What percentage does your employer pay into your pension each month?

[Star2015]

I may be in a position to negotiate a better % paid into my pension each month but have no idea what a ‘good’ percentage is... at present it’s at 1% rising to 3% then 5% over the next 3 years.

What percentage should I be aiming for when it comes to negotiation?

I’m 33 and only have a very basic amount saving in previous pension pots from employers so I’m thinking this will be my ‘main’ pension pot when I retire.

Thanks!

If we've signed, that should say.

Tippexy
Nothing in a Defined contribution pension agreement will mention how much you get out at the end.
All that is ever defined is the contribution into the fund.
Out of that contribution come the fees those nice folks on the high earner threads in case you wonder
and then the risk of stock market crashes
and what is left is divided across the number of years you want to be retired for.

The thing is as well, people can sign whatever but the money would still have to be there. There is some cover from the state if pension funds go bust but again, the money has to be there. There aren't going to be enough working age people paying enough in to cover it, eventually.

isa
There aren't going to be enough working age people paying enough in to cover it, eventually.
You are confusing two totally separate issues.

In a DC Scheme, you have a personal savings pot that only you will draw on. The number of working age people is utterly irrelevant.

In a DB scheme, you have no pension pot, you have an entitlement to a part of the general pool.
If the pool runs low then there is a problem.

DC requires the market to perform to a certain level though right?

Star
Have you worked for a Parish Council before ?
Do you understand the legal situation around your pension rights?
Are you an SLCC member ? Are you on the NJC pay scales ?
Is your council a member of its CALC ?

DC requires the market to perform to a certain level though right?
DC does not require anything.
If the market tanks, so does your later life income. That is that.

Talkinpeace this is my first role in a Parish Council... not a SLCC member.. our council is a member of its local Parish council’s association and I’m paid based on NJC.... it sounds as though you may have lots of useful advice for me...

Any reputable DC pension fund will have sensible default options. So, for example while you’re in your 20s-40s it will be automatically invested in high risk but high growth potential funds. From your 50s this will start to taper off and be invested in low risk but low return investments. You would have to be very unlucky to get out less than you paid in, especially with employer contributions as well.

At retirement you will have a fund you can use to invest for income as you like - you can buy and annuity, purchase buy to let property, get your own share portfolio or go to Vegas as stick it all on red.

star
I know far more than is healthy about Parish Councils.
I think you need to do a chunk of networking and reading before you start requesting big pension contributions

Talkinpeace can you point me in the direction of the reading matter please? Thank you

Are you the Clerk of your council ?
Have you been to any networking events yet?

G&A 2018 edition comes out soon - that will have links
as does the NALC website

and the HR adviser at your CALC
and read the monthly bulletins from your county LGPS to understand the alternative
and see what your CALC are recommending that members provide

Mine is shit. One of the big 4. They only match up to 4% so I pay 11% and they pay 4%. Also they don’t pay in on my bonus which is 40% of my salary.