Company Pension

This month I finally qualify to join the company pension scheme with my current employer. I received my payslip today, get paid at the end of the month, so I can now see how much I am contributing to their scheme.

I now need to dig out the pension scheme paperwork that was given to me on my first day, 3 months ago, and see what the contribution rate is for both employee and employer. I know it is far less that my last employer because the amount taken is significantly lower – about half! I also need to know what happens if I leave work early, so if/when I pull the plug I know what I can do with that money pot.

After the experience with my last employer, where I was ejected from their pension scheme because I had been there less than 2 years (via an enforced company buy-out). I had to find a new home for my pension money within 3 months or I would only get my employee contributions back rather than the transfer value. That was quite a bit of money to lose.

I am still waiting for The Pension Advisory Service to get my pension contributions paid from my old employer after the buyout completed. Its a few hundred pounds which over the timeframe of now and my retirement date would have a chance to grow and make money for ME rather than sit earning interest for them.


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