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

I should clarify - your age divided by two is the percentage you use forever, it doesn't need to increase every year.

That factors in needing to put away less if you start younger.

3% and my employer puts in 8%. DH puts in 10% and his employer 16%.

We are both mid 30s and haven't given it a huge amount of thought, other than getting the max contribution available for DH. As a pp said, if I go under a bus tomorrow there's no point having a massive pension pot.

As a pp said, if I go under a bus tomorrow there's no point having a massive pension pot.

Apart from the fact that my pots will go to DH. Please make sure you have filled out your beneficiary forms for your pension provider.

At the moment 9% and employer 12% so total 21% but having read this, I might increase mine. I'm 51 and have had scattered work pensions including a gap of 10 years when I worked overseas.

I think I pay around 7%. But its a defined benefit scheme (career average, formerly final salary), and I've been in it for 20+ years, so I think its decent . DH is in the same position. I don't think we'll be rolling in it in retirement, but I think we'll be comfortable enough.

I pay in 8%, and and my employer pays in 12%, so total 20%. I'd never heard the recommendation about your age divided in half, but I'm exactly on that, as I just turned 40.

Been saving into pensions since I was 23, when I started at an accountancy firm, so the pot has built up quite nicely now.

22%- 12% from me and 10% from my employer.
I’m 37.

Love my pension pot. Feels like a little mini-me working away to look after me in the future.

21% of which 6% is paid by me and 15% by my employer. Intend to increase contributions once youngest is at school and childcare costs will have decreased.

I pay in 8% and my employer pays in 10%.

0%. Can’t afford to. Self employed so no employer contribution. Just grateful to be clinging onto my job right now.

OP it probably would have been worth you asking the ages of the people posting. I think a lot of these higher contributions are likely to be being made by older posters

I put 10% into my pension and my employer puts in a contribution as well. I also save 20% into a S&S ISA for retirement. But I have a good job, DH and I live well with our means. DH has a public sector pension so he's laughing, he'll have more than double the pension I will despite me earning more than him.

It was 8% me matched by employer so 16% - I’m 31 so fits with the half rule.

Since COVID, they have reduced their pension contributions to 3%. Bit frustrating to having spent the year slaving away for no recognition, while a quarter of the business have been on 100% furlough.

18%- I have been putting in 6% and my company 12% for the past 10 years so age hasn't changed my contribution yet. I am considering paying more in for tax reasons in the future.

Retired now but when working I paid in enough to take me out of higher rate tax bracket. Then in the last few years I increased it as much as I could (to around 50% of my salary) to max out my lump sum while keeping an eye on not exceeding the Lifetime Allowance.

I have a stakeholder. I pay in 20 percent and government pays 5 percent. I also have teachers pension which I can draw next August. I retired early a couple of years ago so no longer paying into that scheme but it goes up each year by inflation. I will defer for tax purposes.

80% of salary but I'm playing catchup as I only started at age 35, and DH's pension contributions are capped due to his income. I also max out my S&S ISA (from DH's salary) as he isn't able to pay into one.

I 59 now but have paid into Teachers Pension Scheme for 25 years. Stakeholder since divorce as we had to pension share so I needed an account to put my settlement value in. I just decided to keep adding to it.

6% and employer pays 9%, quite low compared to some, but I’m mid-20s and have been doing this since early 20s so hoping to benefit from compounding etc.

I didn't have any say in how much was deducted for my pension. As a teacher the 10% apx was compulsory. Not that anyone would complain, as having a defined benefit pension is obviously an advantage.

I have no idea about pensions but have been looking at it recently. I have a final salary pension but I have no idea what that is. Everyone at work does Avc's and the talk is lost on me I can only assume its the standard 8% pension. I only started working around 24 and im nearly 30 so think I started late.

@ButNotYet

50%???? 30%???

No one does this!!

I put 50% in. Honest truth. I am 54, husband earns lots, children grown up and no mortgage. Why wouldn’t I? I’m not getting any younger and Due to paying over 21% my employer will put in 13% on top and I’m paying very little tax.

It’s a no brainier.

*brainer

Maximum contribution of 6%, employer pays slightly more than that, then additional 10% AVCs. It's not enough but I currently can't afford more.

Just to add mine was a defined benefit pension from age 19 to two years ago when my employer stopped it.that’s all banked now, but I’ve been on a defined contribution since 2018 so it’s a case of getting as much in the pot as I can.