SALARY is the first thing many of us looks at when eyeing up a new job or career path – but what about pensions?
A perk of most jobs is saving for retirement, but not all pension plans are the same.
More than 10million Brits are now paying into a pension thanks to autoenrollment rules.
A workplace pension is separate form the State Pension, which is currently worth a maximum of just over £9,000 a year, but that’s unlikely to be enough to live off alone.
That means you put in at least 5% of your salary into retirement savings and your employer contributes at least 3% – but sometimes they offer more.
Some jobs offer pensions that are more generous than others, and workers in the public sector can land the biggest payouts.
Teachers, NHS staff, police officers and firefighters are among the top ten jobs with the best paying pensions, new research suggests.
According to figures from Pension Times, teachers pay in between 7.4% and 11.7% of their salary into a pension and depending on their salary their employer pays a further 16.48%.
The means that a 35-year old teacher earning an average salary of £40,000 a year could expect an annual pension of around £46,000 if they retire at 68 years old.
NHS workers are entitled to 1/54 of their annual earnings and pay in between 5% and 14.5% of their salary, depending on how much they earn.
A senior nurse earning £35,000 and retiring at 65 after 25 years of service would have an annual income form their pension of around £14,500.
They could also get a maximum lump sum of around £60,000, when they come to retire.
And police officers earning an average salary of £30,000 can expect annual pension of around £28,000.
Those in the Armed forces have the second highest paying pension.
One man explained how he planned to retire early at the age of 40 after a career a submariner, in part thanks to the generous pension from the Navy.
Of course the exact amount will depend on how much someone has saved into their pension over their working life.
That amount can depend on how much you earn and how much you contribute as you can choose to pay in more than the automatic minimum.
The amount can also be affected by having any career breaks that mean you stop contributing or pay in less, for example if you take time away to look after kids.
Plus the age at age at which you plan to retire helps to determine how much you’re forecast to have..
It’s worth thinking about the type of pension on offer from your job, and how you can make the most of it, whether it’s among the highest paying or not.
For instance increasing your contributions by just 1% can add up to thousands of pounds by the time you retire.
If you can’t afford to pay in more, you could consider adjusting the funds in which the money is invested.
Savers can increase how much they are invested in the stock market, which could increase the value of a pension pot by as much as £100,000 by the time they retire.
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A pensions expert has shared how you can become a millionaire in retirement.
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