Paying into my pension.

famer_gilesy

Hello everyone.

I have set up a private pension with virgin. I would like to set up a payment straight out of my wages that takes a percentage. virgin told me this is not possible to do.

is that right?

MoneySavingUser

Yes you would need a workplace pension for that

You could set up a direct debit maybe for when your pay comes into your bank account? then virgin will reclaim the tax

xylophone

Does Virgin want to set up a Direct Debit that takes a certain amount from your bank account? (The amount you wish to contribute?)

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

famer_gilesy

I have only just set it up. They said I need to set up a direct debit to pay into it. I thought the best way was to have it come straight out my wages that overtime can get paid into it too.

I will just have to set up a direct debit.

Thanks guys.

dunstonh

Virgin is a very poor quality provider. What made you pick them? They are really only suitable for tiny contributions.

I thought the best way was to have it come straight out my wages that overtime can get paid into it too.

You need your employer to agree to that. Some will but with most already offering or will have to offer an auto-enrolment scheme in the near future, they are unlikely to do that.