Work based pensions?

[edessex]

I had a letter from today about the work based pension scheme.

Seems a small amount, and I'm very sceptical about ever seeing the cash.

Is it worth staying in?

 

[TomVauxhall]

Never heard of it. Self employed anyway so i will have to work until I die

 

[Rancid_Ron]

I have a work-based pension. I'd say it's worth it if your employer matches the contributions.
I'd not want to solely rely on it when the time comes, however!

 

[rickisgrate]

Your work place has to match or better your input on it. It works out better because you get taxed less so even after it's been taken off your wage you still end up with more money.

 

[Andy_Mk3]

I have one, just sorted it out actually. Transferred 2 other schemes into it. I don't know much about it though in all honesty lol.

 

[TMODAlpha]

Yeah, I've just started paying in to mine after all these years. Not been bothered previously.

 

[Andy_Mk3]

I think I pay in 4% and employer is 3 or 4%.

 

[edessex]

The letter I've got says my employer pays in 1%, as do I. It's says about paying in more, but doesn't state how much more I can do.

My second job is self employed, I used to be fully self employed but got an employed full time job to try and sort out a mortgage.

Once the mortgage is sorted, I'll probably go back to self employment full time.

So I've got maybe 2-3 years where this pension fund will be active.
My thinking is that it isn't worth it, and that by the time I hit retirement age the money would have disappeared in an untraceable manner.

 

[TomVauxhall]

The letter I've got says my employer pays in 1%, as do I. It's says about paying in more, but doesn't state how much more I can do.

My second job is self employed, I used to be fully self employed but got an employed full time job to try and sort out a mortgage.

Once the mortgage is sorted, I'll probably go back to self employment full time.

So I've got maybe 2-3 years where this pension fund will be active.
My thinking is that it isn't worth it, and that by the time I hit retirement age the money would have disappeared in an untraceable manner.

Yep, some MP will have blown it by then on coke and rent boys.

 

[edessex]

I think I pay in 4% and employer is 3 or 4%.

How did you end up with a higher percentage? Mine is 1%

 

[Andy_Mk3]

How did you end up with a higher percentage? Mine is 1%

I was asked about it when it was originally set up. I might pay more into it in future too.

 

[inverted_577]

I pay 8% into and my company pays 9% in, whatever happens you'll walk away with what you put in unless it really goes pair shape and the pension company bust, you're probably best opening yourself an bank account and doin. A standing order then once you've got enough put it into premium bonds, you'll get more of a quicker return from them and there a lot safer