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Auto enrolment pensions

33K views 79 replies 15 participants last post by  fatdazza 
#1 ·
Hi all

Hoping someone will know more about this than me as I only know the basics and have just discovered an issue...

Our firm stated this scheme a couple of years ago and I decided to opt out as I keep private savings. However, I've noticed that I've been contributing again since August without being told so will be having a chat with our HR on Monday!

Granted, I should have been keeping better track of my finances the last few months but I've been horrendously busy!

I'm basically going to be opting out and asking for the full 5% they've taken since August. Could there be any issues with this? It just seems like it's a mistake but can they auto enrol you again without saying anything??
 
#52 ·
Oh and by the way, I don't know how many years you have until retirement, but as a guideline, assuming 6% annual growth, you will be giving me

£45k if it is only 10 years until your retirement
£125k if it is 20 years until your retirement
£270k if it is 30 years until your retirement

Still a scam?
 
#54 ·
millns84, your railing against sheeple, the Telly has spoken and trivial things like "the truth" dont matter once the telly has spoken,
give up with the brainwashed, nothing can be done for them sadly (until the telly tells them something new that is)

as for
wanting your salary paid to you so you can decide how you spend/save/invest it Too bloody right
Human Remains need sacking for all the harm they cause.
dont forget to charge them interest on the monies they have taken Without permission from your pay packets,
 
#55 ·
A tip to all,

leave millns84 alone and stop wasting your time.

He has his view of how the world will turn out. He may be wrong he may be right. He has firm views of this and is not prepared to change them.

Hell, 10 years ago, if someone told you they had invested their life savings in a string of numbers and letters (aka bitcoin), you would have thought them mad. Turns out that even if they sold the lot today (given recent falls) they would be a damn sight richer than most on here.


Sometimes strange thing come to pass and if you guessed right then good luck. It often happens that "betting against the herd" results in a bad outcome, but there is a chance that the bet comes off. Risk versus reward :thumb:
 
#60 · (Edited)
Awwww, don't walk away... this thread is hilarious.. it's been a great read!

:(:(



For what it’s worth, I think the main issue here is the work had made a change and classed it as a new scheme, hence the auto enrolment.

If they just made it a change, then none of this should have happened…

Feels like it could have been sorted out with some better communication…BEFORE anything changed and any monies were taken/stolen/lost from any employee..


:thumb:
 
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#61 ·
Awwww, don't walk away... this thread is hilarious.. it's been a great read!

:(:(

For what it's worth, I think the main issue here is the work had made a change and classed it as a new scheme, hence the auto enrolment.

If they just made it a change, then none of this should have happened…

Feels like it could have been sorted out with some better communication…BEFORE anything changed and any monies were taken/stolen/lost from any employee..

:thumb:
It has been a laugh :lol:

I agree completely, the communication has been awful but I think that's very typical of our HR guys. I can't imagine how difficult it would be if I had some major issues going on that needed their involvement.
 
#62 ·
So another small update...

Our firm has today launched a new benefits management system so I've been able to manually opt out by simply clicking a box. Magic... I'd give it another week or two before I'm enrolled again.

I've emailed HR back about whether we ever received confirmation of being re-enrolled but it'll probably be over a week until they respond.

Having looked at the pension plan, they have been contributing 5% which fills me full of confidence about HR given that they told me 3%.

Our director has also been working from another office the last two days so I've not spoken to him. I just get the feeling if I get him to push this then it'll actually get sorted one way or another rather than taking weeks to get a short response from HR.

At least I know that no more will be taken.
 
#63 ·
Do you already have a second property you are renting out or are working toward that and from there want to build a portfolio of houses for rent?

I am not sure it is a given that the value of the house will outstrip inflation when you come to cash in.

How will you convert your portfolio into an income when you retire?
 
#64 ·
Yes, just a two bed semi in the suburbs of Manchester so nothing spectacular but it's a bit extra in terms of income and once the mortgage is finished it'd be a tidy lump sum, or even just a nice monthly income if we kept renting it.

Potentially considering a second in the next couple of years but we'll see how it goes.
 
#65 · (Edited)
Remember you’ll need to pay capital gains tax when you sell the property. Plus you must be paying 40% tax on the earnings from the property at the moment.

I still find it unbelievable that you’re turning down the opportunity to convert every £100 you contribute to your pension into £240 (up to 5%).

Property can be more hassle than it’s worth at times, I had 3 but sold one last year and another at the beginning of this year as it’s getting to the stage that due to legislation and new tax rules its barely worth the bother.

You do know that the £850 that was 'stolen' off you is now worth £2040? (excluding any investment growth)


Sent from my iPhone using Tapatalk
 
#66 ·
Remember you'll need to pay capital gains tax when you sell the property. Plus you must be paying 40% tax on the earnings from the property at the moment.

I still find it unbelievable that you're turning down the opportunity to convert every £100 you contribute to your pension into £240 (up to 5%).

Property can be more hassle than it's worth at times, I had 3 but sold one last year and another at the beginning of this year as it's getting to the stage that due to legislation and new tax rules its barely worth the bother.

You do know that the £850 that was 'stolen' off you is now worth £2040? (excluding any investment growth)

Sent from my iPhone using Tapatalk
You mean the government want a huge slice of something I've worked my **** off for... even when I've paid it off myself? Imagine my shock.

Shame that £2,040.00 isn't accessible eh? By the time I can get to it, maybe it'll be enough to buy a Big Mac.
 
#70 ·
Mainly what he said ^^

Well... Governments don't have any money - They steal it from their people to do what they want with it. You know, you pay income tax, then whatever you want to buy you have to pay another 20% out of what they didn't take.

But wait, you wan't to buy a car? Tax. Now do you want to put fuel it? Tax.

Managed to save enough to buy a house with what we allowed you to keep eh? Tax. And what's that? You bought a second home to rent out? Tax.

Then upon death, you want to hand over everything you've paid tax on to your kids? Well, you know what? Tax.

People = tax assets.

As for being given money, I'll politely decline the invitation to take part in that particular Ponzi scheme, as you're no doubt aware by now :lol:
 
#80 ·
I am heavily into the US market. That way even if it is heavily taxed by comrades, the tanking pound will offset any losses. :lol:

That said as long as they can keep BoJo and Smog in a box until the election, a win should ensue. Just don’t let him sit down with A Neil, it would be a worse car crash than HRH Charlie Chester’s interview.:lol:
 
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