Pension advice

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 NottsRich 26 Sep 2016
Following on from a previous thread of mine (http://www.ukhillwalking.com/forums/t.php?t=636875), the company I work for has now been forced to auto-enrol us into a pension scheme.

The basic scheme is that contributions will be made on qualifying earnings (salary minus £5,824). The contributions will be 2% from me, and the company will match with another 2%.

Is 2% normal? In previous jobs this was closer to 5-8% contribution from the company, and 4-8% from me. Have times changed and 2% is now normal, or is this a shitty deal?

 Queenie 26 Sep 2016
In reply to NottsRich:

Our company used to offer 5%, but for anyone now enrolling it's down to 2%. I think it's the way things are going, sadly.
 guy127917 26 Sep 2016
In reply to NottsRich:
The minimums are defined here: https://www.gov.uk/workplace-pensions/what-you-your-employer-and-the-govern...

It's slightly above the statutory minimum for auto enrollment, but yeah, matched 2% is a bit of a token effort IMO. It depends on your age/situation of course, but if you're not putting in 7-10% a year in total you will probably be looking at a fall in living standard at retirement. How much of that is employer contribution will vary wildly with industry. It's worth noting an employer matching policy is basically just higher remuneration so it can be a trade off.
Post edited at 10:37
 Toerag 26 Sep 2016
In reply to NottsRich:

It's 4% for young people here, with most on 6% and old'uns on 8 I think. you can put more in if you like.

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