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Thread: Company Pension Questions

  1. #1
    Platinum Tuttifrutti's Avatar
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    Default Company Pension Questions

    Afternoon folks,

    Hope someone out there can help me.

    I've been given a company pension. One of the mandatory ones that have to be offered, so nothing to get excited about.

    I've been told that over that course of the next few years, my contribution has to start at 2% now, will increase to 3% for 2018 then i'll be contributing 5% from 2019 - is that law or is it pension company specific?

    Also, my company apparently only have to contribute 1%, then 2% then 3% for 2019 - again, is that law?

    And finally, can someone help me to understand 'opting in' and opting out'. What do they mean and what's the benefit of either one or the other? Is it something to do with paying tax? Do I need to tell the tax office or does that get done by payroll, as I don't want a huge tax bill at some point.

    Thanks very much for any help all
    The first rule of Baitboat Club is you don't talk about Baitboat Club!!!

  2. #2
    Elite (Silver) Nat's Avatar
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    From what I understand, (as i opted out) they dont pay anything if you opt out, which means the company wont be able to claim against tax - so they prefer you to pay.
    <>< "A good angler can tell good stories....." ><>

  3. #3
    Platinum Tuttifrutti's Avatar
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    Cheers Nat - yup, i've finally managed find out - if you opt out, you are opting out of a company pension, normally done if you already have a private pension
    The first rule of Baitboat Club is you don't talk about Baitboat Club!!!

  4. #4
    Site Regular Edna Birch's Avatar
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    Tutti, ask your HR department to send a rep from the pension company to see you at your place of work, your allowed to do this in work time and they should of offered this to all employees anyway. Ask him or her anything as they cant make money out of you so you'll get a straight answer.
    Are you gonna bark all day little doggy, or are you gonna bite?

  5. #5
    Platinum Tuttifrutti's Avatar
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    I there's a help line number so i'll call that anyway

    They are using one called Virtual Pension or something like that so all online, cheapskates
    The first rule of Baitboat Club is you don't talk about Baitboat Club!!!

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