50+ & workplace pensions

DiatonicMuttley

I've recently turned 50 and my employer is about to enroll their staff onto one of these works based pension schemes. is it worth my while, I'm only just over the new minimum wage.

Savvy_Sue

This is not an easy question to answer, but what I always suggest to my colleagues when giving out pension forms is that if they can possibly afford to contribute, they should, because £10 paid into a pension now is going to be worth more than £10 paid into a pension in 10 years time.

Most of my colleagues are a lot younger than 50, but I'd say the same to anyone older.

Also if you don't contribute, your company won't either.

This is especially important if you don't have any other income sources set up for retirement. I know one of my (older) colleagues doesn't contribute on the grounds that she can rely on her DH's pension, and to a certain extent so can I. I'm still making my own payments though!

We're going onto the auto-enrolment scheme next year, so it will be interesting to see who opts out then.

so_very_confused

I have enrolled and I was 60. My understanding is that this can be taken as cash lump sum. My employer contributes the same amount about £10.00 a month. I am not well paid but view this as money to help with household maintenance, car on retirement, as although it will be a small lump sum it may prove useful.