SALARY is the first thing many of us look to when looking for a new job or career path – but what about pensions?
One benefit of most jobs is saving for retirement, but not all pension plans are the same.
More than 10 million Britons are currently paying a pension thanks to auto-enrolment rules.
Pension at work is separate form pension scheme, currently worth a maximum of just over £9,000 a year, but that’s not enough to live on alone.
That means you put at least 5% of your salary in retirement savings and your employer contributes at least 3% – but sometimes they offer more.
Some jobs offer better pensions than others, and public sector workers may receive the biggest payout.
Teachers, NHS staff, police and firefighters are among the top ten jobs with the best pensions, new research shows.
According to figures from Pension Times, teachers pay between 7.4% and 11.7% of their salary into a pension and depending on their salary their employer pays 16.48% more.
That means a 35-year-old teacher with an average salary of £40,000 a year can expect an annual pension of around £46,000 if they retire at 68.
NHS workers are entitled to 1/54 of their annual income and pay between 5% and 14.5% of their salary, depending on how much they earn.
A senior nurse earning £35,000 and retiring at 65 after 25 years of service would have an annual income from their pension of around £14,500.
They can also receive a lump sum of up to around £60,000, when they retire.
And police officers earning an average salary of £30,000 can expect an annual pension of around £28,000.
Those in the Armed Forces have the second highest pensions.
A man Explains how he plans to retire early at the age of 40 after a career as a submariner, thanks in part to a generous grant from the Navy.
Of course the exact amount will depend on how much someone has saved into their pension during their working life.
That amount can depend on how much you earn and how much you contribute because you can choose to pay more than the automatic minimum.
This amount can also be affected when you quit your job which means you stop contributing or pay less, such as if you spend time looking after your children.
Plus the age at which you plan to retire will help determine how much money you will have..
It’s worth thinking about what kind of pension is offered from your job and how you can take advantage of it, whether it’s among the highest paying or not.
Eg just increasing your contributions by 1% can go to thousands of pounds by the time you retire.
If you can’t afford more, you might want to consider adjusting your investment.
Savers can increase the amount they invest in the stock market, which can increase the value of their savings pensions of up to £100,000 by the time they retire.
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https://www.thesun.co.uk/money/17341990/jobs-with-the-highest-pension-payouts-revealed-with-some-getting-46k-a-year/ Jobs with the highest pensions revealed