Possibily Moving To A New Job With No Pension Scheme

Moncs_2

Looking for a new job as my current one no longer challenges me. I am lucky that at the moment I have a Final Salary Pension Scheme which I have been paying into since I started here four years ago.

I am 33 and that is the only pension that I have.

I had an interview yesterday for a position which I hope I will get offered, however the only downside is that they offer no pension scheme at the moment.

Should I get offered it, I would be looking to pay approx £100 per month into a private scheme, can anyone offer advice as to what one I should go for?

Also, would it be possible to continue to pay into my exsisiting scheme and build that up?

dunstonh

Your final salary scheme is worth at least 15% of your pay, probably more at your age. £100pm is very unlikely to come close to anything near the benefits of what the final salary scheme would offer. (obviously it depends on your wage).

can anyone offer advice as to what one I should go for?

Yes. IFAs are your best best as they are whole of market. Tied agents only offer their own products and they also have limited investment knowledge so the funds recommended tend to be default.

Also, would it be possible to continue to pay into my existing scheme and build that up?

No. Final salary schemes are heavily subsidised and the employer isn't going to want to subsidise you if you aren't employed any more.

Moncs_2

dunstonh wrote: »

Your final salary scheme is worth at least 15% of your pay, probably more at your age. £100pm is very unlikely to come close to anything near the benefits of what the final salary scheme would offer. (obviously it depends on your wage).



Yes. IFAs are your best best as they are whole of market. Tied agents only offer their own products and they also have limited investment knowledge so the funds recommended tend to be default.


No. Final salary schemes are heavily subsidised and the employer isn't going to want to subsidise you if you aren't employed any more.

Thanks for that, I will look into it, I know that the Final Salary Pension is a big thing to lose, but to be honest the job is going nowhere and sometimes you have to bite the bullet on some things in order to progress.

Re the bold part above, I just wondered if I could continue to contribubue to it, even though I know they wont since I will be leaving