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Workplace pension
Gam2015
Posts: 170 Forumite
So my dad has started a new job at 65 he is 66 in October but wants to stay on working for a couple of years. Is it best to opt out of the worksplace pension or just pay in for a couple of years? Thanks.
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Comments
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Why would he opt out? Does he not like free money?Gam2015 said:So my dad has started a new job at 65 he is 66 in October but wants to stay on working for a couple of years. Is it best to opt out of the worksplace pension or just pay in for a couple of years? Thanks.
And potentially paying more tax than he really needs to 😳7 -
I started a new job at 64 and was quite happy to join the work pension even though it's with NEST. I get the free contributions from my employer and so even though I'm only part time I might have accrued a few hundred ££, maybe £1k in it. 67 now and stepping down soon so thinking it will be a nice night out, weekend away or similar.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Check your state pension on: Check your State Pension forecast - GOV.UK
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Many people pay into a pension right up to age 75 (the maximum). A couple of years of free money and uplift due to tax reliefs is better than opting out and getting no free money or tax reliefs.Gam2015 said:So my dad has started a new job at 65 he is 66 in October but wants to stay on working for a couple of years. Is it best to opt out of the worksplace pension or just pay in for a couple of years? Thanks.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 -
The pension means that his employer is paying him an extra 3% on top of his salary (more if they offer a better pension than the legal minimum). Why do you think he would be better if options out of a 3% pay rise?
The only difference between paying into a pension at 65 and paying into one at 30 is that at 30 you can't withdraw your pension savings for a few decades - at 65 you can withdraw then immediately if you want to.0 -
Does he have the option of work paying into his existing pension instead of the work scheme?
Kev0 -
including payment of the employer's portion!!!kev2009 said:Does he have the option of work paying into his existing pension instead of the work scheme?
KevI’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇🏅🏅🏅
STRUGGLING DURING THE HOLIDAYS??
click here for ideas on how to cope....Some websites and helplines if you're struggling this Christmas — MoneySavingExpert Forum0
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