Nest auto enrollment

barbedhook

Can anybody tell me why at 64 years and 2 months old I have to waste time trying to cancel my auto enrolment to this pension scheme ? Why would I want to pay into a pension scheme for 10 months.

xylophone

You could get an employer contribution?


You could continue to contribute to a pension and obtain tax relief up to age 75.

barbedhook

After workin for the last 50 yrs i think I've done my share 25 yrs underground as a miner and 25 yrs in the licensed trade it's enough I think. Although I won't be able to go to work for a rest from the wife and grandkids lol.

dunstonh

Can anybody tell me why at 64 years and 2 months old I have to waste time trying to cancel my auto enrolment to this pension scheme ?

You shouldnt waste your time trying to cancel it. That would be foolish. You should embrace the free money from the employer.

Why would I want to pay into a pension scheme for 10 months.

Don't you like free money? Whilst the amounts may be low, it will be better than anything else you can get at elsewhere (e.g. bank account).

BLB53

Why would I want to pay into a pension scheme for 10 months.

Free money from your employer and an extra 25% from the taxman which you may as well have as its easier than opting out.

badmemory

I'm sure your employer appreciates you turning down your (sort of) pay rise & will obviously do nothing to persuade you otherwise.

So when you stop contributing (retire maybe), just YOUR part will be worth, for every 80p, £1. Know any savings account that can give you 25%? Plus of course whatever your employer has contributed. Which you can access immediately as you are over 55. It's the best savings account you will ever get.

Kynthia

So you think we should discriminate someone because of their age and not give them free money from their employer and tax relief? Your age is an advantage in the fact you aren't locking away the money where you can't access it for years, but you can get it whenever you want.

msallen

I think we should give the OP a break and let him follow his own wisdom. After all those 25 years down the pit followed by another 25 pulling pints has obviously taught him all he needs to know. I'm only surprised he wasted him time bothering to ask people with far less irrelevant experience than him. "lol"

Thrugelmir

barbedhook wrote: »

Why would I want to pay into a pension scheme for 10 months.

Nothing to stop you working in 10 months.

dmelife

Perhaps the op is not familiar with new pension flexi access rules and expects to receive 10p a month for the rest of his life. I can understand why this may seem pointless from his perspective.

You may receive a small lump sum on retirement rather than spread it out over your remaining lifetime. Use it to go on holiday or treat the grandkids!

datlex

barbedhook wrote: »

Can anybody tell me why at 64 years and 2 months old I have to waste time trying to cancel my auto enrolment to this pension scheme ? Why would I want to pay into a pension scheme for 10 months.

You don't no one has to enrol in a pension at an age. Whether it is a wise decision or not is a different matter.