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At 57, earning £8.14 an hour I have barely enough to live until retirement. To get any benefit at all from this pension I'd probably have to contribute 50% of my monthly earnings which would not work, would it?
if you dont have enough now, how will you then? You'll have to work until you drop?
Every penny saved now, is a penny plus .25 or more to spend in your retirement.
It's not someone else's pension pot, it's yours.
And your employer would have added an amout in as well.
If you're paying in about £50 a month and then opted out, you'd only get an extra £30 in your take home pay give paye and ni contributions.
instead of $200 in your pension. Whats better, 30 or 100?
Stick with it. You are contributing 4% of qualifying earnings (government adds back tax 1,%) and your employer 3%. The pension provider invests the money and hopefully your pot will grow.
We use Nest as our provider and everyone can sign into their account to see their pot. This pot travels with you if you change jobs and the new employer pays into it.
You should have received packs from the pension provider which gives you the option to withdraw from the scheme.If I remember you have to opt out directly with the pension provider. I might be wrong on that.
