Working post retirement

green.lander_2

Hello all,

I am 64 and have retired with a pension of around £35k and a DC Fund of £450k (only taken the tax free element). I have been offered a part time WFH IT role hours and work to suit and have decided to go for this for the next nine months or so to help with a planned house move.

i am under a umbrella arrangement and they mention the employer will pay 3% into a NOW pension i can contribute what i like.

Question is it it worth the hassle, shall i over contribute and anyone heard of NOW pensions?

Thanks 

DRS1

Is the combined income going to get you anywhere near higher rate tax?

Albermarle

Normally with an auto enrolment pension, the legal minimum that can go in is 8% . That is 3 % from the employer and 5% from the employee ( although both the employer and employee can contribute more if they want).
NOW is a known auto enrolment pension provider.
Charges are competitive but they are a bit unusual in that they offer no choice of investments, your money just goes into their standard investment. Having said that 95% of pension clients never change anything anyway.

ali_bear

I think you win today's KERCHINGG!!! award. Mind out for that spring clip 

El_Torro

If you're getting paid by an umbrella company then they should (I assume all do, this may not be the case) be paying into your pension via salary sacrifice. This is good news for people using an umbrella company as not only do you not pay employee National Insurance on the pension contributions you also don't pay employer contributions. 

You say that the "employer" will contribute 3% to the pension. Is that the company you are working for or the umbrella company? It's been many years since I used an umbrella company but back then the arrangement  that I was on meant that all pension contributions had to come out of the day rate paid to the umbrella company.