Desparate need of company Pension advice

bunsco

Hi all.

I have practically zero knowledge when it comes to the vagaries of pensions.

I have just started a new job and have automatically been entered into the company pension scheme - named "The Lifestyle Plan", in which 5% of my pay goes into the pension with the company paying 50% of my contributions.

the details of which can be seen here - http://www.gmgpensions.co.uk/gmen/permanent/. (choosing G and MEN/permenant from the dropdown menu's)

I have been given the option of having 2.5% taken out of my wages or opting out altogether at the signing of my contract.

I'm not sure if there are many of these pensions swimming around in the workplace these days (correct me if im wrong).

Does this pension plan seem like a good one to join? and if so is it more sound to go for the 2.5 of 5% deduction.

After the recent bad rap with pensions im am at a loss at what to do, I know i have to make plans for my future specially as i have left it late in the day (im in my late 30's) - so any solid advice is more than welcome

thanx to all that can help.

bunsco

Is anyone out there?

im sorry for the hurry-up, but i need to hand in the contract tomorrow morning so even a vague assessment would be helpfull right now.

Why have'nt i done this in advance?

well the process between applying and getting the job happened at lightspeed so i did'nt have that much time - hence asking on this forum.

Andy_L

If you don't join you are giving up the 2.5% free money from your employer

JoeK_3

Bunsco, you have nothing to lose and 2.5% to gain.

Based on the information supplied, get in.

JoeK

bunsco

Thanks guys for the response.

i have joined it at the max intro rate of 5% - as you said, got nothing to lose.