Hanslow

BBC NEWS | Business | New UK pension scheme is unveiled

Can anybody answer a question or two on the governments new proposed pension scheme?

It harps on about if you haven't got a pension it's an ideal pension to pay into, but, what if you already have a company pension? At the moment, I pay into my company pension, and am expecting to get a state pension (assuming there is one ) when I retire. From reading the new pension information, it looks like it's away from the state style pension and reads like you will have either this new style one, or a company one, not both. Is this correct?

I assume if a middle-England worker such as myself is not able to get this new style of pension, I can opt out of whatever payment mechanism is employed to pay into the scheme because I'm f**ked if I'm paying for everyone else (if that's how it works).

Completely confused and befuddled by it all (again).

What happens if / when this f**ked up government get booted out before this reform comes into play (scheduled for 2012)? Can a different government throw it out and stick with what we currently have or come up with their own scheme?

***Nemesis***

Put "NPSS" (for National Pension Savings Scheme )into Google and you will let loads of info.

Leslie

Since we are so used to all the "Smoke and Mirrors" that we see from him, its not surprising you are confused. The best advice is not to trust them an inch! There will be a "nasty" in there somewhere. Like the plundering of pension funds left to dependants on your death which he will now take some 82% of in total but which he did not mention in his pre budget speech!

Les

Les

Petem95

Seems like its basically forced pensions

Wouldnt trust Labour an inch with anything, especially pensions however. How much did GB steal from pension funds in the 90's - £40billion? - and now everyones wondering why theres pensions crisis

RESSE

iTrader: (1)

From 2012 employers will automatically enrol their employees into personal accounts or into their own occupational schemes, as long as it meets the specified minimum standards (John Hutton Sec of State for Work & Pensions).

Savers will put in a minimum of 3% of their earnings between £5,000 and £33,000 per year which, with government and employer contributions, will take the overall level to 8%.

Eligible employees will be automatically enrolled in year one of the scheme with employer contributions phased in over three years, starting at 1% of earnings.

There will be no transfers allowed into or out of personal accounts from or to existing pension schemes.

There will be an annual limit, initially £10,000 on how much people can put into their account each year. This will drop to £5,000 in subsequent years.

Richard

Paul3446

Can anyone think of anything this government actually hasn't stuffed up?

Answers on a very small postcard please.

SWRTWannabe

Wracking my brains.

Apart from the profits of speed camera manufacturers, I can't think of anything.