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How to not be auto enrolled into pensions?

AnnoyedEnergyUser
Posts: 41 Forumite

Every three years I go through the same process without warning I have anything between 60 to 100 pound taken from my wages, I get a letter just after saying I have been auto enrolled into a pension scheme I then have to go tell them I do not want this and each time it gets harder and harder to get that first contribution back.
I have my own savings, I would rather have access to my own money when its needed and not go through some convoluted process to get your own money back.
Is there a way of expressing a wish that I do not want auto enrolling into schemes?
I have my own savings, I would rather have access to my own money when its needed and not go through some convoluted process to get your own money back.
Is there a way of expressing a wish that I do not want auto enrolling into schemes?
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Comments
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AnnoyedEnergyUser said:Every three years I go through the same process without warning I have anything between 60 to 100 pound taken from my wages, I get a letter just after saying I have been auto enrolled into a pension scheme I then have to go tell them I do not want this and each time it gets harder and harder to get that first contribution back.
I have my own savings, I would rather have access to my own money when its needed and not go through some convoluted process to get your own money back.
Is there a way of expressing a wish that I do not want auto enrolling into schemes?
If you want to give up free money and quite possibly pay more tax than you need to do as well that's your choice but you will only be able to do so by complying with the rules.
And I wouldn't expect expect much sympathy on this board!10 -
No, as the law states that employers must auto enrol you, they can be fined if they do not, and you can the opt out afterwards. You do realise you are giving away free money ?
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Unfortunately all employers now have a legal duty to enrol all employees into a pension scheme, so all you can do is opt out within a month and get your contributions back0
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I thank you for your responses, we all do have a different view on life.
I live more in the present, that 60 or 100 pound a month now helps pay bills, saves me getting into debt thus having its own cost implication, or I can save and draw down on it straight away if needed.
Knowing how unreliable the world is, I could quite easily give my money away, have the so called free money my employer adds to it and the nominal difference in tax as I am not far above tax thresholds only to discover they muck up and lost all your money..... sorry like comes the message from them.
At the very least I wish they would ask before enrolling then, so you could if you wish say no. Not take, not warn you, and then surprise you are 60 to 100 quid short. That could be a shop for folks.0 -
I have two threads rolling and the answers I am getting regards my wife kind of enforces my thoughts on this, you are giving details of one scheme but at anytime it seems they can change the rules and what you thought was going to get will change. No thanks I will have my money close to hand thanks and use it now not have part of it given back in the future.... possibly,,, maybe,,, if you don't die first.0
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If 'losing' that £60 or £100 per month now is such a major drama, how will you manage on just the State pension in retirement? Note that the new State pension is set at a couple of £s per week over the pension credit (pc) means test limit, so you won't be eligible for pc or all the other extra benefits that follow.3
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.......free money, tax benefits and money in retirement, so barking mad not to opt into a pension scheme, some people are soooo short sighted!
.."It's everybody's fault but mine...."4 -
I have my own savings, I would rather have access to my own money when its needed and not go through some convoluted process to get your own money back.The process is there to prevent as many people making bad decisions as possible.No.
Is there a way of expressing a wish that I do not want auto enrolling into schemes?
if you want to continue to throw free money away then it is your choice. Its a ruddy stupid choice but its yours to make and the fact it is making you and your family worse off is something you will need to live with. You may not see that now but you will in time.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.9 -
AnnoyedEnergyUser said:
At the very least I wish they would ask before enrolling then, so you could if you wish say no. Not take, not warn you, and then surprise you are 60 to 100 quid short. That could be a shop for folks.
By all means opt out but you'll need to buy an awful lot of Lego and pick your bricks with care if you hope to retire on the proceeds: https://forums.moneysavingexpert.com/discussion/6350778/investing-in-lego-does-anyone-else#latestGoogling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1 -
AnnoyedEnergyUser said:I have two threads rolling and the answers I am getting regards my wife kind of enforces my thoughts on this, you are giving details of one scheme but at anytime it seems they can change the rules and what you thought was going to get will change. No thanks I will have my money close to hand thanks and use it now not have part of it given back in the future.... possibly,,, maybe,,, if you don't die first.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0
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