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  • FIRST POST
    • Cameron1590
    • By Cameron1590 14th Mar 18, 1:06 PM
    • 117Posts
    • 18Thanks
    Cameron1590
    Personal pension
    • #1
    • 14th Mar 18, 1:06 PM
    Personal pension 14th Mar 18 at 1:06 PM
    Hello,

    My partner is finishing university later this year and will be going into full time work within the industry she has been studying.

    The company is a very small family run business and offer a company pension which pays the minimum contribution, it is all solely reinvested back into the company. We both donít feel this is a wise investment and are surprised other employees are doing this, the company isnít growing in value much.

    Anyway, she would prefer a personal pension, any recommendations as to which product to go for? She would be making a 6% contribution monthly. Itís just something to start with while her career progresses.

    Thanks
Page 1
    • lisyloo
    • By lisyloo 14th Mar 18, 1:23 PM
    • 21,871 Posts
    • 10,575 Thanks
    lisyloo
    • #2
    • 14th Mar 18, 1:23 PM
    • #2
    • 14th Mar 18, 1:23 PM
    it is all solely reinvested back into the company
    I am fairly certain this is not legal.
    There were rules brought in after the death of robert maxwell to protect employees.

    and are surprised other employees are doing this
    Do you mean other employees are choosing to do this?
    Is she being forced to invest in the employers company?

    she would prefer a personal pension
    What exactly has she been offered?
    SIPP, GPP (group person pension), final salary scheme?
    • Brynsam
    • By Brynsam 14th Mar 18, 3:53 PM
    • 1,134 Posts
    • 768 Thanks
    Brynsam
    • #3
    • 14th Mar 18, 3:53 PM
    • #3
    • 14th Mar 18, 3:53 PM
    Are you are that isn't some sort of share scheme which she is confusing with the pension arrangement?

    The employer has to offer a pension scheme which complies with auto-enrolment regs; what you are describing certainly doesn't! it can be very awkward being a new arrival and making a fuss the moment you arrive, but this is one area where she should be standing her ground, especially if 6% of her hard-earned cash is going in to the scheme. She needs to ask for written information about the scheme and check exactly what is on offer. Although she can opt out of the company offering and go it alone, she'll miss out on the employer contribution.

    Come back and post again if there's a continuing issue.
    • xylophone
    • By xylophone 14th Mar 18, 4:16 PM
    • 25,561 Posts
    • 15,096 Thanks
    xylophone
    • #4
    • 14th Mar 18, 4:16 PM
    • #4
    • 14th Mar 18, 4:16 PM
    Is there some confusion here?

    https://www.gov.uk/workplace-pensions/joining-a-workplace-pension

    What is the exact information that has been provided about the pension scheme?
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