How much do I need to save to get a decent pension?

We're afraid this has an 'it depends' answer.

It depends on how old you are, when you want to retire and what you consider to be a decent pension.

It depends on whether you have any pension already, and whether you have been automatically enrolled or have the option of joining a scheme that your employer will also pay into.

Another way of answering this question is to say that many experts agree that to retire with a pension of half your salary you need to start saving in your twenties and need to make contributions of about 15% of your income during the whole of your working life.

If you start later, you need to save more.

Few can probably afford all of this, unless they can call on a substantial part of this from their employer. It's one reason why many people are talking of a pensions crisis and why a system of automatic enrolment into workplace pensions has now been set up.

Note: This content is provided as general background information and should not be taken as legal advice or financial advice for your particular situation. Make sure to get individual advice on your case from your union, a source on our free help page or an independent financial advisor before taking any action.

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