My work pension scheme.

dodgy

Legendary Member
Location
Wirral
Take any given size 'pot' and the provider will usually make more from it than they pay out to you.
I don't know if that's true or not, all I know is that if I calculate the contributions to my 20 year company pension it makes up about 30% of the current size of the pot, so I'm getting money for 'free' (yes I know how it really works), I couldn't care less if the pension provider also makes a living. I'd be cutting my nose off to spite my face if I gave all that up, not to mention the tax efficiency (which can be considerable depending on your salary).

I won't be changing the advice I give out to younger family members!
 

Salty seadog

Space Cadet...(3rd Class...)
Take any given size 'pot' and the provider will usually make more from it than they pay out to you.
I don't know if that's true or not, all I know is that if I calculate the contributions to my 20 year company pension it makes up about 30% of the current size of the pot, so I'm getting money for 'free' (yes I know how it really works), I couldn't care less if the pension provider also makes a living. I'd be cutting my nose off to spite my face if I gave all that up, not to mention the tax efficiency (which can be considerable depending on your salary).

I won't be changing the advice I give out to younger family members!
I came to pensions late at 37. I have since paid in around 12% as my employee contribution plus what the company contribute and tax relief.

I'm going to be poor in retirement.

@srw any comment. I believe at present you have more options with what to do with your pot in light of recent changes.
 

Goldenretriever

Über Member
Location
Hevingham
One of the first things I did when I became self-employed in the early eighties was sign up to a pension scheme. Knowing nothing about these in my early twenties I signed on the dotted line with the local man from the Prudential. Gradually upped contributions but never massively, paying £150 per month at the moment. They stopped selling this particular product shortly after, the reason being it has a guaranteed annuity which should almost double the market rate. Before covid! Only problem being looked into taking it early as wife has cancer but would lose out big time, so have to let it run till I'm 64.5 as that's what I signed up for. In hindsight I wouldn't have upped it even to that amount as we should have gone into property developing earlier, stuck with kitchens and joinery for to long but isn't hindsight a wonderful thing!
 

SpokeyDokey

Into my 64th
Moderator
I don't know if that's true or not, all I know is that if I calculate the contributions to my 20 year company pension it makes up about 30% of the current size of the pot, so I'm getting money for 'free' (yes I know how it really works), I couldn't care less if the pension provider also makes a living. I'd be cutting my nose off to spite my face if I gave all that up, not to mention the tax efficiency (which can be considerable depending on your salary).

I won't be changing the advice I give out to younger family members!
Sorry. I probably should've qualified my original statement by saying I'm not a big fan of private pensions excluding company funded pensions.

I have one reasonable company funded pension which was non-contributory but I never made any AVC's into it.

I agree with you - why turn down 'free' money although the cynic could argue that if an employer can afford to pay into a pension fund on your behalf than it may have been better if they paid you more salary in lieu of this.
 
OP
MontyVeda

MontyVeda

a short-tempered ill-controlled small-minded troll
Had a natter with my brother about my nest pension and it turns out that the default pension fund isn't great and advised me to switch to another one which means my £180 pa workplace pension could be worth £300+ :okay:
 

ColinJ

Puzzle game developer
I invested last night and am in the August draw.
Good luck! I just won £25 in the July draw... :okay:

They always send an email telling you to log in to your account to check how much your prize is. Nearly all of them are £25, but there is always a little bit of excitement in the few seconds it takes to check!

So, that will pay for a takeaway curry and a few spares for my bike this weekend. :smile:
 

neil_merseyside

Über Member
Location
Wirral
Does the nice man from Ernie call personally if you win the £1m prize?
 

vickster

Legendary Member
Good luck! I just won £25 in the July draw... :okay:

They always send an email telling you to log in to your account to check how much your prize is. Nearly all of them are £25, but there is always a little bit of excitement in the few seconds it takes to check!

So, that will pay for a takeaway curry and a few spares for my bike this weekend. :smile:
I won 2 x £25 :whistle:
 
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