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What % do you pay?

112 replies 10.3K views


  • Notepad_PhilNotepad_Phil Forumite
    172 posts
    100 Posts Name Dropper
    My employer sets us up at 5% but I'm debating increasing this..

    I'm in my fifties and retired - which was greatly helped by my paying greater than the minimum contributions for the last 20 years of my work life. The last years were at 25% pension with extra savings/investing outside of that as well.

    Keep your contributions to the minimum if you are happy to retire at 67 (or whatever age it is by the time you want to retire) and want to have all your treats now rather than be able to afford those treats when you are retired.

    If you're anything like me then you'll start to increase your contributions - I found the easiest way was to always put a chunk of any salary increase straight into extra pension contributions.
  • bostonerimusbostonerimus Forumite
    3.7K posts
    1,000 Posts Second Anniversary
    I think you should try to contribute at least 10% yourself ie before any employer contributions are included. That should give you a good chance at a useful nest egg eventually.

    I started out at 10% and then had a couple of years of lower contributions when I was first married and saving for a house deposit. After that I always maxed out my pension and got up to 50% of my gross salary for many years.
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  • bluenose1bluenose1 Forumite
    2.3K posts
    Part of the Furniture 1,000 Posts
    Employer pays 19% into DB scheme.
    I pay 9.6% into DB scheme.
    I pay an additional 46% into DC scheme.
    Money SPENDING Expert

  • chucknorrischucknorris Forumite
    10.6K posts
    Part of the Furniture 10,000 Posts
    Just wondering what % everyone pays into their work pension?

    My employer sets us up at 5% but I'm debating increasing this..

    I am in the TPS and I pay just over 10% (Defined benefit), but I also pay the other 90% of my gross salary to buy additional pension (within scheme rules), so I pay in 100% of my gross salary when the scheme rules allow.
    Chuck Norris can kill two stones with one bird
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    I've started running again, after several injuries had forced me to stop
  • MordkoMordko Forumite
    997 posts
    500 Posts First Anniversary
    47k GBP so far this year. Makes it around 40%. Not just workplace, this covers all liquid investments across the board.
  • ess0twoess0two Forumite
    3.4K posts
    Part of the Furniture 1,000 Posts
    10% myself,company 15% DC, got 28yrs total tied up in 3 DB schemes,plan to retire mid 50's.
    Official MR B fan club,dont go............................
  • 232607232607 Forumite
    158 posts
    I pay 16% & my Co a a further 15%.
    Planning to go at 55. Realistically you do need an input of around 30% from an early age to retire this early.
    Fortunately I’ve had these sort of contributions from an early age & now looking at just over 2 years to go.
  • cfw1994cfw1994 Forumite
    649 posts
    Part of the Furniture 500 Posts Name Dropper Photogenic
    Just wondering what % everyone pays into their work pension?

    My employer sets us up at 5% but I'm debating increasing this..

    Starting MSE “rule of thumb” is to put half your age in %.
    For example: a 30-year old would want to pop 15% as a minimum: if work put in 5%, add 10% of your own. By the time they are 50, the total invested might want to be 25%.

    I’ve varied my company put 6% in, I have varied from 10-24% extra over the past 15 years, depending on other things going on.

    For those wanting to retire early, remember you need to build up a non-pension sum to fill the ideally stash some cash into ISAs (tax free at withdrawal).
    Wish I had done more in years gone by towards that, but looking in fair shape!
    Also live! Family, holidays, sabbaticals, cars, houses......all need funding too ;)
    Plan for tomorrow, enjoy today!
  • MarconMarcon Forumite
    1.6K posts
    Just wondering what % everyone pays into their work pension?

    My employer sets us up at 5% but I'm debating increasing this..

    What other people do is wholly irrelevant unless their circumstances are identical to yours - and they won't be.

    Age, planned retirement age, state of health, attitude to risk, what you can afford, other savings...the list is endless. Take the decision that you feel is right for you.
  • desresedesrese Forumite
    11 posts
    Second Anniversary
    MoneySaving Newbie
    Me 35% Employer 15% under salary sacrifice. I have paid more, but it was on the limit of affordability.

    It is good to test your expected income in retirement, by living off it for a while.
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