If you opt out of a new scheme before you start it, then your new employer, is side-stepping paying in their contributions on your behalf from the word go…
Guess who gets that last premium rate shift, when New Guy (a) needs employer top-up contributions, and New Guy (b) - has opted out, making the latter - rather cheaper to assign to any shifts with, pretty much forever……
I’ve been with my current employer for 4 years(not opted out of anything)…Guess who’s contracted for 19 hour per week…but worked the last 5 Sundays?
If you’re already able to land the plum jobs without any fancy footwork - then all power to you. Most people over 55 - are not in pole position for pecking order, don’t forget. My advice is for the majority, rather than the “I’m alright Jack” gods of driving at the very pinnacle of their agency careers…
It sounded to me,like you were saying…workers who opt out of company pension schemes…are offered the most lucrative shifts.
I’d disagree.
Big Truck:
Winseer,
You don’t have post some utter DUNG!!!
You CAN’T “withdraw” a pension ANY pension until your min 55yrs old AFAIA!!!
The OP I don’t think is near that age so he’s asking advice on how to find out what pensions he has “lying about” ref agency work over a number of years I guess.
His only option is to leave them all be or transfer them in bulk into his current job or better IMHO into a SIPP that he can control himself about how much/little he contributes and also what to do with said SIPP when he turns 55yrs old!!!
There are PLENTY of options but withdrawing the monies invested ISN’T one of them!!!
Sent from my SM-A125F using Tapatalk
With the “average age of a driver” now being over 55, I’d suggest you can either opt out at that age, or pay in, and then ask for a refund should you then move on after only a short period…
“Refunds” might even return rather more than the original amount invested minus losses since, indeed…
For the hard-of English out there, my entire argument here is aimed at just those “average age drivers” that ARE over 55.
These people, myself included (twice in the past 5 years now) are those for whom this advice is for. Not the rest of the under-55 plebs who of course will be better off standing pat paid-up, or transfering to a new scheme.
Just because your radio ain’t able to tune into my wavelength, doesn’t mean there isn’t anything on the “Top of the Shop” channel.
Why would you turn down free money? If you are opted in your employer has to contribute and you get tax relief also. There is also nothing stopping you increasing your own contributions and you also get tax relief on them, the government will add £25 for each £100 that you contribute, if you want to put £1000 a month in then the government will be putting in an extra £250 per month.
Also anyone that starts with a new company/agency does not need to wait 3 months to be auto enrolled, you can ask to be put into the scheme immediately.
The two main auto enrolment options are NEST and the Peoples Pension and if you join a new company it is straight forward to transfer from one to the other or you can leave it where it is if you like.
Calculator to see how much you MAY get … nestpensions.org.uk/schemew … Area.xhtml
If someone who is 55 and has nothing, starts now on a 40k a year salary would potentially have 44k at retirement, 13k of that from employer, 5k from tax relief…FREE MONEY!
Big Truck:
Winseer,
You don’t have post some utter DUNG!!!
You CAN’T “withdraw” a pension ANY pension until your min 55yrs old AFAIA!!!
The OP I don’t think is near that age so he’s asking advice on how to find out what pensions he has “lying about” ref agency work over a number of years I guess.
His only option is to leave them all be or transfer them in bulk into his current job or better IMHO into a SIPP that he can control himself about how much/little he contributes and also what to do with said SIPP when he turns 55yrs old!!!
There are PLENTY of options but withdrawing the monies invested ISN’T one of them!!!
Sent from my SM-A125F using Tapatalk
With the “average age of a driver” now being over 55, I’d suggest you can either opt out at that age, or pay in, and then ask for a refund should you then move on after only a short period…
“Refunds” might even return rather more than the original amount invested minus losses since, indeed…
For the hard-of English out there, my entire argument here is aimed at just those “average age drivers” that ARE over 55.
These people, myself included (twice in the past 5 years now) are those for whom this advice is for. Not the rest of the under-55 plebs who of course will be better off standing pat paid-up, or transfering to a new scheme.
Just because your radio ain’t able to tune into my wavelength, doesn’t mean there isn’t anything on the “Top of the Shop” channel.
Why would you turn down free money? If you are opted in your employer has to contribute and you get tax relief also. There is also nothing stopping you increasing your own contributions and you also get tax relief on them, the government will add £25 for each £100 that you contribute, if you want to put £1000 a month in then the government will be putting in an extra £250 per month.
Also anyone that starts with a new company/agency does not need to wait 3 months to be auto enrolled, you can ask to be put into the scheme immediately.
The two main auto enrolment options are NEST and the Peoples Pension and if you join a new company it is straight forward to transfer from one to the other or you can leave it where it is if you like.
Calculator to see how much you MAY get … nestpensions.org.uk/schemew … Area.xhtml
If someone who is 55 and has nothing, starts now on a 40k a year salary would potentially have 44k at retirement, 13k of that from employer, 5k from tax relief…FREE MONEY!
Free money and all that but a 44K pension pot equates to slightly more than peanuts.
Big Truck:
Winseer,
You don’t have post some utter DUNG!!!
You CAN’T “withdraw” a pension ANY pension until your min 55yrs old AFAIA!!!
The OP I don’t think is near that age so he’s asking advice on how to find out what pensions he has “lying about” ref agency work over a number of years I guess.
His only option is to leave them all be or transfer them in bulk into his current job or better IMHO into a SIPP that he can control himself about how much/little he contributes and also what to do with said SIPP when he turns 55yrs old!!!
There are PLENTY of options but withdrawing the monies invested ISN’T one of them!!!
Sent from my SM-A125F using Tapatalk
With the “average age of a driver” now being over 55, I’d suggest you can either opt out at that age, or pay in, and then ask for a refund should you then move on after only a short period…
“Refunds” might even return rather more than the original amount invested minus losses since, indeed…
For the hard-of English out there, my entire argument here is aimed at just those “average age drivers” that ARE over 55.
These people, myself included (twice in the past 5 years now) are those for whom this advice is for. Not the rest of the under-55 plebs who of course will be better off standing pat paid-up, or transfering to a new scheme.
Just because your radio ain’t able to tune into my wavelength, doesn’t mean there isn’t anything on the “Top of the Shop” channel.
Why would you turn down free money? If you are opted in your employer has to contribute and you get tax relief also. There is also nothing stopping you increasing your own contributions and you also get tax relief on them, the government will add £25 for each £100 that you contribute, if you want to put £1000 a month in then the government will be putting in an extra £250 per month.
Also anyone that starts with a new company/agency does not need to wait 3 months to be auto enrolled, you can ask to be put into the scheme immediately.
The two main auto enrolment options are NEST and the Peoples Pension and if you join a new company it is straight forward to transfer from one to the other or you can leave it where it is if you like.
Calculator to see how much you MAY get … nestpensions.org.uk/schemew … Area.xhtml
If someone who is 55 and has nothing, starts now on a 40k a year salary would potentially have 44k at retirement, 13k of that from employer, 5k from tax relief…FREE MONEY!
Free money and all that but a 44K pension pot equates to slightly more than peanuts.
robbo99.:
shullbit:
[
If someone who is 55 and has nothing, starts now on a 40k a year salary would potentially have 44k at retirement, 13k of that from employer, 5k from tax relief…FREE MONEY!
Free money and all that but a 44K pension pot equates to slightly more than peanuts.
You might be better on pension credit than having £44k
[/quote]
Free money and all that but a 44K pension pot equates to slightly more than peanuts.
[/quote]
[/quote]
Thats just an example for someone starting at 55 with nothing, realistically most people have paid their mortgage off in their 50s and could channel more money into their pension, if a bank was adding 25% to everything we put in we would be knocking the door down to get our money in there, but because it has the word ‘‘pension’’ people seem to have a different mentality.
I’m putting 1k a month in mine, that’s on top of what my employer puts in, for me its a no brainer.
Free money and all that but a 44K pension pot equates to slightly more than peanuts.
[/quote]
[/quote]
Thats just an example for someone starting at 55 with nothing, realistically most people have paid their mortgage off in their 50s and could channel more money into their pension, if a bank was adding 25% to everything we put in we would be knocking the door down to get our money in there, but because it has the word ‘‘pension’’ people seem to have a different mentality.
I’m putting 1k a month in mine, that’s on top of what my employer puts in, for me its a no brainer.
[/quote]
Wow 1k a month paid into a pension, it’s be hoped you live long enough to enjoy the money you have gone without.
Free money and all that but a 44K pension pot equates to slightly more than peanuts.
[/quote]
Thats just an example for someone starting at 55 with nothing, realistically most people have paid their mortgage off in their 50s and could channel more money into their pension, if a bank was adding 25% to everything we put in we would be knocking the door down to get our money in there, but because it has the word ‘‘pension’’ people seem to have a different mentality.
I’m putting 1k a month in mine, that’s on top of what my employer puts in, for me its a no brainer.
[/quote]
Wow 1k a month paid into a pension, it’s be hoped you live long enough to enjoy the money you have gone without.
[/quote]
Fingers crossed hey, anyhow if I do croak before I can enjoy it then at least my family wont have to pay inheritance tax on that part of my estate when it passes to them. Its still my money even though its not sitting in my bank account.
How am I going without it? After all my bills are paid and I have entertained myself and my family this is what I have left over every month.
What do you suggest I should do with the spare 1k? What would you do with a spare 1k a month?
Pensions were always designed for the long term, ie a marathon and not a sprint. The clever ones paid from their early years for let’s say 40 years and hardly missed their contributions, resulting in a very nice income.
I too have excess money per month but I prefer to have the nice things in life now whilst I’m fit and healthy, I have a pension pot and a rental property so for tax purposes I won’t be contributing any monies to my pension for HMRC to hammer me in retirement.
robbo99.:
Pensions were always designed for the long term, ie a marathon and not a sprint. The clever ones paid from their early years for let’s say 40 years and hardly missed their contributions, resulting in a very nice income.
I too have excess money per month but I prefer to have the nice things in life now whilst I’m fit and healthy, I have a pension pot and a rental property so for tax purposes I won’t be contributing any monies to my pension for HMRC to hammer me in retirement.
I DO have and enjoy the nice things in life, holidays, car motorbike etc, but the 1K is completely disposable, its madness for me not to make it work for me, and a £240 a month pay rise kicks in next month so that’s going in as well!
If I am lucky enough to have my health when I retire I still want to be able to go on 2 or 3 holidays a year for as long as I am able, if I fritter it all away now then I would only have the state pension. ITS STILL YOUR MONEY IF ITS IN A PENSION.
robbo99.:
Pensions were always designed for the long term, ie a marathon and not a sprint. The clever ones paid from their early years for let’s say 40 years and hardly missed their contributions, resulting in a very nice income.
I too have excess money per month but I prefer to have the nice things in life now whilst I’m fit and healthy, I have a pension pot and a rental property so for tax purposes I won’t be contributing any monies to my pension for HMRC to hammer me in retirement.
I DO have and enjoy the nice things in life, holidays, car motorbike etc, but the 1K is completely disposable, its madness for me not to make it work for me, and a £240 a month pay rise kicks in next month so that’s going in as well!
If I am lucky enough to have my health when I retire I still want to be able to go on 2 or 3 holidays a year for as long as I am able, if I fritter it all away now then I would only have the state pension. ITS STILL YOUR MONEY IF ITS IN A PENSION.
Good for you, horses for courses. I know quite a few people who have gold plated pensions and have retired early from full time employment due to having a good income from their pensions & also tax implications. They are the clever ones that are living for today and living life to the full by not having to work full time and pretty much not answerable to anyone. That’s what I call living.
robbo99.:
Pensions were always designed for the long term, ie a marathon and not a sprint. The clever ones paid from their early years for let’s say 40 years and hardly missed their contributions, resulting in a very nice income.
I too have excess money per month but I prefer to have the nice things in life now whilst I’m fit and healthy, I have a pension pot and a rental property so for tax purposes I won’t be contributing any monies to my pension for HMRC to hammer me in retirement.
I DO have and enjoy the nice things in life, holidays, car motorbike etc, but the 1K is completely disposable, its madness for me not to make it work for me, and a £240 a month pay rise kicks in next month so that’s going in as well!
If I am lucky enough to have my health when I retire I still want to be able to go on 2 or 3 holidays a year for as long as I am able, if I fritter it all away now then I would only have the state pension. ITS STILL YOUR MONEY IF ITS IN A PENSION.
Good for you, horses for courses. I know quite a few people who have gold plated pensions and have retired early from full time employment due to having a good income from their pensions & also tax implications. They are the clever ones that are living for today and living life to the full by not having to work full time and pretty much not answerable to anyone. That’s what I call living.
Yep, well if things go well then early retirement is the best option, all you young uns take note, smash your pension contributions now then you can hang up yor spurs when your 50!!!
robbo99.:
Pensions were always designed for the long term, ie a marathon and not a sprint. The clever ones paid from their early years for let’s say 40 years and hardly missed their contributions, resulting in a very nice income.
I too have excess money per month but I prefer to have the nice things in life now whilst I’m fit and healthy, I have a pension pot and a rental property so for tax purposes I won’t be contributing any monies to my pension for HMRC to hammer me in retirement.
I DO have and enjoy the nice things in life, holidays, car motorbike etc, but the 1K is completely disposable, its madness for me not to make it work for me, and a £240 a month pay rise kicks in next month so that’s going in as well!
If I am lucky enough to have my health when I retire I still want to be able to go on 2 or 3 holidays a year for as long as I am able, if I fritter it all away now then I would only have the state pension. ITS STILL YOUR MONEY IF ITS IN A PENSION.
Good for you, horses for courses. I know quite a few people who have gold plated pensions and have retired early from full time employment due to having a good income from their pensions & also tax implications. They are the clever ones that are living for today and living life to the full by not having to work full time and pretty much not answerable to anyone. That’s what I call living.
Yep, well if things go well then early retirement is the best option, all you young uns take note, smash your pension contributions now then you can hang up yor spurs when your 50!!!
robbo99.:
Pensions were always designed for the long term, ie a marathon and not a sprint. The clever ones paid from their early years for let’s say 40 years and hardly missed their contributions, resulting in a very nice income.
I too have excess money per month but I prefer to have the nice things in life now whilst I’m fit and healthy, I have a pension pot and a rental property so for tax purposes I won’t be contributing any monies to my pension for HMRC to hammer me in retirement.
I DO have and enjoy the nice things in life, holidays, car motorbike etc, but the 1K is completely disposable, its madness for me not to make it work for me, and a £240 a month pay rise kicks in next month so that’s going in as well!
If I am lucky enough to have my health when I retire I still want to be able to go on 2 or 3 holidays a year for as long as I am able, if I fritter it all away now then I would only have the state pension. ITS STILL YOUR MONEY IF ITS IN A PENSION.
Good for you, horses for courses. I know quite a few people who have gold plated pensions and have retired early from full time employment due to having a good income from their pensions & also tax implications. They are the clever ones that are living for today and living life to the full by not having to work full time and pretty much not answerable to anyone. That’s what I call living.
Yep, well if things go well then early retirement is the best option, all you young uns take note, smash your pension contributions now then you can hang up yor spurs when your 50!!!
You mean 57!
Up until quite recently if you joined a “public sector” (Gov) pension@ 18yrs you had your FULL pension to draw@ 48yrs old but wasn’t indexed linked until you turned 55yrs old!!!
Compound interest is a powerful concept if you like the idea of doing nothing and earning money.
If you fritter away £10,000 in your twenties on extravagant holidays or ■■■■ it away down the pub, it isn’t exaggerating to say that could be an extremely significant amount 40 years down the line, if you had invested it.
Noremac:
Compound interest is a powerful concept if you like the idea of doing nothing and earning money.
If you fritter away £10,000 in your twenties on extravagant holidays or ■■■■ it away down the pub, it isn’t exaggerating to say that could be an extremely significant amount 40 years down the line, if you had invested it.
AND if invested in good funds would potentially allow you to retire@ 60yrs old!!!
Noremac:
Compound interest is a powerful concept if you like the idea of doing nothing and earning money.
If you fritter away £10,000 in your twenties on extravagant holidays or ■■■■ it away down the pub, it isn’t exaggerating to say that could be an extremely significant amount 40 years down the line, if you had invested it.
AND if invested in good funds would potentially allow you to retire@ 60yrs old!!!
Sent from my SM-A125F using Tapatalk
Compound interest is definitely your friend, just £50 a month invested for 40 years at 6% returns would give you around £95,000, £70,000 of which is interest. calculator.net/investment-c … #calresult
Get wise young uns, £50 PER MONTH @ 6% FOR 40 YEARS = 95K! and you will have only contributed 24k to it, the more you put in the better.
