What pensions account should I open?

brrriliantfriend

Hello

I am currently 21.
What account should I open and what percentage of my gross income should I put in it?

It's all very confusing so help would be greatly appreciated.

Thank you very much

xylophone

Does your employer provide a pension scheme?

atush

Yes, your employers scheme (they all have to offer one soon) should be first.

If not, then it would depend on the size of your contributions who you should choose. Under 100/m? Stakeholder pension, 200 or over, personal pensions.

at 21 you should put in around 10-11% of your salary incl the tax relief (ie if you put in 80, TR brings you up to 100) and any employers contribution.

However, there are other fish to fry for you. You need to pay off any debt, you need to save an emergency fund (so you dont go into debt in an emergency) ad you need to think about if you want to become a homeowner and save for a deposit.

Do these alongside saving into an employers pension.