Maximize Your Retirement: Top Employers With The Best Pension Contributions

How many of you pay any attention to the pension on offer when applying for a new job?

How much your employer pays into your pension and how it is set up can vary hugely so should be playing a big part of how you view the overall package you are getting from your current or potential employer, in addition to the basic salary.

In this video I’ll go through where to work to get the best pension benefits.
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timestamps
0:00 intro
1:00 the total package
1:53 DB or DC?
5:00 the public sector
6:46 the private sector
9:48 other generous industries

[paulc]

I'm in the US...my father told me to look for the best pension when choosing a job. He said you don't think about pensions when you're young but it's the best benefit you can get. So in my thirties, I quit my job and went to work for the government. I worked there 28 years. I'm retired now and listening to my father saved my retirement. I'm getting 75% of my income. I had to pay 10% of my paycheck each week to the pension system. Probably the best decision I made

[STORMCLOUDGREY]

When I joined a respected insurance company in the 80s as a fresh-faced teenager I didn't give a toss about the non-contributory pension scheme. Oh boy - am I grateful for it now!

[CalumCassidy-dbjt]

This is a good video because what your employer adds to your DC pension and where it is invested is so important. I've a DB NHS pension, part Final salary and part Career average, and 9 years of a private pension when I was outside the NHS. The proportion of my pension from private is so much smaller when you look at like for like. If i could go back in time I would not have left the NHS scheme....

[chumabanjwa]

Always enjoy your videos, Dianne! I work for an energy company, I contribute 7.5% and they pay in 15%.

[dallassukerkin]

Wonderful as always, Dianne and, as always, I finish your video in an angrier state than I started - in this case because I realise just *how* badly my employer treated me when it comes to pensions. In part it was my own fault for just assuming the powers that be had worked the numbers and that the defaults were 'enough' to fund retirement. But also the fact that after 25 years of being in the company pension scheme my pension pot is only 50k tells the tale of how miserly my company was in this regard. In just three years, through personal investing, I have assembled an ISA portfolio that is the same size!

[benking]

Excellent video again Dianne. In the respect of pensions, I'm fortunate enough to have been in the public sector for most of my career, this may change in the future of course ( still in my forties ). I'm glad you explained the defined contribution and defined benefit again, as I always get these mixed up!

[rayoldam]

Dianne, thank you for another great video. It’s easy to focus on the headline salary for a role and nothing else! I agree there can be a big difference from one organisation’s pension to another. It is definitely worth taking the pension into account in the decision.

[Mr.GeeKhan]

FS in UK is definitely generous. I get 13% for my 6% and it was definitely a factor for me in moving jobs.

[Chanesmyname]

A DB pension takes the worry out of sorting out annuities and or drawdowns and such and shopping around for the best deal, is how I see things.

[stephensutton-smith]

I work for BMW in the UK and there pension is pretty good, for an employee contribution of 10% they add 16%. I have both DC and DB and feel I am getting the best of both worlds.

[guitarsandcheesecake]

Another Great video. A bit late for me, as I'm 61 in July. My employer pays 3%. Which is the absolute minimum. Seems like I'm in the minority. But when I took the job workplace pensions were not a luck everyone 😊

[porschecarrerascabriole]

Such an amazing variation between sectors I had no idea. Of course the government is the most generous as they pay about 10% and they get about 21%! In my IT job I pay 6% and employer contributes just 5%. In my previous job I used to pay 5% and they paid 10%. Thank God for AVCs and pay another 36% there now so overall I save 47% at the moment

[Banthah]

My company offers a generous match of up to 10% in to my DC pension. I actually put in more than that, but they won’t give me the NI savings for my additional contributions, which is annoying. But still, not too bad.

My wife is a civil servant and has a DB pension which is ridiculously generous. Obviously doesn’t work the same way, but she puts in the equivalent of something like 4% and they add another 27%. Crazy!

[TaiwoOmotosho-mv]

Could you do a video clip on 'Quaifiable Earnings' on autoenrolment because the employee and employer pension contributions on payslips not making sense, PLS? What should be done if a basic tax rate payer compared to high tax rate payer in this situation since it has to do with a government legislation for the tax year from £6240 to 50270 pounds ?Could you use two individuals, Peter working with a Charity on gross salary of 27240 pounds per year and Alice working in public sector with 80000 pounds gross salary, pls ?For Illustrative purposes

[pip]

I've a LGPS defined benefits pension it's decent buying an annuity of the same value would cost a fortune .

[andrewkingdon]

Mine pays up to 10% (matching my contribution). I pay over that by quite a lot, as I do it through salary sacrifice so I save tax and NI up front. Bit of a no brainer really.

[johnchild]

public sector workers have benefited greatly from Strikes by improving their, pensions, and of course the current government is deferring the costs to the future, by which time its Someone else’s problem for a future government. The public sector’s is often bloated with staff, because the government can reduce unemployment by employing more staff, makes the figures look good, but the public sector’s are not wealth creating they are paid by those in the private sector’s that produce goods and services for export so if 50% of those employed by the state are financed by the private sector, the public sector pays tax also but it’s our tax😮just recycled
If we could reduce public sector costs, and increase full employment in private sectors we would all be better off.sadly Ai is already reducing cost and staff with self service tills, self scanning etc, as wages keep increasing it becomes cheaper to automate, as you don’t have to pay national insurance, pensions, and holiday pay,