There’s no hard and fast rule when it comes to pension contributions. Generally, the later you leave it to begin paying into your pension, the more you might find you’ll need to contribute to make up for lost time. If that’s the case, you might want to take your age, halve it, and pay in that percentage of your salary. So, if you’re 30, pay 15% of your salary into your pension. If you’re 40, pay in 20% of it.
Of course, that only gives you a rough idea of how much to save. You’ll find that the closer you get to retirement, the easier it’ll be to work out how much you’ll need. To plan in more detail, you can:
Visit the Retirement Living Standards website, which has lots of retirement income tools and information
Use our Retirement Income Calculator to see how much income you might get if you retire at different ages with different amounts of savings.