How to not be auto enrolled into pensions?

p00hsticks

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.    

The OP appears to feel that investing in Lego rather than a pension will provide a more secure future for their retirement....

NedS

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.

I would like to sincerely thank you for declining to accept the offer of free money from the government (and your employer), funded by me, the tax payer. I think it very civil of you to give up this benefit for the wider good at a time when the government and public funds are under such enormous pressure. I am sure HMRC will be truly grateful for your extra contribution. If only everyone were so willing to forego tax relief and pay more tax, the country wouldn't be in half the mess it is.

Mee

There are critics of AE:

Fees for new auto-enrolment State pensions criticised

https://www.linkedin.com/pulse/millions-set-auto-enrolment-disappointment-alistair-mcqueen?trk=articles_directory

My unhappiness with AE is the fact that my data was handed to a third party without my say so such is it's nature. I opted out and demanded the deletion of that data, but auto re-enrolment after three years means the pension provider has the right to retain some of my data and hid behind financial regulations to keep more than they should under AE rules.

Fortunately, my employer now alerts staff of re-enrolment dates.

Personally, I see it as a data grab for Tory donor companies and little in return for many low laid zero hour workers.

Devongardener

When I was a payroll manager, I had this discussion with several people who totally dismissed the notion of pension contribution, citing similar ill thought out theories about pension schemes.  They would not be persuaded otherwise.  I met up with one of them recently, 25 years on and approaching retirement and he said he wished he had listened to me, now facing living on the state pension alone.  We were on a similar salary and he was so shocked at how my contributions had grown and the advantage of the tax free payment.   OP, don’t do the same!

dunstonh

here are critics of AE:
Fees for new auto-enrolment State pensions criticised
https://www.linkedin.com/pulse/millions-set-auto-enrolment-disappointment-alistair-mcqueen?trk=articles_directory

A complete load of BS that is designed to play to those with low IQ.  There are a number of errors and a failure to understand.  The 2022 article appears almost a decade late.

My unhappiness with AE is the fact that my data was handed to a third party without my say so such is it's nature. That is a bizarre thing to say.

I opted out and demanded the deletion of that data, but auto re-enrolment after three years means the pension provider has the right to retain some of my data and hid behind financial regulations to keep more than they should under AE rules.
And that is a bizarre decision to make but I guess it takes all sorts.  If it didn't the Daily Express and Daily Mail wouldn't exist.


Personally, I see it as a data grab for Tory donor companies and little in return for many low laid zero hour workers.
Now I am calling troll as no-one can be that silly.

HonestJohn

I thought everybody loved free monies. Some of my previous colleagues turned down the pension contribution too.

penners324

The only criticisms of AutoEnrollment are the use of Quilifying Earnings, the fact you can opt out and minimum contribution levels are far too low.

Universidad

AnnoyedEnergyUser said:

I live more in the present...

The thing about the present is that it keeps moving into the future, whether you're paying attention to it or not.

One day the present will be you living without very much money, possibly even forced into work beyond your retirement age, struggling to pay ever rising bills with ever decreasing earning potential.

Still, it must be nice to not be worried about that before it happens. I envy you that, at least.

55ryan

I'm seeing this kind of 'not interested in a pension' quite a lot. Typically those in their 20's. I have a relative who absolutely refuses to 'give' money to a pension they may not see for 40 years and uses stupid arguments that they want a ps5 console now/go on a holiday with his mates.  Again, much the same as the poster said about a data grabber for the government, my relative has said the same thing.

I think the problem is there are too many social media 'experts' dismissing pensions, saying the government will have it or the world won't exist then due to global warming.

The reality is....pay nothing into a pension at all and you will be back on here in the future blaming the government for not making things more clearer, blaming those on here, blaming.....everyone but yourself.

Pensions, like any form of insurance is foolish not to contribute to. Your future self will be hunting you down.  

Mee

dunstonh said:

here are critics of AE:
Fees for new auto-enrolment State pensions criticised
https://www.linkedin.com/pulse/millions-set-auto-enrolment-disappointment-alistair-mcqueen?trk=articles_directory

A complete load of BS that is designed to play to those with low IQ.  There are a number of errors and a failure to understand.  The 2022 article appears almost a decade late.

My unhappiness with AE is the fact that my data was handed to a third party without my say so such is it's nature. That is a bizarre thing to say.

I opted out and demanded the deletion of that data, but auto re-enrolment after three years means the pension provider has the right to retain some of my data and hid behind financial regulations to keep more than they should under AE rules.

And that is a bizarre decision to make but I guess it takes all sorts.  If it didn't the Daily Express and Daily Mail wouldn't exist.


Personally, I see it as a data grab for Tory donor companies and little in return for many low laid zero hour workers.
Now I am calling troll as no-one can be that silly.

Hi!

Just for the record I'm not a DM nor DE reader, neither do I have a low IQ and my Forum participation does not support your uneccessary attack on my character.

By all means criticise my view with facts, but not insults that make me question your motive in doing so.

My age and circumstances mean AE is not of benefit to me and thus I'm unwilling to give up my data so easily.

 Though, I would encourage younger workers to take a different view especially inlight of forthcoming changes:

https://commonslibrary.parliament.uk/research-briefings/sn06417/