The cost of living crisis is set to put an even tighter financial squeeze on purses and wallets across the country from April, forcing some people to reconsider their current working position in order to increase their monthly income.
Millions of households across the UK will see their energy bills skyrocket by 54 per cent to £1,971 a year following Ofgem’s official announcement last week and be keen to boost their income to compensate for higher outgoings.
While a career move may be on the cards for some people, it’s important for everyone in work to pay into their pension to ensure they are maximising their later life income.
Financial and pension experts, Pension Times, have analysed the best jobs to have in the UK which offer the best pension policies.
Top workplace pension payouts
- Teachers - £46,000
- Armed forces - £41,000
- Politician - £34,000
- Town Planner - £29,500
- Police officers - £28,000
- Firefighters - £20,000
- NHS Employees - £14,500
- Tax inspectors - £13,000
Teachers
One of the largest public sector pensions, teachers pay between 7.4% and 11.7% of their salary into their benefit scheme and depending on their salary their employer pays a further 16.48%.
A 35-year-old teacher earning an average salary of £40,000 could expect an annual pension of around £46,000 if they retire at 68 years old.
Armed forces
Pension benefits for armed forces personnel have been reduced in recent years, members of the current scheme AFPS 2015 still have one of the most generous schemes in the public sector.
The Ministry of Defence pays the equivalent of 1/47th of their annual earnings and this is increased every year in line with inflation. An army sergeant earning £36,000 and expecting to retire at 60 as a major after completing 32 years of service can expect an annual retirement income of £41,000 as well as a tax-free lump sum of £22,000.
Politicians
MPs benefit from one of the most generous pension schemes out there and that may be of no surprise as they’re responsible for setting pension rates. The current salary of a 57-year-old politician is £76,011 and they can look forward to an annual pension of around £34,000 if they retire at 65 years old.
NHS employees
All NHS employees enjoy a CARE scheme, which entitles them to 1/54th of each year's earnings. They pay between 5% and 14.5% of their salary, depending on how much they earn.
A senior nurse earns on average £35,000 and can expect to retire aged 65 and with 25 years service they could have a pension income of around £14,500 and the maximum lump sum they can receive is around £60,000.
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