Increasing Pension Contributions
- Thread starter jowwy
- Start date
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fossyant
Ride It Like You Stole It!
- Location
- South Manchester
CTW scheme, although I don't need another bike. Our pension isn't Salary Sacrifice though - we can only do AVC's
Yes the new NI scheme is crap. 1% on 40% taxpayers would work better, but Boris' chums wouldn't like it.
Yes the new NI scheme is crap. 1% on 40% taxpayers would work better, but Boris' chums wouldn't like it.
Electric_Andy
Heavy Metal Fan
- Location
- Plymouth
If you don't mind me asking, what % were you paying in, and what have you upped it to? I currently put in 9.3% but that's NHS. I wonder if I put in more, would my employer up there's too or would it just be me paying in more?
fossyant
Ride It Like You Stole It!
- Location
- South Manchester
Your employer won't put more in - the amount's defined by the 'actuary' for those schemes.
DCLane
Found in the Yorkshire hills ...
- Location
- Dewsbury, West Yorkshire
AVC's in education aren't really worth it and the teacher's scheme doesn't allow top-ups. I'll just pay the extra tax 
No extra bikes needed at the moment so no CTW either.
No extra bikes needed at the moment so no CTW either.
im putting in 5% - company puts in 9%(Max amount)....but i can put in as much as i require and the companies max would be 9%
glasgowcyclist
Charming but somewhat feckless
- Location
- Scotland
I've already been putting in the maximum to my pension, I can't put in any more as it'll take me below the national minimum wage.
fossyant
Ride It Like You Stole It!
- Location
- South Manchester
Only 5%, you need nearer 10%. I put in around 10% and my employer 22%
i put in what i can afford..........at the mo its 5%, but looking to put in 7% in april. My partner is retired due to ill health, so only 1 adult wage coming into our house and a very small pension contribution from my Mrs
Very generous, public sector or ex-public sector?
Tenacious Sloth
Guru
- Location
- Huntingdon, UK
Neither. He’s only paid £10 a week. 😂
potsy
Rambler
- Location
- My Armchair
I put in the max for our scheme 6% with my employer putting in 9%.
Can put in AVCs but haven't looked into that properly, or know if it's worthwhile.
Can put in AVCs but haven't looked into that properly, or know if it's worthwhile.
I'm putting in 9.3% for my NHS pension scheme although that is likely to rise in the near future. Currently the NHS contributes just under 15% but that was supposed to rise to 20% in April 2021, however that was deferred because of COVID.
Maximising your pension contributions now, regardless of motivation, is the best course of action anyone can take for their future, especially given that a general savings account is pointless currently.
Maximising your pension contributions now, regardless of motivation, is the best course of action anyone can take for their future, especially given that a general savings account is pointless currently.
ebikeerwidnes
Guru
- Location
- Z’ha’dum
Slightly different but I have paid into a pension most of my life (a couple of breaks when I was unemployed or training)
And also been paying Nat Insurance all that time
I checked my NI records and I was over 40 years so the letter said I was fully payed up
so I left it
I went to an IFA a few weeks ago and they insisted on re-checking
turns out that, although I have over 40 years of NI contributions I will not currently be entitled to a full state pension - as my scheme was 'contracted out' I need to pay several thousand to get the contribution back up.
I also need to keep paying for the next 5 years in spite of being retired
Posting this to advise people to check it all out carefully - especially if you have been in a big pension scheme including the NHS, Teacher Pension, local government etc etc.
Probably only applies to the old final salary type - but worth checking when you start thinking about retiring - which should be a good 10 years before you do!
And also been paying Nat Insurance all that time
I checked my NI records and I was over 40 years so the letter said I was fully payed up
so I left it
I went to an IFA a few weeks ago and they insisted on re-checking
turns out that, although I have over 40 years of NI contributions I will not currently be entitled to a full state pension - as my scheme was 'contracted out' I need to pay several thousand to get the contribution back up.
I also need to keep paying for the next 5 years in spite of being retired
Posting this to advise people to check it all out carefully - especially if you have been in a big pension scheme including the NHS, Teacher Pension, local government etc etc.
Probably only applies to the old final salary type - but worth checking when you start thinking about retiring - which should be a good 10 years before you do!
DCLane
Found in the Yorkshire hills ...
- Location
- Dewsbury, West Yorkshire
Teacher's pension like mine - I'm putting in 11.3% and the employer 24%. The more you earn, the bigger percentage contribution from both sides. We can do a faster accrual, but it only applies to career average pensions. Depending upon age that may not apply as it all changed in 2016, then 2021.
The AVC contribution only has member payments going in, together with a hefty management charge, so after a few years I decided it wasn't worth doing any more.
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