Auto enrolment pension

Discussion in 'Motorhome Chat' started by Ivory55, Dec 2, 2015.

  1. Ivory55

    Ivory55 Funster

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    It's a pain in the a##e . They can join you up with out you, but you have fill in forms to get out ! Why they managed with out forms to join you. Also if your zero hour agency you do not know if your working next week let alone saving for a pension. Am at the same depot , same job , 3rd agency as they sell out or take over each other. That would be 3 poor pensions by now with their big charges they make for running it.
     
  2. Figaro

    Figaro Funster

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    Charges are capped, find out charges for each and transfer all to one charging the least and pick a decent fund.
    PS if you find one let me know
    PPS It's free money so worth staying in
     
  3. Ivory55

    Ivory55 Funster

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    Trouble is at my age now I will save so little it's not worth it. Sort of thing you need to be doing from leaving school.
     
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  4. fastpat

    fastpat Read Only Funster

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    I run a business who have to comply with this next year. We have 12 staff, now do I say no pay rise this year as we have to pay 2% into your pension (3% following year), and by the way you have to pay 3% in. So logically most staff will say they want to opt out and get a 2% pay increase instead, but we are not allowed to that - all staff have to get the same pay increase.

    Its a bloody mess!
     
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  5. Figaro

    Figaro Funster

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    Granted if you are approaching retirement it's going to be a small amount but still worthwhile IMO. It'll be paid to you as a lump sum if it's under 15k I think. Even if it's only say 5k it's a nice windfall that's only cost you maybe 2k
     
  6. laird of Dunstan

    laird of Dunstan Funster Life Member

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    They started taking it out of my wages this month , my beloved got on to our accounts debt for various details to make sure I'm getting the best deal
     
  7. Figaro

    Figaro Funster

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    It'll buy you a nice generator, a sog and an anti gassing alarm if your lucky
     
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  8. Ivory55

    Ivory55 Funster

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    Will have another read, it's some mob called nest. Only saw the bit where I pay nothing about anybody else putting in. Just after Xmas there will be less work usually so the less deducted the better.
     
  9. kaasbroodje

    kaasbroodje Funster

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    This exactly !
    We're an SME, so roll out for us is August 2016... I'm encouraging everyone to stay in the scheme (saving is good), although we could do without the added costs....
    I'm yet to choose a provider, will most likely go with Legal and General, as historically they've been a very efficient company to deal with.
     
  10. Lenny HB

    Lenny HB Funster

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    The 15k limit was scrapped on April 6th this year, but it is up to the pension company if they allow you to take the fund as cash.
     
  11. Charlie

    Charlie Funster

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    You missed out a nice A frame ? :LOL:
     
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  12. Candapack

    Candapack Funster

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    I recently discovered that I was due a pension from a company I worked for between 1972 and 1978. I estimated that the absolute maximum I could have paid into it would have been £300. At the time, it pi**ed me off having to pay it.
    I received a lump sum of £5,200, and get an annual pension of £900.
    That's what I call a result.:)
     
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  13. Ivory55

    Ivory55 Funster

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    Think there is a lot of difference to the old pensions and what you get now. They days of good company pensions , big redundancy packages have gone for the normal workers. Trouble is a little pension could just be enough to put you above the cut off for benefits, where if you have nothing the government will give you more. Think it's all or nothing with pensions.
     
  14. Candapack

    Candapack Funster

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    Oh, I completely agree with you. I retired from my main job with a final salary pension, and I know just how lucky I am. I worry for my daughter, 24, who will likely have to work till she's 70 and save a hell of a lot to have any quality of life thereafter.
     
  15. HymerB544

    HymerB544 Funster

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    Not sure about the logic here. If your income is below what you might get from Pension Credit (or a working age benefit if you are under pension age) then you would qualify for the benefit. If it higher, you wouldn't. The govt won't give you "more" if you have less.
     
  16. Ivory55

    Ivory55 Funster

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    Only know both parents had to pay for care as they had company pensions. Their friends who did not got their care free. That is why I think it's all or nothing.
     
  17. richr

    richr Funster

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    The problem with this country is you can be a slacker all your life. Be given benefits etc have a fairly comfortable life if you know how to work the system.
    You come to retirement age and get a pension.
    Possibly go into a retirement home and be fully funded.
    You may well be next to someone who saved all their life hopping to leave a few quid to their kids, but the care home swallows up all their estate.

    Also as for the Goverment saying you won't have to sell you're house.
    No you don't have to sell while you are alive but they will put a charge against you're house and collect their money from you.

    As for me I wish I hadn't taken out a private pension as all the Goverment will do is rake a load of it back.

    Give it around 15 years there won't be any state pension.
     
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  18. fastpat

    fastpat Read Only Funster

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    Think you might have contradicted yourself there?
     
  19. HymerB544

    HymerB544 Funster

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    Ok I can see how that feels unfair, but what would be your alternative? Provide free care for everyone? (Who would fund it?) or make everyone pay? (Then what do you do about those who cannot afford to pay? ). Who would want to step forward and say who is deserving poor and who is undeserving?
     
  20. Ivory55

    Ivory55 Funster

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    They can see your earnings and tax you have paid. So if 2 people on similar earnings , one saves and the other does not it's ok to charge the one with savings but the one who has enjoyed life gets it free. Yes it should be free for all .
     
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