What % do you pay?

michaels

Employer 9% plus 10% of my sal sac.
Me about 68% .

MaxiRobriguez

Interesting thread. I thought my employer was relatively generous giving me 10% of salary but seems that's a run of the mill figure if anything!

My total remuneration involves a fair bit of non-salary earnings so my current pension provision is actually when considering everything:
6.5% employer.
20% me.

And that gets me to just under the higher rate of tax threshold.

I'm 32, I'll probably bump up my contributions next year but after that will need to claw some back as starting a family and likely to need a new house.

Sounds like I should also look for a new employer...

Clive_Woody

I pay 7%, my employer pay 10% (max allowed contributions).

I also make regular AVCs (employer contributes NI savings.....around 13% I think).

In the next 12 months or so I will be looking to increase contributions to hit the maximum £40k annual allowance and then retire late 50s. Will also be looking to build substantial S&S ISA funds, a larger cash pot, probably max out Premium Bonds and see if anything else takes my fancy.

WannabeEdouard

Just upped mines to 33% this month. My employer puts in 17% .

Clive_Woody

MaxiRobriguez wrote: »

Interesting thread. I thought my employer was relatively generous giving me 10% of salary but seems that's a run of the mill figure if anything!

I would speculate that the contributors on here are not entirely representative of the population and most are here because they take financial matters seriously....and are probably above average earners (waits to be shot down).

For a while after reading posts on here I was starting to wonder if I was in a minority by not having a DB pension, but eventually the penny dropped and I realised that a lot of those with DB schemes came on here to find out more and discuss their options.

I would suggest that 10% employer contribution is a decent one (from my experience - 20yrs in the pharma industry), but there are clearly more generous employers out there. You do need to focus on total package, but the pension should certainly be a key element for consideration.

Hopingforthesimplelife

10% 'ee
5% 'er
DC scheme.

I am surprised most seem higher than this, some considerably so. I wonder if this is a sector thing or skewed by the type of people posting in this forum. Or alternatively the UK 'er average is over 5%?

MaxiRobriguez

Hopingforthesimplelife wrote: »

10% 'ee
5% 'er
DC scheme.

I am surprised most seem higher than this, some considerably so. I wonder if this is a sector thing or skewed by the type of people posting in this forum. Or alternatively the UK 'er average is over 5%?

Smart people avoiding taxes gravitate here.

Go and speak to friends and work colleagues who don't appear on the ball. There will be some that will make minimum payments and some that go as high as needed to get max benefit from employer payments, but I doubt many will continue to sacrifice more than that.

Anonymous101

MaxiRobriguez wrote: »

Smart people avoiding taxes gravitate here.

Go and speak to friends and work colleagues who don't appear on the ball. There will be some that will make minimum payments and some that go as high as needed to get max benefit from employer payments, but I doubt many will continue to sacrifice more than that.

I've found that true of the vast majority of my friends, family and colleagues. Usually the only ones that contribute more are running up to retirement and having a last minute panic.


I think its symptomatic of the larger problems in personal finance and general attitudes to spending where people spend most of what they earn and save very little. Worst of all for me is that people don't question generally accepted advice. Generally people don't retire early and don't even retire in a healthy financial position so why would you think that the general advice is good enough?

Aegis

Auto Enrollment levels plus 20% personal contributions to a SIPP.

Anonymous101

All these people contributing to SIPP's outside the works pension schemes have checked that they're not missing out on salary sacrifice first haven't they?