Is it worth paying 10% in for a Defined Benefit pension?

[BernadetteRostankowskiWolowitz]

The alternative is 4%-8% (matched by employer) for Defined Contribution.

Seems worth taking "the hit" to get a fixed payback at retirement. I'm 35 now so have a hefty amount of time before I will be retiring

Absolutely yes.

Hell yes! You’re lucky to have the option.

My sister’s firm have just moved everybody from DB to DC and had to hand out £££ bonuses to mitigate the loss.

Yes yes yes yes.
Yes.
Always choose the DB pension scheme - your employer takes all the future market risk for you.
Just yes.

I'm on a low ish wage (21k), and dh is also on a similar wage, but out outgoings are low. It would make a dent, but I figure it's worth it.

Definitely always worth doing a DB pension if you have the option. They are like gold dust now!

I pay 7.5% for mine but my employer pays nearly 19% (yes public sector). DB schemes are far superior so if you can afford it i'd go for it

Yes yes yes. I did it, now it’s keeping me well.

My first DB pension i paid in about 2k..... many years ago... it's worth 3k a year now to me, which isn't much on its own, but if i last 30 years in retirement, that will be 60k plus adjustments for cpi, so likely more.

DC pensions, or SIPP's are also worth it as an investment vehicle.... Pension-expert on youtube has a lot of good free advice about it. And how to pick a portfolio... much cheaper than an ifa. if a's have their place, but honestly, if you can learn enough about pensions, how they work, the risks, you will make yourself a millionaire... and that's why the govt keeps tweaking the pensions laws, because it's so easy to become that wealthy with a pension pot, if you invest.

Don't forget to also do ISA's, stocks and shares ones.... £25 a month initially, and build up over time... you will retire early following this advice....

Definitely - it's a bargain. I paid into a DB pension when I was earning less than you are now and for only six years of my working life but it's going to be worth more than £3k a year when I finally get to retire. In itself it's not that much, but added to state pension and own savings is well worth having. I'd need to save more than £75k to replace it myself.

Yes, without a doubt. There's a reason they're referred to as gold-plated.

And if you're even luckier, the pension will be based on your final salary (rather than career average), which will very probably be higher than your current salary. So you contribute based on your current salary and get a pension based on your higher final salary.

Absolutely no brainer. You must cough up the 10%

My DB pension contribution is 9.3%, I just try not to look at that part of my wage slip as it's a lot to lose each month when we're on a low income, but it will give me enough to live on when I retire, so it's absolutely worth it.

Can I pay into a DB pension that was with a company I no longer work for?

@HappenstanceMarmite almost certainly not.

Yes definitely worth it. I’m so thankful for my DB pension which will make a huge difference to my life in retirement.

God yes. Don’t even hesitate

I am currently retired and my pension was a defined benefit/career averaging. Firm brought out early retirement scheme and I jumped at it. Definitely do this if you can afford it you won't regret it when it comes to retirement and may be able to retire before state pension age.