RE: Birdsong6 Jun 2026 23:52
I wish people wouldn't use these minimum pension contribution figures.
"We pay a paltry 5% and the employer pays 3% in the workplace scheme".
They are misleading, the minimum is 5% on earnings over £120 per week, at the factory I worked at for my last few years before retirement there were many part time workers who didn't earn very much more than £120 per week, so they were paying considerably less than 5% than their wage and our employer was contributing considerably less than 3%.
I know there is an upper limit too, but anybody earning £50k plus should be able to organise their own retirement.