AE pension

boonaroony

Apologies in advance if this has been covered elsewhere I have had a look and couldn't see anything.

The company I work for are now offering AE and have been since May last year. I was too skint to contribute at that time so did not pay anything in. I did receive a Nest ID/account etc. The company has not contributed either in this time...should they have or is it a requirement of the AE scheme that the employer only has to pay in if the employee is contributing?

Sorry if this is a stupid question I know nothing about pensions...

atush

First of all, there is a whole separate but linked forum here for AE.

Second, if you dont put in money your employer does not have to match. You want the free money? You have to put money in. simples.

xylophone

https://forums.moneysavingexpert.com/discussion/comment/64745793#Comment_64745793

I am approaching 30 and do not have a pension. my company has started the auto enrollment thing and are essentially offering the min they can legally get away with i.e. 1% with me also contributing 1%.

As I haven't had a pension to date, I am worried that the company's + my contributions will not be sufficient to give me a decent bit of money in retirement so my queries as follows:

How much extra % wise would I need to contribute given I am 10 years working with no pension to date to ensure I get a decent life after 70...I assume I will have at least 35 more years working...

The minimum contribution will gradually increase - the point is that you need to contribute to get the employer contribution.

https://www.nestpensions.org.uk/schemeweb/NestWeb/public/members/contents/costs-and-contributions.html

If you feel that you are not contributing sufficient to your pension provision, you can open a personal pension/stakeholder in addition to the Nest Scheme.

Examples http://www.cavendishonline.co.uk/pensions/stakeholder-and-personal-pensions/

https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief