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Lloyds Banking Group SmartSaver Pension
Saints2011
Posts: 933 Forumite
Need help please folks.
Little bit of background 20 years old have not paid into any pension previously. Work in Lloyds Banking Group have received a communication about a SmartSaver pension which from what I can tell reduces the National Insurance I pay when paying into a pension.
Check out all of the official details here
Do not have any knowledge about pensions, and don’t know whether to save in a pot rather saving into a pension etc and if you are of the understanding a pension is the way to go do you think this SmartSaver idea looks like it will benefit me later on?
Also bearing in mind that it does state it reduces annual salary to compensate for this, slightly concerned as am currently saving for a mortgage and do not want my salary headline to be reduced leading to the lender lending less.
All thoughts and opinions happily received.
Thank you
Little bit of background 20 years old have not paid into any pension previously. Work in Lloyds Banking Group have received a communication about a SmartSaver pension which from what I can tell reduces the National Insurance I pay when paying into a pension.
Check out all of the official details here
Do not have any knowledge about pensions, and don’t know whether to save in a pot rather saving into a pension etc and if you are of the understanding a pension is the way to go do you think this SmartSaver idea looks like it will benefit me later on?
Also bearing in mind that it does state it reduces annual salary to compensate for this, slightly concerned as am currently saving for a mortgage and do not want my salary headline to be reduced leading to the lender lending less.
All thoughts and opinions happily received.
Thank you
Can I find out my credit score?
You do not have a single credit score or rating. Different organisations take different information into account when working out your credit score and may have different scores for different products. (Kindly from Experian)
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The company will put more than twice what you put in plus you do not pay tax & NI on your contribution, what savings account will give that ? For every £100 gross pay you lose £3.40 from your take home and get £18 in your pension fund. No brainer decision.KirbyBirch wrote: »Need help please folks.
Little bit of background 20 years old have not paid into any pension previously. Work in Lloyds Banking Group have received a communication about a SmartSaver pension which from what I can tell reduces the National Insurance I pay when paying into a pension.
Check out all of the official details here
Do not have any knowledge about pensions, and don’t know whether to save in a pot rather saving into a pension etc and if you are of the understanding a pension is the way to go do you think this SmartSaver idea looks like it will benefit me later on? Smartsaver is only one way of contributing to the pension. The big benefit is the employer contribution, more than double what you contribute.
Also bearing in mind that it does state it reduces annual salary to compensate for this, slightly concerned as am currently saving for a mortgage and do not want my salary headline to be reduced leading to the lender lending less.Read the booklet you linked to, specificaly states that salary not reduced for mortgage purposes.
All thoughts and opinions happily received.
Thank you0 -
All new to pensions just want to make sure doing the right thing, thank youCan I find out my credit score?You do not have a single credit score or rating. Different organisations take different information into account when working out your credit score and may have different scores for different products. (Kindly from Experian)0
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It's a no-brainer to join. Salary Sacrifice is good. Mortgage Companies know all about it and are most unlikely to 'penalise' you for it.0
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Thank you thats re-assuring to know, better fill out the form
Can I find out my credit score?You do not have a single credit score or rating. Different organisations take different information into account when working out your credit score and may have different scores for different products. (Kindly from Experian)0 -
Salary sacrifice is a *great* way to pay into a pension and I do it myself. If you can afford it, go for the max core contribution as the company will match you up to that level. Free money!
Regards "pot" versus "pension". I assume that these contributions go into a personal pension with some provider linked to Lloyds? Do you know who and what the fees are?
Anyway, you'd be mad not to bite their hands off as 10% of salary going into your pension at such a low cost to you is a great start.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Good question I assume its Equiniti but arent sure to be honnest...
Looks like I would be mad not to do it haha
Can I find out my credit score?You do not have a single credit score or rating. Different organisations take different information into account when working out your credit score and may have different scores for different products. (Kindly from Experian)0 -
Pretty much, yes, but that doesn't mean you should kick back and have a passive approach to all of this. Ask questions about underlying investments and fees even if it's just so that you get into the habit of always doing this.
I doubt there is anyone here who wouldn't admit to trusting others a wee bit too much during our early investing years. Of course, this perhaps means that we now don't trust anyone other than ourselves.
Here is a recent citywire article regards who investors do and don't trust.
http://!!!!!!!.com/6zwkoyy
P.S. This forum has made a big fat mess of that link. The !!!!! should be tiny url without the spaceI am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
It is most likely to be invested in a Scottish Widows scheme.GC 2016 Jan £259.35/£250 Feb £lost track/£250 Mar £163.70/£250
Emergency Fund Savings Target £600/£2,400
Other Savings Target £664.50/£1,000
NSD Mar 6/16
Stoozed spend offset £1,225.20/£3,3000 -
PS if you go to the Forms and Documents section, there are all the factsheets listed for the funds so if you do want to know you should be able to dig it out from there. HTHGC 2016 Jan £259.35/£250 Feb £lost track/£250 Mar £163.70/£250
Emergency Fund Savings Target £600/£2,400
Other Savings Target £664.50/£1,000
NSD Mar 6/16
Stoozed spend offset £1,225.20/£3,3000 -
Join this at the full 5% personal contribution rate. They pay in another 13%! You may not realise it for many years, but joining this and sticking with it will be one of if not the best financial decision you ever make. Bite their hand off!0
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