What percentage of your salary are you paying to your pension

[Kerry987]

I am getting a bit concerned that DH and I don’t have much pensions contributions and want to increase it so would like to have an idea of what percentage people contribute. I know it will vary depending of people’s circumstances but want to have a rough idea.

Thank you

50

Around 37% but also putting additional money into other savings because I want to retire before I can draw my pension.

About 40%. But I want to retire before I hit 60. I save into other investments too. In terms of my aggressive pension contributions I'm definitely an outlier when compared to my peers...

5% it’s all I can afford currently.

30%

No brainer with tax relief

50%???? 30%???

No one does this!!

9% as we still have childcare costs etc. Will increase as I'm able to (I'm 39).

Percentages won’t tell you much as it depends on earnings and how long people safe for. Some people might be in some generous pension schemes and others self-employed with a SIPP etc.

Whatever scheme you’re in, you should have access to info on what you’ve saved already and an illustration what that might mean when you retire.

About 97% of my employment income.
I live on other income.

I appreciate this is HIGHLY unusual.

@ButNotYet

50%???? 30%???

No one does this!!

Yes they do but at different times of life. I have no DC and have paid off my mortgage. I am now concentrating on my pension as I hope to retire early in less than 10 years time.

When I was 30 I didn't put as much in but I now regret that so much as it makes more of a difference with compound interest. Now I have a better understanding of pensions I wish I could go back in time and put more in.

When I was working it was 6% then company match up to 6%. Surprising how quickly it builds up.

I pay the standard 9.3% NHS pension. The kids are still very young, and I'm only early 30s. Can't say it's a massive priority at the moment.

5.6%, and I look at that amount of money and think of what I could do with it!!

7% with a further 7% paid by my employer...

After watching my Dad not make it to pension age, while I understand the purpose of saving for my pension, I'm not going to commit a vast majoirty of my earnings to it and leave myelf short of being able to save and live comfortably now.

So I pay 9.6% into my teacher pension, which is standard for my pay scale point. Then I have an AVC set up to pay an extra 5% of what's left into another teacher pension pot.

I thought it was quite generous until I've read this thread!

Percentages won’t tell you much as it depends on earnings and how long people safe for. Some people might be in some generous pension schemes and others self-employed with a SIPP etc.

Yes mine are defined contributions so need to get as much invested as possible to enable a decent drawdown.

How I wish it was a defined benefit instead

I think it depends on your agd and your current circumstances. I pay 12% because I was late starting a pension and I read that you should save half your age (including employer contribution). However, I'm thinking about reducing this as I've just returned to work after maternity leave and childcare costs are high. I'll put it back up again once DS is in school

23% of which 7% is paid by me and 16% by my employer.

20% and employer another 7.5%, but it's not a pension. It's a 401K plan account (US), which is a tax-advantaged retirement investment account. Whatever is in there when I die will be part of my estate and go to my children.

9% but mine is a defined benefit scheme.

So I save 5% into a pension (plus the employer contributes 5%) so 10% total

I also set aside a separate amount of around 12% of my monthly net pay into an investment S&S ISA this is earmarked for retirement (i hope to retire early and it’s a good safety net to fall back on). I nudge this up every time I get a pay rise and if i get any as-hoc money I put a % into it.

I’m in my late 20s.

I'm 49 and have no pension.

70% at the moment (my employer pays another 7%) but that’s because DH’s pension pot was larger than mine and we are trying to even them up. When they’re even, I will probably do about 10% and my employer’s 7% on top.

9.6% into a defined benefit career average scheme (this is the required employee contribution).

An additional 5% into an AVC (defined contribution).

14.6% total.

I think Martin Lewis recommends your age divided by 2 as the percentage to put away.

I'm 38 and doing 10% plus 5% employer contribution. Hope you to increase when nursery costs reduce.

Anecdotally I think this is quite high amongst my age group (in the private sector)