Auto enrolment pension (1 Viewer)

Ivory55

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May 23, 2012
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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.
 
Feb 22, 2011
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Newcastle under Lyme
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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
 
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Ivory55

Ivory55

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May 23, 2012
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North West Norfolk
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Since Feb 2012
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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Paddywack

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Oct 15, 2013
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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!
 
Feb 22, 2011
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Newcastle under Lyme
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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
 

laird of Dunstan

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Feb 15, 2015
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ex caravanner
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

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Ivory55

Ivory55

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May 23, 2012
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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.
 
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deleted-member02

Deleted User
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!
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.

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Lenny HB

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Oct 18, 2007
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Since 2008 & many years tugging
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
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.
 

Candapack

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Oct 16, 2014
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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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Ivory55

Ivory55

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May 23, 2012
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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.
 

Candapack

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Oct 16, 2014
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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.
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.
 
Apr 25, 2012
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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.
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.

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Ivory55

Ivory55

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May 23, 2012
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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.
 

Silver-Fox

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Sep 5, 2014
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im a not so newbie
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.
 

Paddywack

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Oct 15, 2013
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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.

Think you might have contradicted yourself there?

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Apr 25, 2012
794
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Near Truro, Cornwall
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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.
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?
 
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Ivory55

Ivory55

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May 23, 2012
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North West Norfolk
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Since Feb 2012
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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