Auto-enrolment

A question about : MSE News: The great pensions shake-up: What you need to know

This is the discussion thread for the following MSE News Story:

Joss Harwood from Eldon Financial Planning explains what workplace automatic pension enrolment means for you

Read the full story:
The great pensions shake-up: What you need to know

A question about : How long do I have to opt out?

I work part time while studying and am planning on leaving my current employer within the next 6 months. I was auto enrolled into pension on 1st October and have so far made one payment in the region of Ј2

I don't think it's worth me continuing with these tiny amounts for this short time as the hassle involved in moving the pot later and the fees will surely soon eat up this amount of money.

A question about : Is NEST the only scheme for A-E?

So Auto-Enrolment is the government initiative to ensure everyone who is employed starts their own pension, got that bit.

Where I start to get confused is with NEST.

Is NEST 'the only official provider of auto-enrolment pensions'?

What I mean is, how does NOW Pensions fit into this? And are there others?

A question about : N.E.S.T is it worth it

I an 56 next year (omg) and will have probably about 11 years paying in to the new pension. I have calculated my self and using the pension calculator on the nest web site and arrived at a total pot of around 11,000.
I can take 25% tax free (Ј2,750) and will get Ј500 annually (Ј40 monthly). This goes down depending if I guarantee this for 5 or 10 years and if I want to increase payments at rate of inflation.

A question about : Opting out of pension scheme

Hi there

I have been working for local government since 1st July on a student placement as part of my university sandwich course. The placement will last for a year.

A question about : confused pension newbie

Hi all,

Please forgive me if these are silly questions. I feel like MSE is the only place where I can say that I do not understand without fear of being laughed at etc.

My company has recently started the auto enrollment since August's pay. I know that my company will be putting in a certain amount each month. Also that the percentage amount that is being taken out of my pay will increase over the coming years.

A question about : Nest or ISA

Currently my son is doing casual work for an Agency. I want to save Ј50 in his nest pensions every month or make a single contribution. He has only got Ј150 in his pot. I would like some advice whether it will be worth doing as if I start saving Ј50 monthly now even if he does not work. How much will be there in the pot and with the commission and admin fees I wonder whether it will be worthy. Pl can you advise as the other option is for me to save that money in an ISA. Can the pot be less than the amount contributed on retirement? Thanks

A question about : Late payments into pension

My employer has recently started a new auto-enrollment pension scheme. Employee contributions have been deducted from my salary in the last 3 months but so far only the contribution from my August salary has reached my pension account on 1st October (over a month after it was deducted from my salary). At the moment my pension fund is doing really well (up over 4% in the last month) so I am missing out on this growth with the late arrival of my contributions into my pension. Is there anything I can do about this?