None of us want to work forever so let’s answer the question of how much should I contribute into my pension?

In simple terms, a pension scheme is just a type of investment plan to help you save money for later life, but what makes them so valuable is that they have favourable tax treatment compared to other forms of savings. The biggest available tax win for you comes in the form of tax relief on your contributions which essentially means some of your money that would have gone to the government as tax, goes into your pension instead. If you are employed, you might be a member of your company pension scheme where you will also be benefiting from their contributions too or if like me you are a lone ranger and you’re running your own thing, it’s down to you kid but either way they are a great tool for your retirement planning toolbox.

But how much should you be contributing? Let's take a look.



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