Opt to Pension, or not to opt?

Stellar_Star

I've just started my job at the Police this month, and as a new recruit I've been offered to be put in the pension scheme, which would start pretty soon if I opt in, and would be around £80 per month. I have the option of opting in at a later date if I want too and can decline now.

Would it be wise to opt out for a while? I'm going to be moving out soon (rented) and that £80 would go far while in the costly process of moving out. Or opt in now, and since I would have always payed that £80 I could always budget it in and accept it's there and not let me overstep my spending to the point I can't opt in at a later date. Although I will get pay increases year on year, so could possibly opt in on the next pay rise.

So, get the pension rolling as soon as possible, or do I have time (I'm 21) to hold off for a year or two till I get settled?

dunstonh

Would it be wise to opt out for a while?

In the long term, no.

that £80 would go far while in the costly process of moving out.

It wouldnt be £80 though. That is the gross contribution, not net.

or do I have time (I'm 21) to hold off for a year or two till I get settled?

The pension is based on years of service so losing a few years will cost you later in your life.