasing to 15% in April (employer's will not increase)

This, currently, will give me c£4kpa. I also have a deferred FS scheme which is due tp pay out c£1,500pa. And my ISA, which is also part of my pension planning, nets c£3kpa currently.

My aim is to get all that up to £10k pa, add to the state pension and it's workable.

NoBetter ta1kinPeace That is shit that self-employed don't get tax relief on pension. I had not realised that.

Im 30 and my employer puts in 6% as standard, then I put in an additional 6% and my employer then matches that too. So about 18% altogether which is about £726 a month but that's subject to change as and when I get pay rises etc, I've been paying in just over 6 years and I'm predicted to have £9,000 a year to live off unless my contributions increase. They say you need about £250,000 total to live comfortably through retirement now though, obviously you can get better returns if you use a high risk high return portfolio, but they don't advise to do that past 35 in case it goes tits up and you're left with nothing and very little time to replace it all

I think I have lost a lot of compassion about people in the NHS, teachers etc due to this thread. I so often hear about them being poorly paid but hearing the employee contributions I no longer see that as a fair reflection.

I'm 59 and pay 47% of my salary into my pension every month. My employer pays 3%. However, I also make occasional lump sum payments in the months when have some surplus.

I pay 8%, my employer adds another 10%. I make additional £250/month payments into a SIPP.

I am £100K off of where I should be at this point in time (mid 40s). However, it is a bit like a diet. Even though I am not where I would like to be, I cannot change the past, and its best to keep plugging away and not to get discouraged despite past failures.

Some of you have very generous employer contributions!

I'm self employed and put £500 a month in. I've got a small, fairly cast iron, final salary pension knocking around too. Pensions are just one strand of my retirement plan though; I have property and shares and ISAs too.

Another one in the LGPS. I pay 6.5% and my employer paid 18% last year. I joined at 30 and am on a career average salary scheme not the final salary scheme of old.

I am so thrilled looking back that I was a boring fart in my 20s. Have always paid into a pension - now transferred into the LGPS. Estimate is £21500 at 60. Rising I work longer. Phew!

I recently read than in order to have a pension of £30k retiring at 65 you would need a pension pot of more than million pounds.

Ours are rubbish. I am a director of my own small business (no employer contributions as such since if it goes into the pension then I can't take it as dividends. DH is a partner in a law firm and so self employed - again no employer contribution.

As a pp said above, our plan will also be to finish paying off the mortgage and then shift to paying larger amounts into the pensions.

And I agree with others that anyone with a public sector job (particular local authority but also education and NHS) is in an enviable position. particularly those who are older since at the point at which their final salary became career average they were already earning decent money and as such "career average" is still high

I am average salary LGPS too but I have got final salary from the days when I earned a lot of money, as unthread, two of my final salary London schemes are in the pension protection fund so even though I paid in 7% and my employer paid in 13% for ten years could be worth very little when I retire.

Fortunately my last five years at my highest salary are in a (currently) safe place.

LGPS is a good thing, but I earn at least 40% less than I could in commerce. I chose a LG job because it is in a convenient location and offers more flexibility than the commercial sector which is what I need right now. I still work 42 hours in four days most weeks but I can take my work home if I need to.

While the self employed can not make employer contributions for themselves (as they aren't employed), they can of course make personal pension contributions which attract tax relief at their marginal rate. So they do they get tax relief.

Employer 19%, Me 9%. University pension scheme. 18%+8% is automatic, the additional 1% is optional and employer matches it.

Self employed and have no pension plan at all
Couldn't afford it in the early days , and too late now ( I'm 56 )
Plan is to sell the business and retire in a couple of years

Christ. I had no idea that local government, NHS etc pension contributions were so generous. No idea at all. I knew that they were 'good', but I had absolutely no idea just how good. Adding on other benefits that friends working for the NHS have eg a certain number of paid days every year if necessary to look after unwell children, I feel that I've had my eyes opened. Not in any way doing down the work they do and the conditions etc, truly not, but wow.

I thought my (private sector) employer was generous in matching contributions up to 9%. I've always thought that was a fantastic scheme (I can see that I am right, and it is, compared to other posters' schemes).

That's the main reason j took my job! Flexibility, 40 days holiday and an amazing pension. Alternative was private sector where I could easily double my salary (niche job, highly skilled). I chose pension and holiday.