nick205
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| posted on 4/8/11 at 08:57 PM |
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pension question?
I'm about to change jobs going from one with a stakeholder pension where the employer contributes to one with no pensiin scheme at all.
I will obviously need to set up a private pension, but how does this work in terms of income tax? In my current scheme my contributions are made
pre-income tax deductions. Is this the same for a private pension?
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macc man
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| posted on 4/8/11 at 09:15 PM |
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I have a private pension and my payments are net of tax paid. The amount you pay is less than that invested in the scheme.
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big-vee-twin
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| posted on 4/8/11 at 09:19 PM |
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If the company your going to doesnt offer a stakeholder, they are breaking the law if they have more than 5 employees
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http://www.triangleltd.com
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Proby
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| posted on 4/8/11 at 09:25 PM |
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quote:
Originally posted by big-vee-twin
If the company your going to doesnt offer a stakeholder, they are breaking the law if they have more than 5 employees
As said, if more than 5 employees they have to provide a pension, although they DO NOT have to contribute.
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Bare
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| posted on 5/8/11 at 03:25 AM |
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Hopefully the Salary received at the very least equals that .. IF.. the employer had to contribute /match your contributions to the pension scheme.
IF not yer Screwed and could likely be better off at Tesco's.
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Ninehigh
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| posted on 5/8/11 at 06:45 AM |
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What's a pension?
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Peteff
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| posted on 5/8/11 at 08:24 AM |
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quote:
Originally posted by Ninehigh
What's a pension?
It's where you pay someone money to give back to you in later years and they hope you die before they have to pay out. It's a bit like
gambling. 
yours, Pete
I went into the RSPCA office the other day. It was so small you could hardly swing a cat in there.
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nick205
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| posted on 5/8/11 at 09:32 AM |
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quote:
Originally posted by Peteff
quote:
Originally posted by Ninehigh
What's a pension?
It's where you pay someone money to give back to you in later years and they hope you die before they have to pay out. It's a bit like
gambling.
A very fair analogy I feel 
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nick205
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| posted on 5/8/11 at 09:36 AM |
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@ Proby and big vee twin
You're correct! having clarified with them they do indeed offer a stakeholder pension scheme, but they don't contribute to it.
This simplifies things as I can now calculate the extra I'd need to contribute to match my current employee + employer contributions. The new
salary is higher, but obviously the offset of extra pension contributions needs to be deducted to get a true value.
Cheers guys, as ever LCB is universal resource and quick too 
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Ninehigh
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| posted on 5/8/11 at 12:16 PM |
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quote:
Originally posted by Peteff
quote:
Originally posted by Ninehigh
What's a pension?
It's where you pay someone money to give back to you in later years and they hope you die before they have to pay out. It's a bit like
gambling.
I'm not taking that bet then If I haven't done something stupid enough to get me killed by the time I'm 70/80/90 then I've
done something wrong
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