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  • FIRST POST
    • AnxiousTheElephant
    • By AnxiousTheElephant 17th Nov 19, 5:37 PM
    • 47Posts
    • 26Thanks
    AnxiousTheElephant
    What % do you pay?
    • #1
    • 17th Nov 19, 5:37 PM
    What % do you pay? 17th Nov 19 at 5:37 PM
    Just wondering what % everyone pays into their work pension?

    My employer sets us up at 5% but I'm debating increasing this..
Page 1
    • jefaz07
    • By jefaz07 17th Nov 19, 5:39 PM
    • 78 Posts
    • 36 Thanks
    jefaz07
    • #2
    • 17th Nov 19, 5:39 PM
    • #2
    • 17th Nov 19, 5:39 PM
    What does your employer contribute?
    • bolwin1
    • By bolwin1 17th Nov 19, 5:43 PM
    • 38 Posts
    • 75 Thanks
    bolwin1
    • #3
    • 17th Nov 19, 5:43 PM
    • #3
    • 17th Nov 19, 5:43 PM
    Currently paying in 11% & employer puts in 5%. I started paying into a pension scheme at the age of 21 & have always paid more than the minimum. I'm 54 now & will comfortably be able to retire at 60 & possibly 2-3 years earlier then that.
    • AnxiousTheElephant
    • By AnxiousTheElephant 17th Nov 19, 5:52 PM
    • 47 Posts
    • 26 Thanks
    AnxiousTheElephant
    • #4
    • 17th Nov 19, 5:52 PM
    • #4
    • 17th Nov 19, 5:52 PM
    At the moment 3% but after 12months service (currently at 4months) they increase to 10%
    • rawhammered
    • By rawhammered 17th Nov 19, 6:00 PM
    • 69 Posts
    • 51 Thanks
    rawhammered
    • #5
    • 17th Nov 19, 6:00 PM
    • #5
    • 17th Nov 19, 6:00 PM
    30% me
    12% er
    • MallyGirl
    • By MallyGirl 17th Nov 19, 6:14 PM
    • 4,076 Posts
    • 9,516 Thanks
    MallyGirl
    • #6
    • 17th Nov 19, 6:14 PM
    • #6
    • 17th Nov 19, 6:14 PM
    50% me, 10% employer - 52 and planning to retire at 58
    • JoeCrystal
    • By JoeCrystal 17th Nov 19, 6:18 PM
    • 1,993 Posts
    • 1,415 Thanks
    JoeCrystal
    • #7
    • 17th Nov 19, 6:18 PM
    • #7
    • 17th Nov 19, 6:18 PM
    I pay 3% of my income above the qualifying earnings of £6,136 and my employer pay in 5%. I used to pay 17% of my earnings on top into my personal pension but reduced it to 8% as I am focusing on paying off the debts. So 16% overall.
    • ffacoffipawb
    • By ffacoffipawb 17th Nov 19, 6:30 PM
    • 2,988 Posts
    • 2,131 Thanks
    ffacoffipawb
    • #8
    • 17th Nov 19, 6:30 PM
    • #8
    • 17th Nov 19, 6:30 PM
    75% of full salary via salary sacrifice in the 3 years prior to early retirement.
    Retired: Financial Independence achieved in June 2019.

    Cofiwch Dryweryn
    • Novice investor101
    • By Novice investor101 17th Nov 19, 6:31 PM
    • 558 Posts
    • 1,703 Thanks
    Novice investor101
    • #9
    • 17th Nov 19, 6:31 PM
    • #9
    • 17th Nov 19, 6:31 PM
    I pay 8% & my work pay 14%. I'm 37 & this is my only DC scheme. I paid into a DB for 10 years until it was closed & transferred its replacement DC pension (3 years worth) into my current works DC when I moved jobs.

    It's salary sacrifice, so I'll be upping my contribution to 10% when the annual payrise comes round next year. Works will stay at 14%.
    I also pay £200 a month into a LISA. I'd get more for my money if I Sal Sac this into the pension but I want to build as much flexibility as I can for tax free income in retirement (aiming for 60) & I can only pay into a LISA for another 13 years.

    I'll increase my pension payments once I get to 50, when the LISA payments will stop & my mortgage will be gone.
    • sheslookinhot
    • By sheslookinhot 17th Nov 19, 6:53 PM
    • 1,233 Posts
    • 819 Thanks
    sheslookinhot
    9% for me and 15% from company, 1 1/2 years to start collecting.
    Mortgage Free
    Planning for Retirement
    • ex-pat scot
    • By ex-pat scot 17th Nov 19, 6:57 PM
    • 342 Posts
    • 468 Thanks
    ex-pat scot
    Everything I can.
    £40,000 (roughly 35% of salary) combined from employer and I, under salsac. Employer is 8% (plus a bit of saved NI) - roughly £10,000.
    • Notepad Phil
    • By Notepad Phil 17th Nov 19, 6:57 PM
    • 62 Posts
    • 43 Thanks
    Notepad Phil
    My employer sets us up at 5% but I'm debating increasing this..
    Originally posted by AnxiousTheElephant
    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.
    • bostonerimus
    • By bostonerimus 17th Nov 19, 7:41 PM
    • 3,507 Posts
    • 2,800 Thanks
    bostonerimus
    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.
    Misanthrope in search of similar for mutual loathing
    • bluenose1
    • By bluenose1 17th Nov 19, 7:49 PM
    • 2,224 Posts
    • 3,647 Thanks
    bluenose1
    Employer pays 19% into DB scheme.
    I pay 9.6% into DB scheme.
    I pay an additional 46% into DC scheme.
    Money SPENDING Expert

    • chucknorris
    • By chucknorris 17th Nov 19, 7:57 PM
    • 10,244 Posts
    • 15,137 Thanks
    chucknorris
    Just wondering what % everyone pays into their work pension?

    My employer sets us up at 5% but I'm debating increasing this..
    Originally posted by AnxiousTheElephant
    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
    The only time Chuck Norris was wrong was when he thought he had made a mistake
    Chuck Norris puts the "laughter" in "manslaughter".
    I've started running again, after several injuries had forced me to stop
    • Mordko
    • By Mordko 17th Nov 19, 8:02 PM
    • 733 Posts
    • 553 Thanks
    Mordko
    47k GBP so far this year. Makes it around 40%. Not just workplace, this covers all liquid investments across the board.
    • ess0two
    • By ess0two 17th Nov 19, 8:17 PM
    • 3,217 Posts
    • 4,257 Thanks
    ess0two
    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............................
    • 232607
    • By 232607 17th Nov 19, 8:29 PM
    • 150 Posts
    • 89 Thanks
    232607
    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 Iíve had these sort of contributions from an early age & now looking at just over 2 years to go.
    • cfw1994
    • By cfw1994 17th Nov 19, 11:18 PM
    • 524 Posts
    • 477 Thanks
    cfw1994
    Just wondering what % everyone pays into their work pension?

    My employer sets us up at 5% but I'm debating increasing this..
    Originally posted by AnxiousTheElephant
    Starting MSE ďrule of thumbĒ 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%.

    Iíve varied my sums....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 gap......so 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 remember......to live! Family, holidays, sabbaticals, cars, houses......all need funding too
    • Marcon
    • By Marcon 18th Nov 19, 12:26 AM
    • 1,440 Posts
    • 1,144 Thanks
    Marcon
    Just wondering what % everyone pays into their work pension?

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