Mostly only people who are in higher payed jobs get their employer match more than 5%. And higher rate taxpayers get a lot more back from the inland revenue as well, like they really need it & the rest of us on lower incomes or minimum wage don't need more money into our pensions. I think most people would need to have about 20% of their income going into a decent pension scheme for 40 yrs or more in order to have a reasonable retirement not having to struggle to survive. We have basically been screwed since most companies got rid of the defined benefit pensions. Who can actually afford to put enough money into a pension for 40 yrs
Is she getting paid maternity leave by her employer or is she on statutory maternity leave (paid by DWP)? If she is paid by her employer, is over 22 and earning over 10k/yr she should be enrolled into a pension pot, I’d advise her to check her payslip to see if there is a pension in her deductions
The taxman doesn't take most of it....pensions are incredibly tax efficient. Your contributions get tax relief (up to 45%) and then you're able to take 25% out completely tax free when you retire. The rest is taxed at your marginal tax rate, of which most people will be in the basic 20% band, plus your annual tax free allowance of course.
Mostly only people who are in higher payed jobs get their employer match more than 5%. And higher rate taxpayers get a lot more back from the inland revenue as well, like they really need it & the rest of us on lower incomes or minimum wage don't need more money into our pensions. I think most people would need to have about 20% of their income going into a decent pension scheme for 40 yrs or more in order to have a reasonable retirement not having to struggle to survive. We have basically been screwed since most companies got rid of the defined benefit pensions. Who can actually afford to put enough money into a pension for 40 yrs
my girlfriend is on maternity leave does this count? also that can we consolodate our pensions?
Is she getting paid maternity leave by her employer or is she on statutory maternity leave (paid by DWP)?
If she is paid by her employer, is over 22 and earning over 10k/yr she should be enrolled into a pension pot, I’d advise her to check her payslip to see if there is a pension in her deductions
What’s the point of having a pension if the taxman is going to take most of it this government are two faced.
The taxman doesn't take most of it....pensions are incredibly tax efficient. Your contributions get tax relief (up to 45%) and then you're able to take 25% out completely tax free when you retire. The rest is taxed at your marginal tax rate, of which most people will be in the basic 20% band, plus your annual tax free allowance of course.
Do t top upyour pensions, its a con
@@welshhibby
Be wary of state and private pensions
You will contribute for years but they will fall short
So live in poverty for all of your retirement?
What's the alternative?