MSE Poll: How much do you pay into your pension?

Poll started 13 February 2024

A pension is a pot of cash that you pay into to support you later in life when you're no longer working. But according to new data, maintaining a 'moderate' standard of living in retirement now costs £8,000 a year more than it did in 2022/23. So we want to know how much you pay into your pension.

Click here to vote in the poll

Did you vote? Are you surprised at the results so far? Have your say below.
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Comments

  • I found this particular poll somewhat weak. What about qualifying earnings or gross salary? What about employer's percentage contribution? Doesn't feel like it paints a good picture except for whether people are contributing "too low".
  • michaels
    michaels Posts: 27,870
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    I contribute 100% of pensionable salary plus employer contribution of 23% is on top - which box should I tick?
    I think....
  • The poll omits the most important option imho - for those who can't find employment (I'm 65), the maximum I can contribute is the measly £3,600 pa.  Okay, that's gross and the amount I have to find is £2,880 but I bet there are thousands like me (younger mums etc etc) who would love - and need - to invest more but are not allowed to.  0% growth on, erm, a miniscule amount, is very little.
  • hugheskevi
    hugheskevi Posts: 3,736
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    edited 14 February at 11:49AM
    morgan19 said:
    The poll omits the most important option imho - for those who can't find employment (I'm 65), the maximum I can contribute is the measly £3,600 pa.  Okay, that's gross and the amount I have to find is £2,880 but I bet there are thousands like me (younger mums etc etc) who would love - and need - to invest more but are not allowed to.  0% growth on, erm, a miniscule amount, is very little.
    You can put as much as you like into a pension, you just won't receive tax relief on anything above £3,600. You might also have an Annual Allowance charge if you contribute significant amounts and withdrawals will be taxable.

    In most circumstances where tax relief won't be provided, the £20,000 ISA allowance should provide a better alternative.
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