Pension help please!

27 replies

Pensiondrama · 04/07/2023 10:53

I am 35 year old , increased my pension contributions to 12% (they used to be 5%) my employer is capped at 10% , this will give me a total 22% .

Do you think that this is a good number , is it average? Is it too much? Is it too little?

Total new contributions from myself and employer will be around £500/month.

AIBU - You will be fine, contributions sound sensible

AINBU - You will put in your pot too little. If you can increase your contributions to £xxx/month .

OP posts:

Whatevergetsyouthroughthenight · 05/07/2023 08:09

Fightyouforthatpie · 04/07/2023 12:27

Employer contributions should continue during Mat leave - yours will depend on income and the terms of the pension.

Show quote history

But if your own contributions stop even if the employer continues to contribute or you take time off on top of mat leave (SAHM) then there’s less going into your pension, so try and pay more in as a percentage of your salary when you are working to cover the gaps.

Touchwood2654 · 17/04/2025 11:31

Soontobe60 · 04/07/2023 16:05

When I retired, my salary was around £42K. My pension is £12k and I have a part time job with a salary of around £14k. I have a much better lifestyle than I did at 55, and currently am managing to save £500 a month.

Show quote history

Do you mind if I ask: At what age did you retire? And was your mortgage already paid off?

Flip

1 2