Advice on Pension - Private or Company Pension?

cutefinger

I am a recent migrant to the UK, so learning new things/laws/way of life and all.

I joined my company about 1 year 3 months ago. I was told that I would be sent a request via the post to join pension scheme after six month.

However, i did not recieve this invitation,so I rang HR in the 8th month or so, and was told it was sent to me few months back.

I did not recieve this pension invitation. So I asked how i could join the pension and was told that I cannot unless I do what is called Medical Examination.

basically, was given medical form to take with me to the NHS and get my GP to certify me fit. I got this form in the post and took it to my GP and was told it would cost me £150!

Is this right?

Am i suppose to do a medical before getting on a pension program?


A colleague at work said I could wait till the new legislation (forcing all employers to enrol employees to pension) come into force, but as i am 28 yr old already, I do not really want to delay starting pension till when my employer is ready to force me to join.

I'll appreciate any kind advice i can get in regards to:

Should I join a private pension instead?

Is it required by law that I absolutely must do this medical before joining my work place pension?

I am also trying to retrain and switch career in about 2 years from now. does it still make sense to do medicals and join my current work place pension knowing fully that I might move jobs eventually?

I apologise if my questions sound a bit naive....many thanks

jamesd

I'm not aware of any pension that requires a medical.

But your work pension may come with life assurance and other benefits as part of the package. Those may require a medical examination of people who do not join soon after they start working for the company.

FatherAbraham

cutefinger wrote: »

I joined my company about 1 year 3 months ago. I was told that I would be sent a request via the post to join pension scheme after six month.

However, i did not recieve this invitation,so I rang HR in the 8th month or so, and was told it was sent to me few months back.

I did not recieve this pension invitation. So I asked how i could join the pension and was told that I cannot unless I do what is called Medical Examination.

basically, was given medical form to take with me to the NHS and get my GP to certify me fit. I got this form in the post and took it to my GP and was told it would cost me £150!

Is this right?

Am i suppose to do a medical before getting on a pension program?


A colleague at work said I could wait till the new legislation (forcing all employers to enrol employees to pension) come into force, but as i am 28 yr old already, I do not really want to delay starting pension till when my employer is ready to force me to join.

I'll appreciate any kind advice i can get in regards to:

Should I join a private pension instead?

Is it required by law that I absolutely must do this medical before joining my work place pension?

I am also trying to retrain and switch career in about 2 years from now. does it still make sense to do medicals and join my current work place pension knowing fully that I might move jobs eventually?

I apologise if my questions sound a bit naive....many thanks

This is normal in company pension schemes which include an element of life insurance (an enhanced death-in-service benefit).

Generally, if you join immediately (within three months, in my employer's scheme), you'll be accepted without question onto the group policy. If you delay joining, then the insurer may demand a medical examination before taking on the risk.

So, it's not joining the pension-scheme per se which is the problem -- it's the associated life insurance (and possibly a waiver-of-premium policy too, for the situation where you become unable to work). Group insurance schemes can be great value, but you've got to get in within the time limits.

A shame you didn't get the joining form in time, it's usually in a new starter's initial information pack.

There's nothing you can do really -- either pay to get the medical, or don't join this scheme. Unfortunately, you missed the boat.

This should all be explained in the scheme documentation which you have.

Warmest regards,
FA

cutefinger

Thanks very much for your response FatherAbraham & Jamesd. I'll speak with my manager tomorrow to check if it comes with life assurance as well and feed back on this thread.

If it does, then I might just have to cough out the cost for medical examination....

But considering that I might leave the company within 2 years from now if i get a job after retraining....gives me second thoughts.

Jack_Griffin

"I might leave the job" is commonly heard, but ignore that idea, I had the same one & missed out on a good scheme once, just get in the scheme & if you leave early there will either be a small entilement or a transferable pot.

The sooner you start the better your pension..