UKC

Pension top up.

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 arch 13 Sep 2014
Our company pension scheme that I'm in at the moment (Been a member for the last 26 years) Allows a maximum of 15% of our salary to be paid into it. At present, we pay 6% of our salary and the company matches it. Does anyone know how much, if any, of a benefit it would be to up my contribution to 9%


We do have a pension team at work, but unfortunately, they aren't allowed to give financial advice, unlike the good people of this forum, who are.

Arch.
 JoshOvki 13 Sep 2014
In reply to arch:

In reply to arch:

Well you would pay less tax and your remaining salary, and would get save nearly 1.8 months of your wage every year as opposed to 1.4 months.

Every bit helps when it comes to pensions, and if you don't need that amount now what harm can it do adding it to your pension? You can always drop back down to 6%.

I feel lucky with my job, I put in 4% work put in 8%.
 DaveN 13 Sep 2014
In reply to arch:

Our company matches up to 6% and doesn't go higher than that no matter what proportion we put in.

Will your company match beyond 6%?

In term of the overall effect I'd imagine there are various Web based calculators that would estimate for you the balance come retirement.

Other benefits are lowering of taxable income
 Coel Hellier 13 Sep 2014
In reply to arch:

If the company would match any increase then almost certainly it is a good deal (since you only pay half, obviously). However, it's unlikely that they would do that.

Really, one can't answer the question until you know more about what you get for the increased contribution. Your pension team at work may not be allowed to give advice along "it's a good deal" lines, but they will be able to tell you how the scheme works and how your increase changes things.
In reply to arch: I pay 10% into mine
OP arch 14 Sep 2014
In reply to arch:

Thanks for the reply's folks. Our company will match up to 6% The rest is up to you.

There are one or two Lads leaving soon and it brings home how much of a income change is on the cards. I know I'm lucky to have a works pension, but just want to make my pension the best it can be.


Cheers.
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