compulsory workplace pensions

wildcat666

Does anyone have an idea about what to do when you are enrolled automatically but the employer will not tell you how to opt out?

NYM

It's a legal requirement for your employer to give you the information.

Opting Out...

wildcat666

What do you do when the employer wont tell you who the pension provider is?

DUTR

wildcat666 wrote: »

What do you do when the employer wont tell you who the pension provider is?

Is it not on your payslip?
Or are you drip feeding us, to imply you are working for an employer not revelaing all to HMRC.

melloecastro

on a BBC page from 2013 it states that you needed to opt out in first month so not accrue any pension. if its after the month you can still opt out by contacting the pension provider directly (your company can tell you who) but the accrued pot will remain until you retire. Oh and every three years you will be re-enrolled and have to opt out again

hope that helps


cannot provide a link as a newbie sorry

xylophone

Why do you want to turn down free money from your employer?

benniebert

xylophone wrote: »

Why do you want to turn down free money from your employer?

Hello, but don't you, as the employee have to contribute to get that 'free money'?


Personally I have yet to see a decent, low cost high return pension scheme in operation. Ever since Labour raided pension schemes years back when they were in power to raise some more money and the potential for further raids mentioned by Labour recently to fund the reduction of university fees, I believe that investing in one's own future is best done by that individual themselves.
Seriously you can get a better return by moving money held in current accounts - from one to the other on a monthly basis than you can with one of these tin pot pension schemes.

I currently get just slightly under 4% a year guaranteed with no fees to pay or risk attached.

[Deleted User]

benniebert wrote: »

Hello, but don't you, as the employee have to contribute to get that 'free money'?


Personally I have yet to see a decent, low cost high return pension scheme in operation. Ever since Labour raided pension schemes years back when they were in power to raise some more money and the potential for further raids mentioned by Labour recently to fund the reduction of university fees, I believe that investing in one's own future is best done by that individual themselves.
Seriously you can get a better return by moving money held in current accounts - from one to the other on a monthly basis than you can with one of these tin pot pension schemes.

I currently get just slightly under 4% a year guaranteed with no fees to pay or risk attached.

just to put your right,labour don't plan to raid pensions to lower university fees,they plan to limit the very richest can get from pension schemes

Mattygroves2

benniebert wrote: »

Hello, but don't you, as the employee have to contribute to get that 'free money'?


Personally I have yet to see a decent, low cost high return pension scheme in operation. Ever since Labour raided pension schemes years back when they were in power to raise some more money and the potential for further raids mentioned by Labour recently to fund the reduction of university fees, I believe that investing in one's own future is best done by that individual themselves.
Seriously you can get a better return by moving money held in current accounts - from one to the other on a monthly basis than you can with one of these tin pot pension schemes.

I currently get just slightly under 4% a year guaranteed with no fees to pay or risk attached.

Yes you as an employee have to contribute but then your employer and the government contribute as well. I'm sure the 20% added by the government will outstrip your 4% even without any investment growth.

katsu

The employer is not allowed to help you opt out so they are probably being cautious OP. You will get Sent info from pension provider and can contact then to opt out.

benniebert

woodbine wrote: »

just to put your right,labour don't plan to raid pensions to lower university fees,they plan to limit the very richest can get from pension schemes

Hello, errr isn't that the same thing or am I missing the point? Whether it was by removing the protection against tax that Brown did, thereby taking a huge slice out of the pension funds to try to pay for some dodgy scaffolding around his crumbling economy given that he had already had a disastrous fire sale of the British gold reserves or the limiting of tax relief at anything above 20% for those paying into the schemes it is still geared to reduce the overall wealth of these pension funds.
I wouldn't say that those with a income of £42,000+ a year are part of the 'richest in society'. They are the ones that are going to be hit should labour get anywhere near Downing Street.