I’ve just spent the day sorting out my finances and taking saving a little more seriously and fell down the pension rabbit hole.
I’m so confused about the whole thing, I need it to be explained to me like i’m a three year old!
I work for a university and currently contribute 6.5% to LGPS. My employer contributes 18%. Now, I believe the LGPS is a final salary pension scheme, but what exactly does this mean? If I increase/lower my contributions will I get more/less money when I retire??
I’m currently 23. How do I know that what I’m paying in will be there for me when I’m 60+?
Your help would be much appreciated!!