How much should I pay into my pension?

ler01kjh

Hi,
Can anyone give a suggestion as to the amount I should put into AVCs for my pension? My company will start contributing to my pension in 6 months time at a rate of 10% (although it's a final salary scheme). So far I have been contributing around 10% in AVCs. I am 28 male earning £35k pa.

Andy_L

It's best to look at this question from the other direction, ie how much income do you want when you retire & use that to work out how much to save (be that pension, AVC, ISA etc)

bigturnip

If it's a Final Salary scheme the company won't make any contributions, you get a guaranteed benefit on retirement. Presumably any AVC's you pay in will be put into a separate DC pot to provide a supplementary pension on retirement.

Retired_I.F.A.

It's better still to bung in what you can afford that you wont want to touch till you retire as there is no better investment available. All else is guesswork that only Dr Who with his Tardis could acurately predict.