How much do you put in your pension?

[gables]

My LtdCo pays £2K a month into a pension. I'm 52 and put nothing away during my 30s and 40s [/headinhands]

Not just me then mind you I've had a cracking life so far

[d000hg]

I'm impressed how much you lot are putting in - £1-2k per month!

Historically if a permie is putting in say £3k per year they DO end up with a pension at the end (plus state pension). Are you putting in much more purely because your standard of living is higher and you're used to a much higher income?

[DaveB]

Rule of thumb from most IFA's 15% of gross salary, so include divi's in that as a contractor.

I'm currently chucking in £1600 a month through the company but only for the last 12 months, was £800 before that. Will be doing the sums on topping that up to the £40k limit before year end.

Have a couple of permie pensions as well but not huge amounts in them.

[Weltchy]

£1000 / month here. I increased it in October from £400 / month. I'll probably look to up it again in 5 years, dependant on situation.

[Fred Bloggs]

I'm impressed how much you lot are putting in - £1-2k per month!

Historically if a permie is putting in say £3k per year they DO end up with a pension at the end (plus state pension). Are you putting in much more purely because your standard of living is higher and you're used to a much higher income?

Don't overlook the fact that a pot of £1 million curfently buys you an annuity of around £26k per year. Not exactly a kings ransom. In draw down, though riskjer, you can probably aceive aroynd £45k without excessive risk to capital. Food for thought.

[kookachoo]

Don't overlook the fact that a pot of £1 million curfently buys you an annuity of around £26k per year. Not exactly a kings ransom. In draw down, though riskjer, you can probably aceive aroynd £45k without excessive risk to capital. Food for thought.

What is drawdown? You can tell I have NIL pension!

[DonkeyRhubarb]

Never bothered with pensions. Overpaid the mortgage instead. Missed out on the tax relief but saved a shed load in interest over the years and happy with the outcome.

[northernladuk]

Never bothered with pensions. Overpaid the mortgage instead. Missed out on the tax relief but saved a shed load in interest over the years and happy with the outcome.

And there is nothing wrong with that. A pension is just another investment tool. Some will argue you need to spread investments just in case but if you have made the relevant plans and can keep to that long term plan without dipping in etc then fair enough.

I didn't want all my eggs in one basket so have a few BTL's, overpaid the home, a bit in ISA's and 600 a month in to a pension. One thing it does do is make it difficult to know how much is enough though. As one poster said, no point being the richest person in the graveyard. That said I'm happy with my lifestyle and cutting back on the above isn't really going to make a huge difference.

[DaveB]

Never bothered with pensions. Overpaid the mortgage instead. Missed out on the tax relief but saved a shed load in interest over the years and happy with the outcome.

That's why the Ltd pays the pension. Leaves personal cash available for the mortgage.

[Fred Bloggs]

What is drawdown? You can tell I have NIL pension!

Major clue in the name....