Best private pension?

My company is matched contributions up to 10% which is a pretty good deal these days, not sure what's it like in comparison to some others but was an attraction for me when looking at the job.
 
muon said:
Yes, but you have to claim a tax refund afterwards think.

https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief

See If your pension scheme isn’t set up for automatic tax relief

The advantage with doing it via an employer is that you get the tax relief straight away at source.
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Cool, thank you. Something to look into. I'm working for an agency so putting it to one side for now. Curious as to a future so I can end up with them all in one pot rather than several.
 
No1newts said:
My company is matched contributions up to 10% which is a pretty good deal these days, not sure what's it like in comparison to some others but was an attraction for me when looking at the job.
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Wow, crazy good!

Obviously public sector are like £££££££333£££££££££3 'for 9-5' pensions though.
 
My employer pays 14.3% and I pay 9.3%

I've turned down better paid jobs because the pension was that much worse.
 
Up to 8% employee / 12% employer here.

It's unbelievable how few people max out their matched pension contributions at work, I only know of one other who makes full use of it. It's free money!
 
Burnsy2023 said:
They're still not bad comparatively. I pay around 5.5% and my employer pays ~21% on a civil service pension.
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Surely the do not actually pay anything, it is all black hole made up rubbish, with no actual fund except future taxpayers, which means the scehems that pay for themselves end up in the same brackets as those which do not, and everyone gets hurt.
My nhs contributions are now at 16.5%, on a career average pension, which is now split into an annual packet pension with retirement for me at 67. There is no employer contribution, even if they claim there is, as there is no fund, or investment, which is half the problem with this country's public pension system.
 
My employer only puts in 5% and they don't do anything to encourage take up. I really do work for cretins though. The same place that would rather hire externally rather than promote within someone who is experienced at doing the job even though the salary would be lower internally.
 
As far as I am aware I have one of the better defined contribution schemes. I pay in 7% and my company contributes 14%. If you are looking for work outside of the public sector it is an important aspect to factor into your decision when choosing a job.
 
FurryLemon said:
If you believe that, I have a 3 legged race horse that I want to sell....
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Are you suggesting that Ollie's employers don't put in 21%? What are you basing that on, the tingling in your waters? Without anymore details about Ollie's pension scheme, your post has no basis in reality.

It's not the 80's any more, Robert Maxwell has been and gone. If the published schedule of contributions state 21%, then they pay 21%. (With the exception of unfunded public sector pensions as mentioned above by Hikari).

If Ollie is in a Final Salary scheme, then I would say that he is lucky to only pay 3%, but the 21% employer contributions is quite average. Especially if it is a smaller scheme.

If it is a Money Purchase scheme, the 3% is normal and the 21% would be excellent.

For what it's worth I pay 3% and my employer adds 7.5%
 
Hikari Kisugi said:
Surely the do not actually pay anything, it is all black hole made up rubbish, with no actual fund except future taxpayers, which means the scehems that pay for themselves end up in the same brackets as those which do not, and everyone gets hurt.
My nhs contributions are now at 16.5%, on a career average pension, which is now split into an annual packet pension with retirement for me at 67. There is no employer contribution, even if they claim there is, as there is no fund, or investment, which is half the problem with this country's public pension system.
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The money gets paid by my employer every month. I'm not informed on exactly how it's all funded, but the contributions certainly go into the scheme.
 
Burnsy2023 said:
The money gets paid by my employer every month. I'm not informed on exactly how it's all funded, but the contributions certainly go into the scheme.
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It depends on which part of the public sector you are in, some are funded, most aren't.

NHS, Teachers, Police, Military and Civil Service are all unfunded whereas local government is funded.
 
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