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Final Salary pension v Higher Salary at another company with no pension scheme.

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Comments

  • Dick_here
    Dick_here Posts: 1,605 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I'd be rather concerned about a company that offers that amount as a guaranteed salary but has no pension scheme at all.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • bennc7
    bennc7 Posts: 6 Forumite
    In what way would you be concerned?????
  • bennc7
    bennc7 Posts: 6 Forumite
    If I was to contribute 15K per year, this would be tax free yes? So equivalent to £750 a month coming out of my salary?

    I'm a bit concerned about "!!!!!! Here" comment that he would be concerned about a company not offering a pension. Is this unusual??? And would it make anyone else concerned?

    I am so torn on what to do, I enjoy very much where I am, but at the end of the day we all work for money and our future. And will I regret it if I don't take the chance, I know I can only answer these questions, but your thoughts on my other issues are most welcomed to help understand and establish the whole picture.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    the maths of pension contribution to a private scheme are as follows

    if you contribute £100 from your taxed take home pay then
    -the insurance company reclaims standard tax from the HMRC i.e. they claim
    £25 so a total of 125 is invested in your pension
    -as you are a 40% tax payer you will need to reclaim the other 20% tax directly from the HMRC hence your net of tax contribution will be £75 for a total investment of 125



    you haven't said what sector you work in or the companies involved but many people would find it odd that a significantly sized company committed to working in the UK doesn't pay any sort of pension... basically how secure is your future with them?
  • bennc7
    bennc7 Posts: 6 Forumite
    I work in the commodity industry, and the other company are a huge company in India and are actually one of, if not the biggest private company over there. They are literally just starting out in the UK though, so I would be there from the beginning, so could be exciting few years.

    I thought I was safe in my previous job before my current one, as again I worked for a major company, however they sold our part of the buisness, so can you actually guarentee that you are safe in any job????
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