What % of salary do you put in your pension per month and why?

frosch411

I've not read all posts on this thread otherwise I'd go mad  Some employers have a really generous scheme out there, and perhaps some forumites just earn a really good wage to be able to contribute 20+%
As I live by myself (no dependents other than 2 cats), and am renting, it's really not easy out there despite me earning a decent wage.

Unfortunately, I started way too late with my pensions, no-one ever teaches you such important things in school, do they?!
I've amalgamated previous pensions into my current one from my employer and have paid the odd bonus or lump sum into the pot.

My employer (salary sacrifice scheme) has upped their statutory contribution from 3% to 5%, and I had been paying 11% until recently when I upped mine to 13% following a 5% pay rise, so current total is 18%.

I fear this is still not anywhere close enough given I am in my mid to late 40s now. Seeing the current state of the economy and inflation is not helping either.

Shimrod

Exodi said:

Seeing people stating 20%,30%,40%+ in this thread has me rocking back and forward gripping my legs with my arms.

I am trying to remind myself that forum posters on MSE are not indicative of the general UK population.

I think it also depends on stage in life (and circumstances). I'm fortunate to have a reasonably well paid job now. Prior to 2010 I was only making a 5% contribution to my pension. I then starting increasing my pension contribution on each payrise - so effectively 'freezing' my take-home salary and over time increasing my pension contribution to 30%.

A recent job change has meant I have been able to increase my contribution to 60%. But this is only a recent change and I'm not too far away from retirement - there is no way I would have been able to do this in my 20's or 30's with the many other commitments I had then.

techno12

58% for me via salary sacrifice, as my company only pays the statutory 3% but does add all of their NI saving to my pot.

Ramping up as I'm 52 and would like to retire sometime before 60.

TheBanker

Sorry if I'm repeating myself...

When I was a young man, I didn't realise the value of pension savings (via employer contributions and tax relief). Fortunately, I worked in a bank and my boss at the time was an ex-IFA. He explained how it worked and how a relatively small contribution would immediately be worth over twice as much due to matched employer contributions and tax relief. 

Pretty simple but I am very grateful to him. Because I started early, all be it with quite low contributions, it's likely I will be able to retire by 60 if I want to. He didn't give me advice, it was just a chat between friends, but probably the most valuable 20 minute conversation I've ever had. 

This was before auto-enrolment came in, and at the time I was completely focused on saving for a house deposit so without that conversation I wouldn't be in the fortunate position I am today.

gd55

I pay 7%, which gets me the maximum company contribution of 14%.

I am saving to buy a house so once that has happened I will up my pension saving.

mramra

57% from me via salary sacrifice plus 12% from employer, so 69% total

Age 49, planning to retire in 18-24 months

random321

33% from me and 12% from employer. The reason being this year I have been made redundant and received additional pay in lieu of notice, so needed to keep within the lower tax bracket. 

Next tax year I will likely reduce to 23% and 12% employer. I am in the lower tax bracket without pension contributions but I want to save on tax with salary sacrifice plus give myself the opportunity to retire at a decent age.

caeler

30% contribution (mine and employer) which is something I wanted to do since sorting the mortgage. I’m doing it to take advantage of salary sacrifice as well as my employer sharing their NI saving with me.  I’d like to have some comfort in my retirement so I’m going to try and increase it again soon. No idea when I’ll retire yet but I’m early 40s so I know I need to plan. 

qsk

I read that you cannot contribute an amount such that your earning after salary sacrifice goes below minimum wage. 
What is the (annual) minimum wage for a typical full time worker?

george4064

george4064 said:

I put in 4% and my employer 12%. The maximum contribution match they offer.

New job, new pension contribution levels!

Best matching my new employer offers is 10% if I contribute 7%, but decided to contribute 10% myself so 20% in total. Once I can login I'll be directing the contributions to something approximately to 85% World ex-UK Equity, 10% EM Equity and 5% UK Equity. All passive.