confused pension newbie

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.

What I was hoping some one could explain to me in idiots terms as I have only just started working (I am 25 - done uni and a masters so I am only starting my working career and retirement is not something I like/want to think about) is that if I leave the company and get a job elsewhere what happens to my pension with them?

Also according to the paperwork I have received it is showing that my pension will not be paying out a lot (not taking account the effects of inflation). Do you only get this and forfeit the state pension (I know the state pension is peanuts, but 2*not a lot is more than 1*not a lot). Also would it be worth looking at trying to see if I can afford to put more in now as it is compound interest and works a bit like the way interest works on mortgages. how would I go about it?

Sorry for all the probably stupid questions but I figure finding out now and taking action now will benefit me in the long term.

Best answers:

• As legislation is at the moment, you get your state pension regardless of any other private pension.
  One of our pensions experts will be along soon to help.
  But the general consensus is don't turn down 'free money' from your employer, this is in effect what it is if they are adding to your pension.
• Hi guys,
  Thanks for your quick and honest responses it is much apppreciated.
  But the general consensus is don't turn down 'free money' from your employer, this is in effect what it is if they are adding to your pension. McKneff I am a firm believer in not turning down free money (free anything for that matter). While they will put their hands in their pockets then I'm all for keep adding to it - especially as they have just told us that they are scraping the annual pay rise this year
  The longer you have invested, the better it is. So, more in the early years helps as you dont have to make it up later.
  How do I go about adding more in each month, contact the pension company and create a standing order?
  Yet you are starting late on the retirement provision road.
  What I meant was that I am at the start of my life and do not like thinking about the end of my life if that makes sense. This is the first permanent I have found since leaving uni as the job market is poor as everyone knows. I have only been there 12 months and when they offered me the permanent contract it stated that there was no company pension so this is all I have. Can I still make it work for me in my retirement or is it to late to make up for lost time?
  Hubby's company hasn't started with the auto enrollment and he has no pension at the moment - guessing it is worth mentioning to him to start one up? How does one do that (dumb question probably?)
• Does it matter if my current company will not exist anymore by the time I retire?