Soon every employee must pay into a pension - will you opt out? Poll discussion

Former_MSE_Wendy

Poll between 30 March - 06 April 2010

Soon every employee must pay into a pension - will you opt out?

From 2012, every employee in the UK will AUTOMATICALLY contribute 1% (rising to 4%) of salary to a private pension, via their payroll and employers and tax benefits will match it. Find out more in Martin’s Not got a pension? You will in two years blog.

Pros: You’ll have a pension & it’s effectively a payrise as your employer has to put cash in
Cons: You'll get less in your paypacket. Your takehome pay will be reduced due to the contribution

Which is closest to your view (be as honest as possible):

A. I’m self-employed/not working/retired so it doesn’t apply to me - 15% (1271 votes)
B. I already contribute to a (work) pension so this is little change - 55% (4557 votes)
C. I’m in: I don’t have a pension now, and will happily use this new scheme - 15% (1237 votes)
D. I’ll be in by default: I don’t have pension and want to opt out, but am likely to forget - 3% (281 votes)
E. I’ll opt out: I don’t have a pension and will definitely opt out of this too - 12% (967 votes)

This vote has now closed, but you can still click 'post reply' to discuss below. Thanks

minerva_windsong

I automatically got put into the work pension scheme (I don't have a payslip with me but off the top of my head I think I pay about 5% of my salary with employer contributions of 14%) when I started and haven't opted out of it. The way I see it, if I'm likely to be working until I'm 70 (I'm 22 now), then I might as well start as early as I can to save for my future, and I don't miss the money as I never had it.

Sneezy

B - but will they make us contribute more than we already do??

Bobl

I have;
Armd Forces Pension
Private Pension (AVC)
Company Pension (Final Salary)
Just about to move jobs so need to start another one!

Just hope I live to collect !!!

Beate

Of course I will be in, pensions are a brilliant idea, I just wish I had a work pension already!

shaz22

I've had a few years of ill health to the extent I wasn't supposed to live until pension age ('dead before you're 40' was the phrase - I'm 39). Now, it looks like I may make it, I'm concerned that I won't have any quality of life for myself, and, hopefully, future partner and children. Obviously, I'm keen to contribute and feel safer about the future, but having had a life-threatening illness I never want to lose the need to enjoy life and do interesting, new, and exciting things, and achieve goals. Life is too short.

kaz-mex

I missed the deadline for my works pension so had to take out a private pension which I contributed for afew years I then had debt problems so chose to freeze it am hoping that I can transfer to works pension when offered again am with Abbey national well santander now.

snugglepet20

Hmm government pension scheme wasn't that supposed to be what National Insurance was for? Truth is they have spent our pension money and now want to make people pay more out so that they don't have millions of starving old people in 40 years time. We will never see all that money we have paid out via National Insurance for a state pension.

Simon_Ward

Already pay into a private pension so I guess asking me to pay a little bit more isn't going to hurt, much!

Waxy_Bean

What will happen if you have a non-contributory pension from your employer (as I do)? Will I have to start contributing to it?

Fulham_Mark

I'll opt out for 2 reasons:

1. I don't trust the government! The retirement age is up, pension funds are now taxed, in 10 years time who knows what they will be taking from them

2. The pperation of this scheme has been contracted out to an Indian IT company TATA, no UK IT companies were invited to the bidding process.
British jobs for British people?
I can only suspect that a nice donation to the labour party was made....