Should I stop paying into my pension as I've previous one? I work part time, get CA?

joe565

Hi everyone

I get Carer's Allowance and work part time, 15 hours per week in the hospital trust, been there 6 months and they put you into there pension scheme but you can opt out within a year. £25 comes out of my Gross pay every month for pension.

I'm in my mid 40's and I have another Pension with 'Clerical Medical' when I was working full time years ago but I don't pay into it?

Just been thinking should I have two pensions? As I said I can opt out of the one I'm currently in within a year. Sorry for maybe sounding silly but not sure what to do!

Josephine

pip895

Are they matching your contributions?
No problem having multiple pensions but you could look at transferring your old one to the new one.

joe565

pip895 wrote: »

Are they matching your contributions?
No problem having multiple pensions but you could look at transferring your old one to the new one.

Sorry for asking, but not sure what you mean by saying are they matching my contributions?

I'm just in my new job 6 months and get Carer's allowance. I started my full time job in 1994 and left 1999 and pension there is with Clerical Medical but I don't contribute to it.

I've been in various part time posts since then but haven't been in any pension schemes until this job which I started 6 months ago and £25 comes out of my Gross pay every month.

louloubelle79

joe565 wrote: »

Sorry for asking, but not sure what you mean by saying are they matching my contributions?

I'm just in my new job 6 months and get Carer's allowance. I started my full time job in 1994 and left 1999 and pension there is with Clerical Medical but I don't contribute to it.

I've been in various part time posts since then but haven't been in any pension schemes until this job which I started 6 months ago and £25 comes out of my Gross pay every month.

Hi I also work in NHS, this is link to what they contribute to your pension. Are you contract or bank as may vary.

http://www.nhsemployers.org/your-workforce/pay-and-reward/pensions/pension-contribution-tax-relief#Employer

joe565

louloubelle79 wrote: »

Hi I also work in NHS, this is link to what they contribute to your pension. Are you contract or bank as may vary.

http://www.nhsemployers.org/your-workforce/pay-and-reward/pensions/pension-contribution-tax-relief#Employer

Thanks for the link, I've a permanent contract. Just abit confused as I've 2 pensions and it's probably silly to opt out of this one?

tibbles209

There is no issue at all with having more than 1 pension from different employers. Don't let that put you off.

Is it the NHS pension scheme you are in? If so then it is a great defined benefit scheme which is 1000% worth staying in, particularly as it sounds like your current pension provision is relatively limited (5 years contributions if I've understood your post correctly?).

JoeCrystal

Is it possible to transfer your old pension into it? That is certainly worth looking into?

joe565

JoeCrystal wrote: »

Is it possible to transfer your old pension into it? That is certainly worth looking into?

Not sure if I can but will look into it!

JoeCrystal

joe565 wrote: »

Not sure if I can but will look into it!

As long you are within 12 months of becoming eligible to join the Scheme for the first time, it should be possible.

joe565

tibbles209 wrote: »

There is no issue at all with having more than 1 pension from different employers. Don't let that put you off.

Is it the NHS pension scheme you are in? If so then it is a great defined benefit scheme which is 1000% worth staying in, particularly as it sounds like your current pension provision is relatively limited (5 years contributions if I've understood your post correctly?).

Yeah I'm in NHS pension scheme and previous one with Clerical Medical was 5 years. Might be best to transfer it into NHS one!

louloubelle79

joe565 wrote: »

Thanks for the link, I've a permanent contract. Just abit confused as I've 2 pensions and it's probably silly to opt out of this one?

Yes I wouldn't opt out as dependent upon salary-see link. Min NHS contribute on top of what you pay is 5% so free money really.