Hi!

Quick question for you:

I decided to opt in for our company pension. I pay 2% of my wages monthly into the scheme and the company then doubles it.

If I decide to leave the company what happens to all the money I will of saved?

Cheers

Steve

 

leave within a yr and you get the contribution back (less tax) after that it just remains as a pension fund with that firm and will give u benifits at retirement based on the length of service u had wit them/ pay while there/ etc depending on scheme type- unless you chose to move the fund to a new pension fund of your choice with may or may not be worth it depending on your needs and circumstances.

Tiggs

 

Gee, 4% contribution, that is going to give you a comfortable retirement

If you leave within two years you can get a refund less 20% tax (doesn't matter what tax rate you are paying). As it's a money purchase scheme what you actually get back may be calculated on the fund value when you leave (ie more or less than you paid) or it may be based on what you actually paid (with or without interest). If you leave it in the scheme it will keep on growing (hopefully )until you retire.

 

Ha! 4% you dont know what my sallery is! I'm 21 started doing this last year,I doubt I'll even make it to retirment hence the reason for only 2% at the moment!If I make it to 30 I'll up it!

Cheers

Steve

 

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:<HR>Originally posted by NeVeTaS2001:
<B>Ha! 4% you dont know what my sallery is! I'm 21 started doing this last year,I doubt I'll even make it to retirment hence the reason for only 2% at the moment!If I make it to 30 I'll up it!

Cheers

Steve

 

p.s. to answer your question. You will have a fund. You can put this on hold for 40 years or transfer it to your new company. Either way you get shafted in the long game


edited cos i am too pished to type

[This message has been edited by fast bloke (edited 23 September 2001).]