Is it worth opting out?

A question about : Is it worth opting out?

A friend of mine earns Ј20000, he is 47 and at present has no pension whatsoever, with the new rules coming in he will have to pay into a pension but he is thinking that it will leave him struggling now and may not benefit him in the longer term when he comes to retire, would he be wise to opt out at his age? He's under the impression that anything he gets from it will only be taken from any other benefits he may be entitled to at retirement.

Best answers:

• When I was 47 it still seemed like a long time to retirement. It aint ....
  Thats not a good position for your friend .... I'd be looking at getting into pension mode pronto ..... as it stands he has nothing until his retirement age which will be 67 at least and by then could be more.
  If he is struggling now on Ј20,000 think about it when its 75% less.