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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To be nosey and ask how much you pay into your pension?

102 replies

Popc0rn · 08/04/2019 22:55

I have only had a pension for the last few years since I started working in the NHS. From the start, I have paid 7.1% of my salary towards my pension every month, and have just had a pay rise, so will be paying in 9.3% from now on. This will be about £200 per month, it was about £140 before (it varies every month as my monthly pay varies depending on how many nights and weekends I do). The contribution rate that the NHS pays was 14.3%, but this has been increased to 20.6% from the 1st of April 2019 (which seems like a big increase to me, but I'm not complaining!)

I'm just curious nosey as to how much other people in different jobs pay towards their pensions, and how much their employers contribute?

OP posts:
badlydrawnperson · 09/04/2019 10:35

Holy cow! I had no idea Public Sector employers contributed such large percentages.

anothermansmother · 09/04/2019 10:38

I pay 8.6% and my employer pays in 15.4%

AProphecyForAFantasy · 09/04/2019 10:38

I pay just under 9% and my employer pays 19%. I'm not public sector Blush

Megan2018 · 09/04/2019 10:42

Mine is 8.5% and about £400/month - it's the local government pension scheme so pretty good.

DinaCaliente · 09/04/2019 10:42

Only the Auto Enrolment amounts so that's just increased to 5% Employee/3% Employer on banded gross earnings.

AllTheUserNamesAreTaken · 09/04/2019 10:43

Toad and Lima, I’m another who is in alpha as I joined the public sector 3.5 years ago, and am also baffled by the pension statements!

NettleTea · 09/04/2019 10:46

Ive got nothing. Actually thats not true Ive got a tiny private one from when people opted out of SERPS back in 1989 that maybe has about £3K in it
Im self employed but am also a carer for my daughter, so at least my NI insurance payments are covered. Due to her needs I have barely been able to work last few years and thats had a huge impact. Ive been building up a business but that hasnt had any money beyond living expenses coming my way
Ive finally clearered all my debts this month.
Im early 50s, too old for a LISA
I live in a housing association property, so have no assets to fall back on, although at least have security that I wont lose my home, and will certainly be looking at lodgers/students if needed once children move out. Thats if my daughter moves out.
I think its brilliant that employers are now paying good amounts as standard - I am not aware that Ive ever, when I was working, had anyone contribute anything, or pensions being talked about in any way. But Ive only recently been diagnosed with autism myself and my functional skills around finance have been sadly lacking until perhaps the last couple of years.
I admit to being quite worried about it all to be honest

teyem · 09/04/2019 11:14

Nothing. It's the upside of knowing you won't last long.

Oliversmumsarmy · 09/04/2019 11:23

Nothing.

Combination of Self Employed and SAHM.

Hopefully I will continue working.

I might be nearly 60 but my mind thinks i am still a teen

Justanothernameonthepage · 09/04/2019 12:41

11% and employer 6%.
Once nursery fees are done, I'm paying the nursery budget into a LISA incase the pension scheme collapses.

TheHobbitMum · 09/04/2019 12:44

My pension is just the big standard NEST pension which I think is 8% me, 3% employer. DH is 9% him & employer (private company)

AlaskanSnow · 09/04/2019 12:54

Self employed. I pay in £100 net, which is next to nothing but all I can afford for now. I'm 40.

foxstar3 · 09/04/2019 14:40

I pay in 8%, employer pays in approx 21%.

So I get £1250 pcm which is about a third of my income.

Not public sector

foxstar3 · 09/04/2019 14:40

I'm 35

2015newstart · 09/04/2019 15:22

@Eateneasterchocsalready

I mean that, financially, that type of pension is a much safer bet (guaranteed income) and much more secure than a defined contributions scheme (most pensions). Therefore if you consider moving employers to one that has a defined contribution scheme , and thus lose the right to contribute to your existing defined benefit scheme with your current employer, you should consider whether any associated pay rise is actually worth it as your pension may be reduced by starting again in a defined contribution scheme. If there is no payrise from moving employers then I wouldn't even consider moving if it meant losing a defined benefit scheme. I stayed with an employer that made me utterly miserable for 12 months until I found an opening with a company where I could transfer and keep my defined benefit/ final salary pension.

Your defined contribution will give you a lump sum that you can use to buy annuity or to invest further and spend as lump sums. It's depended on stock market performance and you may get out less than you put in. Your defined benefit will give you a guaranteed income forever so enables a more secure future. Also they tend to be in heavily unionised industries so, in my opinion, less open to abuse by the employer, e.g. a repeat of the BHS pension scandal. (disclaimer- I'm not an expert, this is based on what I've read in order to help with my own pension planning)

HBStowe · 09/04/2019 15:25

I pay 4% and employer pays a woeful 5%. I will increase it in time but right now the priority is savings.

Serenity45 · 09/04/2019 15:26

I pay 9% my employer (charity sector) pays 6%

StatisticallyChallenged · 09/04/2019 15:42

I pay 6%, employer 12% - private sector, financial services. Last employer was basically the same (5/13 - large bank), employer before that (big 4 consultancy) was significantly less, I think they paid half on top or similar.

I rather suspect though that the figures on this thread, and mumsnet in general, aren't really representative of the general population. Most aren't saving much, if anything.

florence11 · 09/04/2019 16:00

If it wasn't for pension and mat pay I would strongly consider leaving the NHS. The stress and politics are awful (I'm a manager). So yes, the pension is good, but if it were to take a(nother) hit I think a lot of us would vote with our feet.

PositiveVibez · 09/04/2019 16:06

I pay 6%, employer pays 21.8%

I also get a final salary pension.

Although I didn't start with my current employer until I was 38 and had nothing for years before that.

Pinkprincess1978 · 09/04/2019 16:25

I pay 6.8% I think and employer 16.8% - this is local government

RemoaningMyrtle · 09/04/2019 16:30

Is it true that when you retire you can take 25% of your pension in cash tax free?

Lonecatwithkitten · 09/04/2019 16:34

Self employed. I have paid my pension no matter what my income has been so it has been as much as 50% and is currently at about 7%.

BloodyDisgrace · 09/04/2019 16:36

I had the best of possible pensions - civil service one, before they started seriously fucking it up with "nuovo" and "alpha" schemes. 17 years of these full-time bum-breaking endevours earned me a pension to take at the age of 60 of around 7K a year. Around 20 years to wait for that blessed day. I left the scheme (as I stopped working) on average London salary.
That's not just an answer to OP question but also a clarification for Daily Heil readers who think civil servants have golden pensions.

Ellapaella · 09/04/2019 16:37

NHS so 9.3%
Have been paying into it for 20 years so far.