Pension - Can I opt out?

On the flip side, whats to say those without a private pension will be worse off. We see it to this day that those with a liitle are worse off than those with nothing. Due to the goverment giving everything to those with nothing and giving nothing to those with a little something.
 
Diddums said:
So how does this pension stuff work then? (explain it to a filthy forriner pls).

I never really bothered because I never called England home but now that I've taken all your jobs and pillaged all your villages I might as well stay. I worked at BT for a while who had a decent pension scheme going but left last year. I work at a different firm now who have their own pension system set up, but what am I supposed to do? Do I call the previous pension firm (Standard Life) and have it all transferred over? Does her majesty's finest pickpockets do this?

Given that I only started taking this seriously at around 28ish I'd like to increase my contributions a bit as I don't want to live life like a pleb when I've got one foot in the grave, do I simply call them up and tell them to take more every month?

//I should probably Google all of this really, but if anyone knows the answers off the top of their head, please do bestow your wisdom upon me.
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Ideally speak to your HR team,or to an independent financial advisor that specialises in pensions.

I am very very lucky with my pension (final salary) and the contribution from the company is very generous (I also contribute of course). Prior to this I had not really bothered, until I realised how big an impact it could potentially have on my future years. I'm never going to be a multimillionaire, nor am I striving to be one. I want to earn enough to provide for family, and pay for having a roof over our heads. Anything on top of that is a bonus (such as holidays and luxuries (cars & bikes!! :D )). That said I also don't really want to be working in my 70s just because it is deemed normal at that period of time.

This is why I'm hoping to be able to achieve something else, own a some properties to top up my pension / salary with an asset. I know a lot of people think this is an unfair way to be (taking housing away from 1st time buyers) but for me it seems the most sensible route to go.

Other options are to use foreign investments - but that might get tricky with HMRC stuff unless I'm clever about it.

Anyway, the state pension whilst a great system in principle, will not really provide enough for me as far as I'm concerned / aware.
 
Freefaller said:
Ideally speak to your HR team,or to an independent financial advisor that specialises in pensions.

I am very very lucky with my pension (final salary) and the contribution from the company is very generous (I also contribute of course). Prior to this I had not really bothered, until I realised how big an impact it could potentially have on my future years. I'm never going to be a multimillionaire, nor am I striving to be one. I want to earn enough to provide for family, and pay for having a roof over our heads. Anything on top of that is a bonus (such as holidays and luxuries (cars & bikes!! :D )). That said I also don't really want to be working in my 70s just because it is deemed normal at that period of time.

This is why I'm hoping to be able to achieve something else, own a some properties to top up my pension / salary with an asset. I know a lot of people think this is an unfair way to be (taking housing away from 1st time buyers) but for me it seems the most sensible route to go.

Other options are to use foreign investments - but that might get tricky with HMRC stuff unless I'm clever about it.

Anyway, the state pension whilst a great system in principle, will not really provide enough for me as far as I'm concerned / aware.
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I operate on the assumption that the state pension will either be non-existent by the time I retire, or degraded enough not to make a difference to my finances.

To counter that I pay into an average earnings work scheme (no final salary but still streaks above the average) as well as making AVCs and throwing cash into p2p and a shares ISA. I only earn £28k at the moment (though I intend for that to change) but the outlay is worth it if I can avoid working until I die or living in squalor during my twilight years.
 
Freefaller said:
We get an annual breakdown from the HMRC is that the one you mean? Or something more granular?
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I mean how far through their pension pots do people tend to get before they die. That's always the issue I've had with pensions as it's essentially a gamble on how long you might live.

There must also be a considerable % of company contributions that eventually goes back to the state too. So whilst on the surface it's appealing, do company contributions actually benefit the state more (eventually) in inheritance tax?
 
Glaucus said:
WTF, that you need a pension and company pension is usually by far the best option, as most(not all) match your donations upto a certain percentage.
There shouldn't be an opt out option, far to many people living longer with only state pension.
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Says you. It's in the Company's interest for as many people to opt out as possible so they don't have to contribute ;). I might split the difference on what I could save by opting out with the director :D
 
Zatoichi.uK said:
I mean how far through their pension pots do people tend to get before they die. That's always the issue I've had with pensions as it's essentially a gamble on how long you might live.
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People grossly underestimate how long they will live for in retirement. It's been a few years since I looked at the stats so it might a little off, but the average 65 year old now lives a further 20.5 years.

If you had a poll of people in GD about their opinions on pensions you'd find a lot of people jabbering on about "oh it's not worth it, I won't live that long".

Most of them will be very wrong.
 
I left it a bit late with my pension due to the savage cost of living in this greedy country, so a small pension and the state(my)pension is better than nothing.
 
To properly answer the OP's question.

The first payment to the scheme has to be collected automatically by the employer, no matter if you opt out before the scheme starts, you will then be refunded the payment in your next wage. This is a legal requirement of an Auto enrollment pension scheme.

Remember that in 3 years time you will have to do the same thing again - your employer has to automatically opt you in, then you have to opt out again. and every 3 years after that.
 
booyaka said:
To properly answer the OP's question.

The first payment to the scheme has to be collected automatically by the employer, no matter if you opt out before the scheme starts, you will then be refunded the payment in your next wage. This is a legal requirement of an Auto enrollment pension scheme.

Remember that in 3 years time you will have to do the same thing again - your employer has to automatically opt you in, then you have to opt out again. and every 3 years after that.
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Now Srrrrrrly it has all to do with Helping the People and all of that, for the greater good from this blatantly socialist gov ; it can't *possibly* be due to the pension fund lobbying who could definitely do with some more funds to play with.

Nah, bad me, need to go wash my mouth and all that.
 
This may sound odd but I generally don't think I will make it to 65 / 70 years of age so I am going to opp out when I can, Don't get me wrong I am still going to invest some money just incase to be on the safe side but away that benefits me , I think its better to have money you can have direct access to when you want not when you get to 65!
 
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