Pension Scheme

[taurus88]

I've been with RM a few months over a year now so have started paying into this sodding scheme. In a nutshell, I don't want to - I don't anticipate surviving the job long enough for it to be worthwhile, and I have my own savings plan in place for a rainy day. I suspect by the time the government gets their hands on our pensions, my own savings will be more valuable anyway. So, can I opt out? How do I do it? Will I get the money that's gone into the pension so far back (the money I've put in as opposed to RM's contributions)? Am I wise or unwise, as a temporary employee, to undertake this course of action? Realistically, when change comes, I'll be the first out of the door anyway - won't I?

That's my reasoning, anyway. No point paying into a pension if you're only guaranteed a job from one week to the next.

[RobertT]

In a nutshell, I don't want to - I don't anticipate surviving the job long enough for it to be worthwhile, and I have my own savings plan in place for a rainy day.

Will your savings provide an income for the 20-30 years or more that you could spend in retirement?

So, can I opt out? How do I do it? Will I get the money that's gone into the pension so far back (the money I've put in as opposed to RM's contributions)?

You can opt out be contacting the pension service centre at Chesterfield and you will get back your contributions minus tax.

Am I wise or unwise, as a temporary employee, to undertake this course of action? Realistically, when change comes, I'll be the first out of the door anyway - won't I?

Whether you're a temporary employee doesn't make a jot of difference as the whole point of pensions is to provide an income for the rest of your life. You build up your pension entitlement throughout your working life, the fact you might only be in a job for a short time isn't the point because every bit of money will make a difference. And if you get 'free' money off your employers then your pot will increase that bit quicker.

The teachers, etc are currently on strike to protect their pensions, and you want to give yours back! Doesn't really make sense does it.

[PhilthyPhil]

They will give you an address to write to when you telephone them. As long as you have been paying in to the scheme for less than two years then you will get your contributions back.

[Judgee]

The new RM pension scheme is shite compared to the old one. But as someone has already pointed out you get contributions paid in by your employer on top of what you pay so it's worth it! If you leave RM or the scheme within 2 years of joining it you do get your own contributions paid back to you!