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Very few places now have a zero contribution from employees. We have a Local Govt Scheme, which my employer puts in 16% plus, and we put in about 5%-8% depending on Salary. but many staff complain it's expensive - alot aren't considering the future as they can't afford things as they are.
Personally we're on one salary as my wife only does a day a week in a local shop for minimum wage, as she's had some previous employers who were horrible, so she's taken a break - the job is in the area of her hobbies. I've still got two adult kids at home, but lucky no debt or mortgage now, so we manage OK. If the 'kids' ever get financially independent, I may look to retire !
I have never heard of one where it’s optional to contribute to the scheme, there may have been some but it’s probably extremely rare.
Current average (Based on mid range values and assuming all 200k+ are actually 200) after 500+ responses is £67k
Median is your most valid estimate for "average" salary, and with over 500 samples, that is an accurate estimate. Trimmed mean is also possible, or just swap 200k to 400k and see how it changes. Don't use AVERAGE in XL though 😉 Median is in the 50-60k range, with 54.7% cumulative., so about £57k.
You didn't ask about full vs, part-time vs. retirement, but the UK median full-time salary in 2024 for full time employees was £37k. Hence the "average" STW responder to a survey on income earns about 50% more than the typical UK employee.
My final salary pension (which closed in 2021) was non-contributory. BUT if I made contributions it accrued faster (1/60th vs. 1/80th). Of course I contributed. Now in a defined contribution scheme.
All the tradesmen would like to know whether to include the cash in hand jobs?
It's only massively overcharging the IT workers who ask for cash in hand prices that allows me to go on 4 biking holidays a year!
Mine is entirely company paid with no contribution required, nor is there any optional component, but it's not as good as TiRed's as mine is only 1/100th and no way to alter that. I can pay in additional voluntary contributions into an additional pot which the employer matches to a small value (4%, I think) and the max total contribution to this is 17% including the employer part.
This is why I was saying this is a substantial potential component. My employer lists is at 24-25% contribution, but it's somewhat irrelevant. From my PoV it's the fact that there's no salary reduction to fund it. I do pay into AVCs. but not as much as I possibly should.
You didn't ask about full vs, part-time vs. retirement, but the UK median full-time salary in 2024 for full time employees was £37k.
Does that matter? They only need to know how much cash you have to spend on mopeds eBikes! Not your shift pattern or where the money is coming from. 😀
It matters when one wants a valid comparator to published official statistics, but I agree, those eBikes won't buy themselves!
According to the ONS, the £200k threshold was met by approx 1% of workers. but 3% of STW respondents. That's likely to be a valid comparison since both are likely to be full time (or some STWs have the very best pensions). However, for full time workers the ONS first percentile is £12,800, hence the lowest band for STW is too high for FTEs.
Mine is entirely company paid with no contribution required, nor is there any optional component,
Very nice but I suspect you’ll be of a very tiny minority, not many companies did private pensions or if they did weren’t particularly great. Hope it works out well for you as it’s lovely having a bit of a fall back on retirement.
My original employer had a non-contributory pension scheme, and a good one at that, but if you compared annual salary with other organisations, it appeared to be a bit low, so it all sort of balanced out.
I have never heard of one where it’s optional to contribute to the scheme, there may have been some but it’s probably extremely rare.
My first full time job back in 86 was working on occupational pensions for a wide variety of companies and industries. Final salary was the norm and low or no employee contributions also common, especially for manager grades and up. Over the years I have seen various stupid government policy allow that situation to change to where we are now, defined contributions with a hefty dose of employee contribution for most.
Hope it works out well for you as it’s lovely having a bit of a fall back on retirement.
With it being 1/100 it certainly does focus one’s attention on promotion prospects rather than simply riding out a comfy job to retirement. It was a significant consideration in my recent application to a more senior position from a job which I actually love…much of the time.
So if my quick adding up is correct 60% of STW's earn 50k plus, probably would have guessed about that, based on general browsing of thread over the years.
An interesting metric to see would be level of earnings v number of posts to see which level has the most time.
An interesting metric to see would be level of earnings v number of posts to see which level has the most time.
The individual results can’t be seen but it’s Ernielynch.
It's mentioned in the opening post.
Ah didn't see that as the On the second page the poll comes up but not the text, sorry
Yeah but none of them can afford £20 a month to watch Cycling
I wouldn't watch cycling on TV if you paid me £20 a month!
This. Watching the odd "sick edit" on youtube/pinkbike is ok and Red Bull Hardline is mildly interesting but any form of racing is dull as... Said it before and I'll say it again - its like motorsport. Brilliant to take part in, absolutely awful to watch.
Motorsport absolutely awful to watch aye right
Cricket,snooker and cycling I might agree on