Young save more for pension than any other group

mayonnaise

Masomnia wrote: »

Why does it sound high to people?

Because last week, we were led to believe that the young were hardest hit by the recession

Graham_Devon wrote:

Income falling relative to inflation. Jobs harder to get. Lots of zero hour contracts. House prices and rents increasing

https://forums.moneysavingexpert.com/discussion/5017469

Today they are saving more than any other age group towards their pension. Maybe things are not that dire.

CLAPTON

AndyGuil wrote: »

Sorry. Meant 8%. A lot of companies are following this guideline already.
3% employer
4% employee
1% tax relief.

A lot of companies offer greater ratio of employer to employee ratio, 2:1 + is common.

but that isn't the existing rule as those ratios are being phased in by 2018, so it is unlikely to the cause of the high pension payments

AndyGuil

CLAPTON wrote: »

but that isn't the existing rule as those ratios are being phased in by 2018, so it is unlikely to the cause of the high pension payments

Most large employers are running schemes in excess of this.

CLAPTON

AndyGuil wrote: »

Most large employers are running schemes in excess of this.

what percentage of people under 30 do they cover?

have they increased their contribution as a result of the new legislation or were they already doing it?

AndyGuil

CLAPTON wrote: »

what percentage of people under 30 do they cover?

have they increased their contribution as a result of the new legislation or were they already doing it?

When the legislation came in pension contributions are several places I know jumped significantly. Most offer combined contributions up to 12% now with anymore on top of this being only employee+tax relief contributions.

CLAPTON

AndyGuil wrote: »

When the legislation came in pension contributions are several places I know jumped significantly. Most offer combined contributions up to 12% now with anymore on top of this being only employee+tax relief contributions.

what percentage of people under 30 do they cover?

what percentage have increased their contributions as a result of the new legislation and have any reduced theirs?

AndyGuil

Wait until that is surveyed..
From what I have seen it is a mix. Some increased and some stayed the same for employer contribution and increased employee. Generally though they all increased.

The average combined contribution to a pension scheme is 10% now. http://www.employeebenefits.co.uk/benefits/pensions/average-combined-dc-pension-contribution-is-10/104134.article

Masomnia

It's 'workers' by the looks of things. I went to the trouble of finding the report.

But I don't see why that should be a problem. We had that other survey a few months ago that showed that the young put away a higher proportion of their income than any other age group, so I don't see why this is a massive shock.

michaels

I'm doing 50% of gross but my pension pot is still worth f all

Graham_Devon

mayonnaise wrote: »

Because last week, we were led to believe that the young were hardest hit by the recession



https://forums.moneysavingexpert.com/discussion/5017469

Today they are saving more than any other age group towards their pension. Maybe things are not that dire.

Sorry Sherlock, but the two things are not linked.

It may be harder to get a job, but of those who have, as a percentage, they put a greater amount into their pensions than their older peer groups.