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Workplace Pension
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carolann312
Posts: 70 Forumite
I have two jobs (both 20hrs a week) and am wondering if it is worth joining the workplace pension at both of them. Someone has said it wouldn't be worth it because of my age (61 in December). I don't have a lot of savings and when I reach 67 will only have the state pension and a small pension from a previous job which I cashed in 4 years ago to buy my house. Would it be worth me joining or not?
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Have you checked that you are in line to receive at least the full New State Pension?
https://www.gov.uk/check-state-pension
If you don't join the schemes, you are in effect turning down free money from your employer (virtually taking a pay cut).
https://www.gov.uk/workplace-pensions/what-you-your-employer-and-the-government-pay
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Someone has said it wouldn't be worth it because of my age (61 in December).That person should be ignored as they dont know what they are talking about.It will give you more than any alternative option available. Free money from the employer. Nothing beats free money.
Would it be worth me joining or not?
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.2 -
If you join the schemes you'll get something in terms of a pension - even if that something is £500 a year, wouldn't you rather have it than not?1
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Are you mortgage and debt free, do you rent?0
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'Someone' sounds a bit like 'the guy down the pub'. Both tend to spout a lot about things they know nothing about and advice from either is best ignored.carolann312 said:Someone has said it wouldn't be worth it because of my age (61 in December)0 -
And its doesnt need to be taken as income. It can be taken as lump sums (adhoc or occasional). So, those with small values can often see it a bit like a savings pot put aside.Emmia said:If you join the schemes you'll get something in terms of a pension - even if that something is £500 a year, wouldn't you rather have it than not?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.1 -
Got a mortgage till I'm 71!Kim1965 said:Are you mortgage and debt free, do you rent?0 -
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Neither my OH or I could put much away until we were 60, although we did have small pensions from previous jobs. Thankfully for various reasons we then became able to add yearly amounts to SIPPs (again not large) but it means that now, with SP we have all the basics covered, plus a bit for (not too expensive) treats.Join them - your older self will thank you.1
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Yes, of course!
With only a short time until retirement age, you really need to have a sit down with your partner and put together a retirement plan. Run through options and financial models.
It appears that things may be quite tight unless part-time work is taken on into the late 70s."No likey no need to hit thanks button!":pHowever its always nice to be thanked if you feel mine and other people's posts here offer great advice:D So hit the button if you likey:rotfl:1
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