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 don't understand how to increase my pension contribution on the Nest site. It's a complete mystery to me. Instead I set up a standing order, which seems wrong to me. It seems to me I ought to be able to log in and just turn a dial but I just cannot find that dial.

6% + 12% employer

O%.
I'm 42 and have only ever worked temporary jobs, but as I've got by for years when I've had to on benefits, state pension is actually more so I know I can survive.

I have got teeny tiny pensions from LGPS and Teachers Pension too.

@LizzieMacQueen

Glad some posters are aware of the allowance. I wonder if the PP mentioning investing high (70% ?!) are aware of this.

£1.5m I think it is.

Honestly, I think the relationship between “people who invest high % in their pension” and “people who are aware of the lifetime allowance” is very strong.

10% plus employer contribution of 4% but we're also 3 way splitting any overtime or commission to pension, mortgage overpayment and savings. I really don't think I can face working past 67.

My company one is amazing you put in 5/6% but they contribute 27% which is fab!

Husband does crappy auto government one he pays 3% I think.

We have 2 kids in nursery and I work part time so we will not be doing any additional contributions. It's only worth it if u earn a lot of money and therefore avoid the tax at source.

I pay 5% and employer 5%.

I also run a payroll of over 350 ppl and only a handful put in more.

I'm almost 63 and get my "full" social security benefit at age 66.5, but every year I put it off it grows by 8% which is quite attractive. So I'm not sure what I'll do with it at this point.

What are IFAS and S&S ISAS?

I would guess Independent Financial Adviser, Stocks & Shares, ISA savings accounts

Individual Savings Account

I can't believe some of these figures, it's a different world!

I pay 5.6%, no idea what my employer (NHS) pays. I only pay that much because I have to, I can't really afford it

@Hyperion100

6% + 12% employer

Are you on PAYE? you can do it through your employer/ payroll?

9.3% NHS matched 14% employers contributions. DH is 6% matched. We’re 30yo

Thank you, I knew what an ISA was but not an S&S ISA, I know now.

@jojomolo

I don't understand how to increase my pension contribution on the Nest site. It's a complete mystery to me. Instead I set up a standing order, which seems wrong to me. It seems to me I ought to be able to log in and just turn a dial but I just cannot find that dial.

Are you on PAYE? You can do it through your payroll. If not your pension provider will be able to provide information on how to top it up

@polkadotpixie the NHS will be matching you 14% so do try to stay in the system if you at all can as you’re getting the best deal.
Consultants etc who are really high earners have to pay about 14% and get 14% matched, you’re getting 14% extra on top of your 5.6%

12.5%. I put in 5% and work 7.5% but I also have a rental property with about 300k equity in so hoping to sell that 2022 (depending on market - if not will just keep and continue to rent it) and put some of that into pension

I could be putting more into pension tbh but we have childcare costs so probably won’t until those reduce in a few years time

I started at 10% in my twenties with my first job out of university and with each pay raise, increased it by 1% until it reached 20% where it has been for awhile now. My employers have given different matching amounts, average of 5%. I’m almost 50 and my future retirement is looking ok. I’m very glad I started early and made it a priority.

My employer gives me 10% and I bring it up to 25%.

I started my pension aged 22 at 50 per month, upped it when my wages increased and by 3% every year. I'm 45 and have a pretty good pension pot right now.

@IntoP20

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

Yes, I should have asked for age too, I have realised that. Some people have mentioned it though.

How come some many people have started contributing so early? before it became compulsory? Was this a common thing in the UK? Did many employers offer this? or only Civil Services, NHS, state institutions ?. I have worked for 5 different private Companies in the UK and none of them offered any additional benefits

@LeslieYep I looked this up earlier (I’m also CS and had no idea what the contributions were ) and I knew it was a good pension but like I said upthread had just always paid it and not given it a second thought.

Now I’m the context of this thread realise how lucky I am to have that, and have been paying in since 23 years old.

I also had a little play around with the tool that lets you look at how much you would get per annum if you retired at various ages.

Lots to think about. Haven’t really considered retirement before!

@Kerry987 I said to DH earlier, I find it astonishing that the requirement to offer a pension I’d relatively recent.

It's odd because my parents were relatively poor but they always put a bit of money aside for their retirement.

It must have rubbed on me because when I started in the NHS you could at that time opt out but I didn't and subsequent employers have always 'offered' a pension.