How much should I save?
Typically, once you've been auto enrolled into a workplace pension, you'll contribute an amount equal to 8% of your earnings. Your employer must contribute at least 3% of this, with the remaining 5% coming from you.
You can also choose to pay more than the minimum if you want to. Remember – you're saving for the long term, so a little now is better than nothing at all.
Some employers will increase their contribution to your pension if you increase yours - make sure to check if this is something your employer offers so you can be sure you are getting the most from your pension.
Am I on track?
It’s good to have an idea about what you want to do in your retirement, so you have a better idea of how much you might need to save to make that happen.
The Retirement Living Standards have been developed by Pensions UK. They're a useful way to help you picture what kind of lifestyle you want to have when you retire and give you an idea of much it might cost you, so you can plan how much you'll need to save.
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