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Is it worth paying into pension for 10 month contract
gillybean129
Posts: 165 Forumite
As above, would it be beneficial?
Temporary contract then would be at uni for a year before moving (hopefully) to teachers pension when qualified.
I think I could defer if I did contribute but in all honesty is it worth it?
Temporary contract then would be at uni for a year before moving (hopefully) to teachers pension when qualified.
I think I could defer if I did contribute but in all honesty is it worth it?
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Comments
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gillybean129 wrote: »I think I could defer if I did contribute but in all honesty is it worth it?
Always worth it if you're getting free money from the employer's contribution. You could probably then transfer it in to the TPS.0 -
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Always worth it for the free employer contribution and the tax benefits. Plus your future retired self will love you for the compound growth of every penny you can add to your pension in the early days.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Yes it is, the employer and government will give you free money!Debt 1/1/17 - Credit Cards £17,280.23; overdrafts £3,777.24
Debt 5/1/18 - Credit Cards £3,188; overdrafts £00 -
..I have just completed a 3 month contract and made sure I was in the pension scheme during my employment...every little helps...."It's everybody's fault but mine...."0
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If you do join the TPS after that, make sure you explore transferring the temporary pension quickly as there may be a time limit on that. Make a point of asking well within the first year so you can get any admin done. It's worth doing.There is no honour to be had in not knowing a thing that can be known - Danny Baker0
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I remember a short term job I did a few years back of only a few months which included a pension offering. Some in the same position pooh-poohed the value as not being worth bothering with. I kept quiet and currently have a free pot containing around £2k from it. Not a vast sum but worth rather more than nothing.0
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When you get into your forties, you may well find yourself fed up with work.
A couple of grand (plus growth) in an ancient pension pot might well allow you to retire a couple of months earlier than would otherwise have been possible. And that might be a big relief if your health has declined or you've developed a hatred of work!
Combined with other pensions built up during your working life, the employer contributions added to your own tax free contributions will prove massively beneficial.0
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