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Pension help
Jrose1927
Posts: 106 Forumite
Hello
I'm 27 and looking to max out my pension while I'm young
I genuinely have not a clue where to start
Currently a pension goes out of my pay and my employer matches a percentage
I was wondering if I could up it would my employer also up there contribution if so how high can I go until they don't have to contribute
Thank you
I'm 27 and looking to max out my pension while I'm young
I genuinely have not a clue where to start
Currently a pension goes out of my pay and my employer matches a percentage
I was wondering if I could up it would my employer also up there contribution if so how high can I go until they don't have to contribute
Thank you
0
Comments
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The auto-enrollment minimum is 8% overall with at least 3% from your employer. So what kind of pension it is? Which fund does it go into? Research much as possible. And ask your employer if they match your contribution as well, What is the percentage for you and the employer, for example?0
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Every employer has their own rules subject to the above. 5% from me gets a 10% match from mine (the highest they will go) but I put in more than that.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Hello
I'm 27 and looking to max out my pension while I'm young
I genuinely have not a clue where to start
Currently a pension goes out of my pay and my employer matches a percentage
I was wondering if I could up it would my employer also up there contribution if so how high can I go until they don't have to contribute
Thank you
First of all, good plan.
Second, it varies between employers, there will be a limit most likely between 5-10% of your salary that they will match. Ask them.0 -
Even if they will not increase their contributions , you could still increase yours anyway .
This could be with increasing the amount coming from your salary into the workplace pension . If you are in a salary sacrifice scheme then this would be the best way .
If you are not in a salary sacrifice scheme then it is also possible to set up your own pension separately and contribute to that . However as you said
this might be jumping the gun a bit.I genuinely have not a clue
If you want to get a clue, then you could start with looking at these.
https://www.moneysavingexpert.com/savings/discount-pensions/
https://www.pensionsadvisoryservice.org.uk/about-pensions0 -
... and also, along the lines of "Getting a Clue" try The Escape Artist and Monevator.0
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