New Pension

NarkT_Ov

OK, so I'm coming up 58 and have a works pension that I'm taking as I took VER last year.

I good job offer has come my way which runs a pension scheme. Do I have to pay into it or can I opt out as I would probably work till I turned 60?

xylophone

I good job offer has come my way which runs a pension scheme. Do I have to pay into it or can I opt out as I would probably work till I turned 60?

Why turn down an employer's contribution and the opportunity for tax relief?

And there's many a person who intended to "stay in the job for a year or two" who rivalled Methuselah when he reluctantly turned in the identity card.....:rotfl:

badmemory

Assuming equal employee/er contributions would you really turn down 150% profit on your money?

Explanation - you give 80p HMRC gives 20p employer gives £1. Outcome £2. Which is 150% profit on 80p. If you are really strapped for cash when you finish this employment you can always take it all - of which 25% would be tax free. You have still made over 110% profit on your 80p. £1.70 for every 80p paid in.

PeacefulWaters

Maximise employer contributions. Free money. Take it today to enjoy tomorrow!

NarkT_Ov

Thanks
Win Win Win
Could put the max in as wouldn't need the salary.