NEST pension

eithnemc

Hi All

Comments and advice welcomed. I am 55 years old I am unsure if I should opt into NEST.
My employer will pay £36 and I will pay £26. I will retire at 67.
Will I benefit from paying into this pension. I calculated my total pot to be roughly £11000.
I may be able to lift this all as it is under £30,000 or monthly £440. Should I commit?

Silvertabby

If you don't, you'll be saying 'thanks but no thanks' to your employer's £36 per month.

LHW99

And goodbye to tax relief from the Government on your contribution

dunstonh

I am 55 years old I am unsure if I should opt into NEST.

Why are you unsure? It seems a total no brainer to join it.

My employer will pay £36 and I will pay £26. I will retire at 67.

Join and you get £36 free money from the employer and £9 from the Government on each contribution you make. Don't join and that is £45 lost.

The retirement age of 67 is irrelevant as it is flexible.

Will I benefit from paying into this pension. I calculated my total pot to be roughly £11000.

That appears to be ignoring growth as the likely figure is going to be higher. However, lets just say its £11k, That would mean you have £11k of which you only contributed less than half towards. The employer and Govt did the rest.

I may be able to lift this all as it is under £30,000 or monthly £440.

Not sure what you are getting at that in respect of those figures. They dont apply to money purchase.

Should I commit?

Take the free money or throw it away.