Friend has 2 'workplace pensions'???
buel10
Posts: 453 Forumite
Hi all.
Very briefly, a friend mentioned to me today that he has 'two workplace pensions'. When I asked him what he meant, he said "I have the company one that I signed up to when I joined up and the other one which is a workplace pension'. I asked what he meant as the one he signed up to when he joined the company was his workplace pension and he said "The other one is the one that you have to join and I can't opt out'.
Please can I as if anyone has any idea what he could mean?
Very briefly, a friend mentioned to me today that he has 'two workplace pensions'. When I asked him what he meant, he said "I have the company one that I signed up to when I joined up and the other one which is a workplace pension'. I asked what he meant as the one he signed up to when he joined the company was his workplace pension and he said "The other one is the one that you have to join and I can't opt out'.
Please can I as if anyone has any idea what he could mean?
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Comments
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"The other one is the one that you have to join and I can't opt out'.
State Pension. If you're earning enough you can't avoid paying the National Insurance
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Maybe he makes AVCs on top of his occupational pension?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment 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.0
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Perhaps there was originally a DB scheme which is closed and he now contributes to a DC Scheme?
Perhaps an old DC scheme was closed and an auto enrolment compatible scheme opened?0 -
Unless he originally paid into a company pension scheme and then the company started an auto enrolment scheme and he either thinks he has one of these too or he was mistakenly enrolled into this also and so does have 2 schemes0
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choccielover wrote: »Unless he originally paid into a company pension scheme and then the company started an auto enrolment scheme and he either thinks he has one of these too or he was mistakenly enrolled into this also and so does have 2 schemes
Why would that be a mistake though?
Can't you have 2?Goals
Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
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Finally got it, my friends:
One pension contribution was 'EE' and the other was 'ER'. Obviously I explained to my friend that one was Employer contribution and the other was Employee contribution. Drama over
Sorry for the confusion.0 -
TBH what you originally described does seem somewhat common. I have come across people who were in one pension scheme when they joined. Then auto-enrolment came along and a new scheme was started and they are in both now!Finally got it, my friends:
One pension contribution was 'EE' and the other was 'ER'. Obviously I explained to my friend that one was Employer contribution and the other was Employee contribution. Drama over
Sorry for the confusion.0 -
Ask to see the schemes handbooks0
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