Are my pensions going to be enough?

BlackKnightMonty

https://forums.moneysavingexpert.com/discussion/comment/81881258#Comment_81881258

Affordability comes into it. If the only way to get that £30k in retirement is to Sal Sack 95% of your wages into it; that doesn’t leave much left to live on.

OP, I would see how you go on 6%, if you can increase it a bit then do it; but don’t impoverish yourself by do if it !

barnstar2077

The more you pay in now, the better off your future self will most likely be. It is a balance though, as we also don't know how long we have left in this world, so should enjoy our selves today too!

Take a look at how the funds are invested too though, that is just as important as how much you put in.

textbook

https://forums.moneysavingexpert.com/discussion/comment/81882650#Comment_81882650

As it's a work based pension surely pay more into it than my aviva one which I continued when I left last job in 2016. Whst I mean is the financial advisor wouldn't have updated his advice on Aviva one but my new one should have up-to-date advice so should earn more money ?

Go 15-20%. I can afford it

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81887536#Comment_81887536

You only get financial advice, if you pay for it.

The pension provider does not provide advice.

textbook

https://forums.moneysavingexpert.com/discussion/comment/81888087#Comment_81888087

I heard the company employs an advisor and allocates your money into different investments.(My Aviva one had this.) That would be upto date when you're working for them but wouldn't change when you leave and would just stay in same investments.

textbook

Looks like they haven't increased my payment to 6%!! why?

Shall I go 15% ? I have another self employed job so why not

textbook

https://forums.moneysavingexpert.com/discussion/comment/81881194#Comment_81881194

15%? I can afford it as have another self employed job. The money is better than savings, right? As it's put into investments

JoeCrystal

https://forums.moneysavingexpert.com/discussion/comment/81889406#Comment_81889406

As for your first question, perhaps asking your payroll folks would be first port of call?

BlackKnightMonty

https://forums.moneysavingexpert.com/discussion/comment/81889410#Comment_81889410

Who knows (including yourself) how your pension contributions are invested! You should find out.

textbook

https://forums.moneysavingexpert.com/discussion/comment/81889812#Comment_81889812

Ok so current work pension is NEST. I've upped payment to 12% so i reckon that will be about £200/month. Does what it's invested in above look better than the other Aviva one (bottom photo)which is about £150 (including tax rebate)?

If Aviva is better I'll switch the extra invested money into that one. What do you recommend?