Pensions

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Longy said:
You’ll only have to live to 55. Or 57 if you’re a bit younger. Not the most outlandish goal!
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That's if I pull some of it out. I couldn't actually afford to retire at 55.
State is currently 69 I think for my age. Might still get bumped as I missed the last cut.
 


The Breen Machine said:
Sorry yes, mis-calc there!

Another reason behind this is that I expect this job to be relatively short-term as a bit of a stepping stone, and I've seen a couple of horror stories re: payroll and the pension scheme so I want to at least have control of my money and where it's going.
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Hope it works out for you. Life is too short to be constantly worrying about making the right financial decisions. The main thing is that you'll have some form of pension when you get older.
 
zwartekat said:
Hope it works out for you. Life is too short to be constantly worrying about making the right financial decisions. The main thing is that you'll have some form of pension when you get older.
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Thanks - I only intend it to be a short-term change. The view is that in the next couple of years when I hopefully progress up the ladder, I'll opt in to a workplace pension and continue paying in an appreciable amount to my private pension.
 
The Breen Machine said:
Sorry yes, mis-calc there!

Another reason behind this is that I expect this job to be relatively short-term as a bit of a stepping stone, and I've seen a couple of horror stories re: payroll and the pension scheme so I want to at least have control of my money and where it's going.
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You've still refused free money from your Employer.
 
If one method or solution was the best for everyone, then there would only be one .
It’s horses for courses, but if you are employed, always take the free money offered by their schemes.
No matter how distant retirement seems, don’t neglect setting up pensions in favour of a bit extra spending money today. You won’t regret it . 100% promise you that .
Wise words , great mate :)
 
As many have said by opting out of your workplace pension you’re basically giving up the employers contribution, which surely can’t be a good thing...there may be limiting factors in getting access to this money which may not allow getting it until certain ages which a private scheme may allow?

My pension is something I’ve never really considered until recently, but there appears to be many options when you’re allowed to access it depending on age. I’d suggest the OP speaks to a financial advisor before making those type of decisions, not a bunch of chancers on here.
 
I got sent my prediction for my workplace pension. To get the full amount that has been paid into it if I get it paid monthly I would have to live till 109. After 109 its free money. Gerrin.
Think Ill take it as cash at 55 like.
 
TheWanderer said:
As many have said by opting out of your workplace pension you’re basically giving up the employers contribution, which surely can’t be a good thing...there may be limiting factors in getting access to this money which may not allow getting it until certain ages which a private scheme may allow?

My pension is something I’ve never really considered until recently, but there appears to be many options when you’re allowed to access it depending on age. I’d suggest the OP speaks to a financial advisor before making those type of decisions, not a bunch of chancers on here.
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It didn't stop this particular chancer giving his opinion.
 
HABA87 said:
That's if I pull some of it out. I couldn't actually afford to retire at 55.
State is currently 69 I think for my age. Might still get bumped as I missed the last cut.
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you may not be able to give up work all together, but you could start drawing some of your pension and then get an easier job (part time).
 
How do people suggest is the easiest way of keeping track of multiple workplace pensions? I'm 31 and it will likely be a nightmare by retirement age!
 
Longy said:
He’d still get tax relief on anything paid in, but aye, as had been mentioned, your employer will give you free money into your pension.
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If the employer doesn’t give that money over into pension will they add it to salary? Or is it just lost and the employer gains?

The Breen Machine said:
How do people suggest is the easiest way of keeping track of multiple workplace pensions? I'm 31 and it will likely be a nightmare by retirement age!
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I just combined mine into one. Easily done if appropriate. An IFA can look at their values and advise. May be better to combine it may be better to keep separate.
 
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