# New Job & Pension Scheme



## mba (Jun 17, 2006)

Finally moving from 7 years working in IT for the Local Authority and going into private industry 

Now moving from the "golden ticket" of LA pensions on a final salary scheme, the new pension scheme follows the SMART principle and my employer contribute upto 6% of my gross salary, leaving me to contribute as much as i like. *But how much?*

Just as a general rule how much of your gross salary do you guys put away?

I know there are lots of variables in my life different to others


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## The Cueball (Feb 8, 2007)

Between pension, savings, and gold I am about 55% of my current take home pay....

:thumb:


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## Will_G (Jan 23, 2012)

If the company are matching your payment then as much as you can afford is what I say. My company pays my fund 7.5% matched if I pay the same.

This site might be useful to work out the possiblities
http://www.moneyadviceservice.org.uk/yourmoney/interactive/pension_calculator.aspx


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## Gruffs (Dec 10, 2007)

If you are going to do a Pension, Then as much as you can.

If you can manage 14% to get you up to 20%, That would see you nicely.

Pensions are a bit of a bug-bear for me. Most people work for 50 ish years. They seem to change the rules every 15 years or so. So what is the point? 

Match their % and invest what you can elsewhere.


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## kh904 (Dec 18, 2006)

The Cueball said:


> Between pension, savings, and gold I am about 55% of my current take home pay....
> 
> :thumb:


Sorry to go off-topic, but do you physically have gold or is it on 'paper'?

I want to buy gold & silver (physically own it in my hand) but not sure where to go and buy some at a decent price.

:thumb:


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## mba (Jun 17, 2006)

Gruffs said:


> If you are going to do a Pension, Then as much as you can.
> 
> If you can manage 14% to get you up to 20%, That would see you nicely.
> 
> ...


My thoughts exactly Gruff, i think in the long run it will be the last 5-10 years of my working life (whatever age that will be!!) until i get a good idea of what to expect.

More Boom & Bust time imo in the next 40 years of my working life!


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## The Cueball (Feb 8, 2007)

kh904 said:


> Sorry to go off-topic, but do you physically have gold or is it on 'paper'?
> 
> I want to buy gold & silver (physically own it in my hand) but not sure where to go and buy some at a decent price.
> 
> :thumb:


On paper, In Zurich... ooooooooh, check me out! :lol:  :wall:

A gold bar is a little bit away from me yet!

I do have a few "bits" of gold... like 2oz bars etc, but nothing major...

:thumb:


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## Gruffs (Dec 10, 2007)

Which is why i can't put my money in a product that is affected by how many people remember that they hate Maggie Thatcher on Poll day.


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## kh904 (Dec 18, 2006)

The Cueball said:


> On paper, In Zurich... ooooooooh, check me out! :lol:  :wall:
> 
> A gold bar is a little bit away from me yet!
> 
> ...


Thanks Cuey!

As i understand though, owning gold 'on paper' is a risk as some companies are doing fractional reserve selling of gold like they do with money in banks (or what some goldsmiths did back way in the day). 
So if everyone comes to claim their gold, there isn't enough gold to back the receipts!

My parents being Indian have quite a bit of gold, but it's jewellery. I'm just after gold/silver coins and small bars but not sure how much i should be paying or where to go.


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## The Cueball (Feb 8, 2007)

kh904 said:


> Thanks Cuey!
> 
> As i understand though, owning gold 'on paper' is a risk as some companies are doing fractional reserve selling of gold like they do with money in banks (or what some goldsmiths did back way in the day).
> So if everyone comes to claim their gold, there isn't enough gold to back the receipts!
> ...


That is true, and hence why I took so long to find one I was happy dealing with! :lol:

Trouble with trying to buy decent coins etc is that all these "we buy gold" units have popped up, and a lot of people are going to them for quickness...

There are a few places that will sell smaller bars etc...

http://www.bullionbypost.co.uk/

for example

:thumb:


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## empsburna (Apr 5, 2006)

The Cueball said:


> That is true, and hence why I took so long to find one I was happy dealing with! :lol:
> 
> Trouble with trying to buy decent coins etc is that all these "we buy gold" units have popped up, and a lot of people are going to them for quickness...
> 
> ...


I buy all of my bullion from http://www.guernseymint.com/ to avoid the dreaded.


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## Jonny2400 (May 14, 2011)

Firstly.. What age are you, when do you plan to retire and what income do you want in retirement , if your 21 plan to work to 68 and would be happy with £12k pa then 5% would be ok, if your 35 want to retire at 55 on £30k pa then 5% will not cut it. 

Example am 30 want to retire at 60 and want £30k pa I currently save 8% employer pays 12.5 % which has me on track for my return, based on 5% pa return, 


The Smart system is very good, as it saves NI, you can also use pension payments to control your overall tax position, ie help take you out of the higher rate tax band etc.


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## bilt-hamber kid (Dec 4, 2007)

KH904,

You can also buy physical gold through a Self Invested Personal Pension and get tax relief on it of 20%+. Take authorised advice that you trust.


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## Buck (Jan 16, 2008)

mba

Simple answer - as much as you can afford to and don't forget you get tax releif at source for your pension contributions. So you will pay this before you pay any tax - i.e. for every £1 you put into your pension, it'll only cost you around 80p 

I would aim for 10-15% if you can - try and get your total to 20% minimum. Don't go so far that you can't live a little but don't skimp at this. As a guide the total payment into mine is 23% of gross.


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