Pension for 17 year old?

mini_lidi

Well i no state pensions arent good enough for you to live on comfortably (i think) so could i start a pension up now, even just putting £10 a month in?
Or would it be better just to out the money in a saving's account?

Aegis

mini_lidi wrote: »

Well i no state pensions arent good enough for you to live on comfortably (i think) so could i start a pension up now, even just putting £10 a month in?
Or would it be better just to out the money in a saving's account?

Just save the money for the moment. It's good to get started early, but at 17 you've probably got higher priorities in the near future.

EdInvestor

You can apply for a forecast of your future state pension here:

https://www.thepensionservice.gov.uk

mini_lidi

ok, so wats the best age to start?

Aegis

mini_lidi wrote: »

ok, so wats the best age to start?

Once you're settled into a good first job for a company which will contribute to your pension that would probably be a good idea.

mini_lidi

Well i work part time for M&S and have done for the last year and a half, but once i finish education i dont know if i will stay there?
Could i open a pension with them or is it too late now?

dunstonh

best age is as low as possible but you wont get anything for £10. £20 is the minimum. Plus, until you are 18 it will need to be opened and run by a parent or guardian or nominated adult.

So, hang on in until you are 18 then consider it. In the mean time get used to building up your regular savings.

gozaimasu

Personally I think 17 is way too early. I remember receiving a letters from the pension people at the age of 19 and thinking "!!!!!!?! Why the hell are they sending me this? I'm too young!"

At 17 I also think it's unlikely that an employee of that age will stay with the same employer, so dealing with contributions you've made to an employer's scheme will be annoying if you change employers regularly.

In fact, now I think about about it, how DOES one deal with pension contributions when they leave a job? Are they refunded all contributions made? Does the employee have the right to claim any matched contributions the employer has made? Or are these completely taken away?

JoeCrystal

@gozaimasu Hmm... So far none of the companies I am working for offer me pension scheme yet. And since I am almost 23 soon, I am forced to start wondering about my future. Can anyone kindly point me in the right direction to websites and areas that may be useful? Does having private pension affect future pension if I then work for a company that do offer pension scheme.

akh43

Try here for some basic information about the different types of pensions.