[Durham Giant]

Pension advice : Sun Apr 16, 2017 9:50 am  

Following on from my IR35 thread I need to get some pension advice.If I go with an umbrella company I am regarded as n employee.

This means I will be automatically enrolled into a pension.

( the fact I have to pay my contributions as well as the employers is a separate point).

My question is.

Can I opt out and not pay into ny pension at all

I do not want a pension. They are a waste of time and pointless.

My retirement age is 67 both my parents died age 60.

I don't want to waste money paying into a pension I might never get.


If I cannot opt out of a pension. Is there any way around it.

Could I get an endowment or something similar that pays out when I am 67 or before if I die as an alternative.

ANy help greatly appreciated.

Re: Pension advice : Sun Apr 16, 2017 10:08 am  

I am in the same position.

Re: Pension advice : Sun Apr 16, 2017 12:22 pm  

You can opt out of an auto enrolled scheme but it needs setting up first and the paperwork completing.

Re: Pension advice : Sun Apr 16, 2017 7:31 pm  

Yes you can opt out. Just inform your employer in writing and then check no deductions are made

Regards

King James

Re: Pension advice : Sun Apr 16, 2017 7:53 pm  

If you are the employer (even of just yourself) you can't opt out, the Workplace Pension changed all the rules.

Re: Pension advice : Sun Apr 16, 2017 8:55 pm  

PCollinson1990 wrote:

If you are the employer (even of just yourself) you can't opt out, the Workplace Pension changed all the rules.

Yes you can - and no it didn't; once the auto enrolment pension scheme has been set up and you're opted in - you can opt out by following the advice given by previous posters.

To the OP - I'd suggest that this kind of response is exactly why you should get your financial advice from a qualified independent FA, rather than a RL forum?

Re: Pension advice : Sun Apr 16, 2017 9:04 pm  

bren2k wrote: Yes you can - and no it didn't; once the auto enrolment pension scheme has been set up and you're opted in - you can opt out by following the advice given by previous posters. To the OP - I'd suggest that this kind of response is exactly why you should get your financial advice from a qualified independent FA, rather than a RL forum? Agree with advice about going to a professional, seems complicated from the high level Government documents. https://www.gov.uk/employers-workplace-pensions-rules

bren2k wrote: Yes you can - and no it didn't; once the auto enrolment pension scheme has been set up and you're opted in - you can opt out by following the advice given by previous posters. To the OP - I'd suggest that this kind of response is exactly why you should get your financial advice from a qualified independent FA, rather than a RL forum? Agree with advice about going to a professional, seems complicated from the high level Government documents. https://www.gov.uk/employers-workplace-pensions-rules

Re: Pension advice : Sun Apr 23, 2017 6:53 pm  

I do not want a pension. They are a waste of time and pointless.

My retirement age is 67 both my parents died age 60.

I don't want to waste money paying into a pension I might never get.

What time is wasted with a pension? Surely a tax efficient saving scheme that you can access 25% of at 55 isn't pointless. Or maybe it is...

People live longer these days, 60 is way below the current average mortality rate in UK.