Pension contributions and advice for new job.

2pints

Don't know how to word this properly but going to give it a go.

I'm starting a new job in the rail industry in August and I believe they are contributing Just under 10% towards a pension, does that mean I also contrubute the same? I will be earing a minimum of £25k per year (as much O/T as I want,so wages probably different each month). I'm getting some info from my previous pension that I last paid into about 17 years ago which i guesstimate to have a few grand in it. Paid into it for a few years and I think it was a high risk investments.

With the exception of the last few years i've been mostly working part time since then, so any pension contributions have been the auto enrolment.

I believe that I can increase my contributions into something called BRASS which helps later.

Now I am almost 50, so if everything goes to plan I will be paying 17 years into a pension.

Using the tax ni calulator on this site, I will be clearing approx £1500 every 4 weeks (after taxes, pension). Also have a student loan but only pay back when I get above the threshold.

I also tried the pension calculator but that confused me, so just on the rail figures above , how much would I roughly get as a pension and how much extra into to BRASS (i'm thinking minimum of £100 per month) to get a "better" than state pension.

Thanks.

r6mile

I think the Railways pension may be a defined benefit scheme - if so it will likely work very differently as previous pensions of yours, as there is no "pot" as such. 

As you are going to be a new joiner, you may be able to use your previous Defined Contribution pension "pots" to buy some defined benefit income upon retirement, which is usually a good idea. Worth getting a quote from the pension people to see if it's worthwhile.

The BRASS is a separate "defined contribution" pension that can pay into, separate from the DB pension. This will not give you a guaranteed income like the above, but rather a proper "pot" that you can use more flexibly.