Help with pension - simply explained please :)

Junijuni

I am 27 this year and feeling the fear of reaching 30 and financial security.

I do not have a career - I have an average £13k office job with no bonuses or pay increases - there is also no pension scheme.

As I pay tax/NI i will be entitle to a pension when I retire? Correct?

I understand that it will be very minimum amount so I want to feel secure with some pension savings.

As I have no work pension I will be aiming to save x amount each year.

What is a realistic, good amount to save for pension use each year, or what is a good fund to have by the age of 30?

xylophone

there is also no pension scheme.

https://www.gov.uk/workplace-pensions

What is your employer's staging date?

Re state pension https://www.gov.uk/new-state-pension/overview

http://www.moneysavingexpert.com/savings/discount-pensions

If you want to start pension saving on your own account

http://www.cavendishonline.co.uk/pensions/stakeholder-and-personal-pensions/

might be worth a look.

atush

First of all, by law, your employer MUST have a penbsion for you in place sometime soon. How many employees are there?

Why no pay increases? At all? Ever?

Are you sure you shouldn't be looking for another job (while still workin there of course?)

the general rough and dirty examples are, to put in half of your age as a % when starting (so around 13% in your case) Which could include your tax relief (100 in a pension only costs you 80) and eventual employers contribution. And to have a fund worth at least 35K by age 35. That would in your case include 8 years compound investment returns.