Salary sacrifice scheme

kingrulzuk

http://www.thisismoney.co.uk/money/pensions/article-2982946/My-bosses-trying-sign-salary-sacrifice-scheme-pension-it.html

I was reading this on This is money.

But i have a Q: What if one does not have a work pension scheme?
Does he still saves money?
How does that work out?

Thank you
Maven

TH1878

kingrulzuk wrote: »

http://www.thisismoney.co.uk/money/pensions/article-2982946/My-bosses-trying-sign-salary-sacrifice-scheme-pension-it.html

I was reading this on This is money.

But i have a Q: What if one does not have a work pension scheme?
Does he still saves money?
How does that work out?

Thank you
Maven

Not 100% clear on the question.

Do you mean, does he save money if the employer contributes into a personal pension scheme (rather than a workplace scheme)?

kingrulzuk

TH1878 wrote: »

Not 100% clear on the question.

Do you mean, does he save money if the employer contributes into a personal pension scheme (rather than a workplace scheme)?

See the thing is i dont have any pension scheme and i have opt out of workplace pension.
But now my employers are asking if anyone want to join salary sacrifice scheme.
So will i save any money?

jem16

kingrulzuk wrote: »

See the thing is i dont have any pension scheme and i have opt out of workplace pension.
But now my employers are asking if anyone want to join salary sacrifice scheme.
So will i save any money?

You will save the NI contribution that you would normally pay so yes you will save money.

However more importantly why did you opt out of the workplace pension in the first place? What kind of pension is it and what is the employer contribution?

kingrulzuk

Im 31 and I really don’t trust my employer or the government.So I only pay basic tax and NI.

I don’t know about the work place pension or the contribution towards it.

jem16

kingrulzuk wrote: »

I don’t know about the work place pension or the contribution towards it.

Then you're being daft to opt out. At best you're throwing away free money from your employer.

How will you be funding your retirement?

kingrulzuk

jem16 wrote: »

Then you're being daft to opt out. At best you're throwing away free money from your employer.

How will you be funding your retirement?

State pensions sir

jem16

kingrulzuk wrote: »

State pensions sir

Good Luck living on that amount then.

Strange how you don't trust the government but still trust them to provide your state pension.

kingrulzuk

jem16 wrote: »

Good Luck living on that amount then.

Strange how you don't trust the government but still trust them to provide your state pension.

To be honest i dont but if i do get something i will be ok as i dont have any dept.
And my monthly spending for everything is just under £400.

jem16

kingrulzuk wrote: »

To be honest i dont but if i do get something i will be ok as i dont have any dept.

I would hope you don't have any debt.

And my monthly spending for everything is just under £400.

Free money in a pension scheme is still not to be sniffed at.

Bootsox

kingrulzuk wrote: »

To be honest i dont but if i do get something i will be ok as i dont have any dept.
And my monthly spending for everything is just under £400.

Do you live with your mum and dad?