MSE News: All companies to offer workplace pensions

Greed-Is-Good

If you don't want to contribute at all to your pension how exactly do you opt-out of this scheme??

JoeCrystal

Similar to opting out of the 48 hour week maybe?

Caddyman

Mmm, everyone now only has to have 30 years NI contributions to qualify for a State pension. I am 42 and only 5 years off that 30 year qualifying period and I am fortunate enough to already be in receipt of a full pension from my previous employment because I have been in constant employment from the day I left school in 1984.

I know I can't ever stop paying NI contributions until I finally retire. I'm not interested in contributing to another pension scheme so I really do hope I can opt out without a faf. Just how is this going to work for people like me?

yelf

this is hardly news is it?

jamesd

The main thing to know about Nest is that it's a worse deal on costs and investment choice than alternative schemes available from most other pension providers, so an employer who uses Nest instead of one of the others is demonstrating that they are either too lazy to do a little research or don't care about their employees.

Greed-is-Good, it'll depend on the scheme, you'd receive communications about it offering the option and would follow the instructions given. It's often a bad idea to turn down the fre money an employee gets but the higher costs and limited investment choices might make it a good idea to turn down nest money for someone who's relatively young and wiling to use the other options. But better not to be in a Nest or nothing position and have a good company pension choice instead.

cashbackproblems

It'll impact a small number of one man outfits, but for the majority it surely is a positive thing and the idea was introduced by the Labour government initially, it means those people who otherwise wouldn't get a private pension can have one and not rely on a non existant state pension in the years to come. Also as pointed out once it comes out of your wage and you cant touch it, you dont notice is has gone. Plus 4% of your salary is equilivant to a takeaway a month.

chattychappy

cashbackproblems wrote: »

Also as pointed out once it comes out of your wage and you cant touch it, you dont notice is has gone. Plus 4% of your salary is equilivant to a takeaway a month.

And 3% of the wage bill to companies. A huge amount for some - I'm sure they'll notice it's gone.

GILLIBABES

Are Construction Companies going to be forced to offer pension schemes too? Up until now they seem to get off with no pension schemes and paying no sick pay. My hubbie's there 15 years, 2 days sick in 15 years and absolutely no pension to rest on after a management position which has included much hard labour! Would really appreciate an answer from anyone who would know?????

P.S. Sounds like a Tory Strategy to do away with pensions if you ask me!
P.P.S. People with no private pensions do no do so out of 'apathy' as a previous poster put it, but because they have no extra to put away! Don't be so narrow minded sir!!
Is it me or are all these cuts making everyone very angry?

hugheskevi

Are Construction Companies going to be forced to offer pension schemes too?

Yes

Up until now they seem to get off with no pension schemes and paying no sick pay.

Look to the individual employer rather than the industry. The construction industry as a whole is actually better coordinated on pensions than most, eg they have an industry-wide scheme.

P.S. Sounds like a Tory Strategy to do away with pensions if you ask me!

It was introduced by Labour.

P.P.S. People with no private pensions do no do so out of 'apathy' as a previous poster put it, but because they have no extra to put away! Don't be so narrow minded sir!!

I'm always quite surprised by the number who can't afford to put money into a pension. Strangely, affordability seems to be unrelated to earnings, as you hear the same thing from people at all levels of earnings.

Is it me or are all these cuts making everyone very angry?

It largely seems to depend if the cut of the day affects them personally or not.

GILLIBABES

I have 4 kids and I can assure Mr.Presumptuous and Self-Righteous that I do NOT have any extra to put into a pension.
A reply from someone with less of an attitude would have been much more appreciated.
The 'industry-wide scheme' pays less than £10 a year if that's what you call well-coordinated.
These cuts are obviously affecting him personally.

Could someone please do something about this poster as he seems to be trying to put everyone else in as bad a mood as he is.................and I was so full of love this morning! :)