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[Doctor Gollum]

15% into retirement is a reasonable target whilst paying the house off. Once that's taken care of, you can live a little and invest the rest to bolster the pot Not sensible to rely on someone else to manage your entire pension... So whatever the match is, you should be putting the balance into a different pot... So with an 8% match, you should take that and invest a further 8% elsewhere... If the match is 3%, then you would be setting aside a further 12%...

Should I be made permanent at current job, then I believe they are paying an 8% match, which is nice... And should see me right if I give them all 25 years until I retire. Currently putting £45 a month into a personal stakeholder pension, plus a couple small pensions from previous employment.

Am pondering combining all except the new contributions into a single pot. Once I can afford to, I intend to at least quadruple the £45 and invest it carefully in a variety of growth funds, the idea being that it compounds into a decent sized pot which will enable me to draw down without killing the goose...

The tricky bit is trying to get a feel for a reasonable annual income in 25+ years time...

[tunnie]

I only started a pension when I joined Sky, around 3 years after I graduated. This December will be my 9th year of the pension, I've been contributing 8% of my salary and Sky also put in 8%. With a family to support, I can't see myself increasing these contributions for a while. I think 16% combined is about average? 

They have dropped it for newbies though, they only contribute 6% now.

Don't plan on leaving Sky any time soon, unless Comcast have different ideas. 

Not really any such thing as an average, but 8% match is very good and it would be foolish to turn down free money whilst it is avaliable. However, to put 16% into context, a final salary pension such as those enjoyed by Teachers (hello Stemo  ) Firemen, Nurses, Police etc is generally believed to be 'worth' between 25% and 35% of salary.

But is it to be believed?

Also teachers salary’s lower than technology area, so it’s anyone guess as to final value in cash terms.

[TheBoy]

I think my lot give 8% even if I put in only 6%. I think, but would have to check, that I'm putting in 10%.

I feel its no enough, and the projection tools seem to imply its likely to be insignificant compared to SP

[Doctor Gollum]

Dad retired at 60 with a £16,500 final salary teachers pension.

Mum medically retired earlier with full final salary teachers pension. Her pension is at least a third higher than Dad's was as she had a much better job...

Iirc, equates to 65% of final salary.

[Migv6 le Frog Fan]

Depends what you want / feel you need from life after retirement. If your on a decent salary now, you may not need as much after retirement, depending on your plans.
Mortage finished, kids grown up - although that often doesn't stop the bank of parents scenario nowadays - possibly less expenses relating to travel, car usage etc, downsize to a bungalow so you can get to the toilet before pissing yourself.....

Personally, I cant stand the thought of sitting around the house not knowing what to do with myself, all day every day, but some people would love nothing more than to spend every waking hour doing the stuff in the garden that gardeners do, or decorating the bathroom every six weeks. 

Different strokes for different folks etc..

[STEMO]

I only started a pension when I joined Sky, around 3 years after I graduated. This December will be my 9th year of the pension, I've been contributing 8% of my salary and Sky also put in 8%. With a family to support, I can't see myself increasing these contributions for a while. I think 16% combined is about average? 

They have dropped it for newbies though, they only contribute 6% now.

Don't plan on leaving Sky any time soon, unless Comcast have different ideas. 

Not really any such thing as an average, but 8% match is very good and it would be foolish to turn down free money whilst it is avaliable. However, to put 16% into context, a final salary pension such as those enjoyed by Teachers (hello Stemo  ) Firemen, Nurses, Police etc is generally believed to be 'worth' between 25% and 35% of salary.

Final salary pension for teachers finished in April 2015. Now a career average. NPA for wifey was 60, now 67. She used to contribute 6.25% of her salary into her pension, in order to retire at 60. She now contributes 12.5% of her salary to retire at 67.
Not so 'gold plated' as it used to be.

[Shackeng]

Depends what you want / feel you need from life after retirement. If your on a decent salary now, you may not need as much after retirement, depending on your plans.
Mortage finished, kids grown up - although that often doesn't stop the bank of parents scenario nowadays - possibly less expenses relating to travel, car usage etc, downsize to a bungalow so you can get to the toilet before pissing yourself.....

Personally, I cant stand the thought of sitting around the house not knowing what to do with myself, all day every day, but some people would love nothing more than to spend every waking hour doing the stuff in the garden that gardeners do, or decorating the bathroom every six weeks. 

Different strokes for different folks etc..

As long as you have an Omega, you'll have plenty to do.

[Migv6 le Frog Fan]

As long as Im able to do the fettling on it I will be happy enough. This is a genuine concern for me, as Im not the fittest healthiest bloke around now, so old age could be a problem.
Im due a knee joint replacement when Im a bit older, which will hopefully help matters in that respect. Im at a bit of a loss as how best to get fit again, as running, or even longish walks are out of the question.
Swimming might be the best option, but I hate it. Its so fickin boring.

[Varche]

Whist drives? Combines playing cards with driving as far as I can make out. Perfect Migv6

[Migv6 le Frog Fan]

Far cough.  ...……...funnily enough, I drive to an old working mens c,ub on Tues. nights and sit with blokes who are playing crib.
I have no clue how this game works, nor the slightest desire to find out. 

[Rods2]

With a painful right knee, I find cycling okayish, walking okay if the weather is warmish and dryish. I was told keeping up leg muscle strength would help support the knee and reduce the pain. Running any distance because of the landing shock on the knee joints is a big no, no, plus if we were meant to run everywhere, why would we have bikes and motorbikes.

Retiring has never interested me, although I have got several pensions of varying amounts.

[Doctor Gollum]

Are you the responsible adult then?

[Viral_Jim]

Final salary pension for teachers finished in April 2015. Now a career average. NPA for wifey was 60, now 67. She used to contribute 6.25% of her salary into her pension, in order to retire at 60. She now contributes 12.5% of her salary to retire at 67.
Not so 'gold plated' as it used to be.

Not what it once was for sure. But if you wanted to buy those same benefits in the private sector, the cost would make your hair stand on end! 

I'm not over concerned about pension ATM, we're focussing on housing just now and I figure I'll hit the LTA by late 50s in any case so no need to bust a gut on it.

SWMBO has her own company so not much advantage in stacking her pension. Instead we'll use that in our 50's to make sure we don't pay any (or much) tax on income in our later middle age.

Iirc I've always done 5-7% with the same from the company.

[LC0112G]

Not really any such thing as an average, but 8% match is very good and it would be foolish to turn down free money whilst it is avaliable. However, to put 16% into context, a final salary pension such as those enjoyed by Teachers (hello Stemo  ) Firemen, Nurses, Police etc is generally believed to be 'worth' between 25% and 35% of salary.

Final salary pension for teachers finished in April 2015. Now a career average. NPA for wifey was 60, now 67. She used to contribute 6.25% of her salary into her pension, in order to retire at 60. She now contributes 12.5% of her salary to retire at 67.
Not so 'gold plated' as it used to be.

I don't spend much time worrying about the TPS scheme, but, according to t'interweb the maximum TPS contribution rate is 11.7%? And depending how old she is, anyone who joined prior to 2012 and was over 50 then retains a retirement age of 60?

https://www.which.co.uk/money/pensions-and-retirement/company-pensions/public-sector-pensions-explained/teachers-pensions-scheme-explained-az5106g8vnt7

Whilst I agree it's not as good as it once was, my point was that in order for a private sector employee to match one of the public sector schemes it's likely that they would have to put away an equivalent of about 30% of salary, every year, throughout their working lives. If employers contribute 5-8%, then the employee must contribute 22-25%. Auto-enrollment will eventually reach a minimum of 8% of salary - which frankly isn't enough.

Another rule of thumb is that you should contribute half your age when you start as a percentage of income, and uprate it yearly for inflation. So a 20 year old needs to contribute 10% of income, a 30 year old 15%, a 40 year old 20% etc. These percentages include employer contributions, so if you start at 20 years old and have an employer that does a 5% match then your total is 10% so you should be Ok. However, if you leave it till you're 40, then you need to find an employer who'll do a 10% match - if they only offer a 5% match then you'll need to contribute 15% yourself.

[STEMO]

I stand corrected, Malcolm, it is 11.7%. She can take any pension accrued before April 2015 at age 60, but as far as I know, anything accrued after that is not available until she's at SPA. I'll have a look at the link you posted.