We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Pension - What would you do?
tasticz
Posts: 774 Forumite
Just landed a new job and the pension scheme seems very good with the new employer. Currently paying 1% into peoplespension and employer contributes 1%.
Here are the options I have with the new employer.
Which looks like the best option? I am young early 20s and still live with parents.
http://oi65.tinypic.com/2d8if6p.jpg
Here are the options I have with the new employer.
Which looks like the best option? I am young early 20s and still live with parents.
http://oi65.tinypic.com/2d8if6p.jpg
0
Comments
-
Pay in at least 4% of your salary if that gets the biggest employer contribution of 7%.0
-
Pay 4% to get 7% employer's contribution. Extra free money!0
-
JoeCrystal wrote: »Pay 4% to get 7% employer's contribution. Extra free money!
Some questions have rather easy answers!0 -
The answers above are correct. You should pay in to get as much "free money" from the employer as possible. Nothing beats free money.
Plus 1% each from you and employer is peanuts. It doesn't help you at all. Retirement planning is important. You shouldnt pay lip service to it by paying silly amounts in. 11% total contribution for someone in their 20s is spot on to what you would expect to be paying. Having the employer pay 2/3rds of it for makes it a total no brainer.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks guys 4% it is then!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.3K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards