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How much money are you putting in your private pension?

65 replies

Tututututu · 25/06/2024 19:26

Just that really.

OP posts:
ThreeEggOmlette · 25/06/2024 19:29

£0

Tututututu · 25/06/2024 19:30

Really?

OP posts:
TeenDivided · 25/06/2024 19:31

I used to put in 15%.

Chickenwing2 · 25/06/2024 19:31

Also £0. My workplace pension will hopefully be enough (civil servant)

CroftonWillow · 25/06/2024 19:32

It's hard to know. It seems likely an incoming labour government will adjust the tax rules, moreover when I look forward 20 years+ to when I'll be drawing down I just can't be at all confident that decisions I make for the long term now will be rewarded when the time comes, regardless of the governing party.

Notamum12345577 · 25/06/2024 19:34

I assume quite a few on here put into a work place pension, so don’t need to put into a private as well

WindsurfingDreams · 25/06/2024 19:35

I think my contribution is about 8% and my employer's is around 17%

WindsurfingDreams · 25/06/2024 19:35

I think my contribution is about 8% and my employer's is around 17%

OddBoots · 25/06/2024 19:35

By private pension do you mean as opposed to state pension?

Tulipblank · 25/06/2024 19:37

I'm in a DB scheme. Think I put in 9%...

flipflopsandsun · 25/06/2024 19:38

10%

WappityWabbit · 25/06/2024 19:38
  1. I have no income. 🫤
Cangar · 25/06/2024 19:41

£700 a month - doesn’t yield particularly exciting pension prospects. I didn’t get started until I was about 35 and only ramped it up at 40. DH will only have state pension, I expect it to be quite tough.

Magicmushroomsauce · 25/06/2024 19:43

15%. 10% me 5% employer

OriginalLilibet · 25/06/2024 19:44

£60,000 (including tax relief obviously).

beckybarefoot · 25/06/2024 19:44

no idea... don't see why i should pay into a private pension when i can retire on the state pension, and get that topped up with UC or whatever it will be. I'll get my rent paid for me, no prescription charges.. help with my council tax... i'll be quids in!

Just Kidding... i have a private pension which matured last year, not massive but a nice bit of spending money, and i pay into a work place pension (civil servant).. I'm hoping i'll be ok

LumiB · 25/06/2024 19:46

Final salary pension so I contribute 4% from wages. I have a private pension from wheh I was in private sector, I keep that running to keep the reduced management fee by putting in min £20 a month. Don't feel the need to do more due to final salary.

Cantabulous · 25/06/2024 19:50

£210 per month net for the last 37 years, it’s now a SIPP worth £320000. Paying in £60000 this year from an inheritance, then I’ll go back to £210 pm. With the state pension in 5 years time, when I plan to retire at 67, plus interest on ISAs, i reckon I’ll have £30k pa. Should be ok I hope but who knows?

user7856378298987 · 25/06/2024 19:52

Self employed, so accountant works out what contribution is tax efficient. I wouldn't want to put in any more than that as I don’t trust future governments not to change the rules! Some years it’s £2/3k, others significantly more. Passing IHT free is a particular perk i like, but i can see Labour changing that!
I’d rather any surplus went in my ISA or other investments that I can access when I want rather than maxing out a pension that I can’t access.

EffinMagicFairy · 25/06/2024 19:54

Currently 40%, my contribution is 34%, my employer 6%, after working P/t while DC were young my pension was poor, I’ve since gone full time, had a promotion so I can make a larger contribution. I have a goal to meet, then I will either think about retiring in next 2/3 years or go part time again- hard because I’m enjoying my job, but realise retirement has a window of time to try do all the things we are planning.

mynewusername2023 · 25/06/2024 19:57

5% into private and 4% in workplace pension which my employer puts the same into.

I've been paying into my private one since I was 20 and increase the monthly payment by 5% each year.

I also have an old workplace pension that I spent 15 years paying into.

Notamum12345577 · 25/06/2024 19:58

OriginalLilibet · 25/06/2024 19:44

£60,000 (including tax relief obviously).

You put 60k in a month?!

sittingonacornflake · 25/06/2024 20:05

I only have a workplace pension. I pay in 35% and my employer 5%. I'm trying to make up for when I was part time when DS was little and my contributions were poor. My rough-ish plan is to get to £100k which I should hit in 2026 and then maybe pull right back to a 10% contribution and instead build up a stocks and shares ISA.

Isyesterdaytomorrowtoday · 25/06/2024 20:08

About 1500 a month between me and employer, no idea what is really enough. Plan to get to c£3-400k then focus on ISAs in hope of early retirement

Heatherbell1978 · 25/06/2024 20:23

Workplace pension - employer pays 10% but I top it up to 40% of my salary. Salary sacrifice so get tax benefit. Works out around £2.6k a month into the pot. DH pays around £1k which is mainly employer contribution. I pay more as it's a better scheme but we'll obviously be pooling pension funds.
I also have a DB scheme from an old job worth around £8k a year when I retire.