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Young save more for pension than any other group
Comments
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I do appreciate that, however I'm in a Limited Company general practice, so a reduction to the Ers would result in more profit for my Directors rather than a saving for the NHS, but we're heading dangerously off topic!and remember that your employer's contribution is merely a burden on the taxpayers while his is a 4% increase in wages costs for his employer.
My dad always nailed into me that I should be putting away my age in years as a percentage of my gross salary, but back then I don't think he had visions of me joining the public sector.0 -
My dad always nailed into me that I should be putting away my age in years as a percentage of my gross salary, but back then I don't think he had visions of me joining the public sector.
I hope he didn't as that would be ridiculous for the vast majority of people.
a more reasonable rule of thumb is to put away your age as a percentage of salary when you START the pension0 -
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That's probably what he meant, but 8% certainly wouldn't meet the criteria for anybody...
indeed so a 8% contribution wont make anyone rich although it will help
as already said, the government had to take a view about what companies could afford and what people might be willing to give up
it would seem, your OH didn't decide to follow your father rule, so 8% is better than nothing.0 -
I'm starting to do a bit of research into it, and it seems that at the moment it's 0.8% Ees and 1% Ers, but not on gross pay, it's only on pay above £5,772/annum so his figures seem about right for now albeit ridiculously low.
Now to find out more about the scheme and whether it's better to plough more into there or to put it somewhere else.0
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