Work Place Pensions

As an Employer AOM, what percentage have got to pay for each lad who pays in. Are you matching their payments and adding an additional 20%?
 
We got 2 yrs before it's compulsory,something do with how many employee's you got,my mate who owns a roofing firm has it in place now,and everyone of the workforce opted out:laugh::laugh:
 
Not entirely sure Steve. I new this was coming for well over 2 years but actually thought it had been binned because of the recession. I looked into offering the boys a pension but was always advised that as this was happening to wait and see how it all turned out. It's only for the big boy's for the moment not small time players like me, think it will be 2015 before it really affects me. In saying that, I would sign up my No2 for it if I understood it all.

---------- Post added at 06:21 PM ---------- Previous post was at 06:20 PM ----------
bigfish said:
We got 2 yrs before it's compulsory,something do with how many employee's you got,my mate who owns a roofing firm has it in place now,and everyone of the workforce opted out:laugh::laugh:
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Don't know the in's and out's but that seems a bit short sighted to me.
 
In simple terms it means " The goverment have robbed the pot and are out to shaft everybody yet again."
So can anybody give me a breakdown of where your NI contributions go. According to work and pensions for a self employed person on a class4 £2.50 weekly stamp covers you for NHS & PENSION. Shouldn't the rest be paid into a personal pension for everyone who pays 11% NI Contibutions.
 
All the signs point to nothing in the pot for us on retirement Steve. It's already pathetic for those who rely on it and have nothing else especially if they are single. We gave it all to the shirkers and the breeders.:(
 
Well everybody go self employed and pay £2.50 per week class 4, opt out of being salaried or on the books.
Maybe better tax should give some proper advice for everyone.
 
Don't think that's the answer either Steve, still have holidays and sick days to pay for.
 
aom said:
Not entirely sure Steve. I new this was coming for well over 2 years but actually thought it had been binned because of the recession. I looked into offering the boys a pension but was always advised that as this was happening to wait and see how it all turned out. It's only for the big boy's for the moment not small time players like me, think it will be 2015 before it really affects me. In saying that, I would sign up my No2 for it if I understood it all.

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Don't know the in's and out's but that seems a bit short sighted to me.
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You only need to offer it to the lads,and match what they pay in,but most know that they'll be no better off by contributing than the ones that dont pay,most people have already had their fingers burned with private pensions already:(
 
Agreed, that's why I don't have one and never will. Think this may be a slightly different beast though with government backing.
 
aom said:
Agreed, that's why I don't have one and never will. Think this may be a slightly different beast though with government backing.
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You just could'nt trust them to pay up,and the bums would recieve more in state pensions even though they've never worked or contributed,yea right,you just know one way or another that you'll be penalised for trying to do the right thing:mad:
 
It is certainly how it has worked up till now. Still think it is a bit short sighted for some not to take them up on it especially if they have not done anything else. I wonder if that is a common response?
 
Not offered yet but I will be taking this. Nice contribution from employer and sadly a small token from the gov'. Since I have nothing else (my life plan so far was to die at 50) I may as well go for it, seems most other pension plans are a waste.
 
bigfish said:
We got 2 yrs before it's compulsory,something do with how many employee's you got,my mate who owns a roofing firm has it in place now,and everyone of the workforce opted out:laugh::laugh:
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did they have a choice marra :laugh:

bigfish said:
You only need to offer it to the lads,and match what they pay in,but most know that they'll be no better off by contributing than the ones that dont pay,most people have already had their fingers burned with private pensions already:(
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i have bene under the impression that if you had a priavte pension you didnt recived full state for instance if state pension was 90 a week and you had a private pension that payed 80 you would recive only 10 state am also under the impression after 2015 if you do have a private pension that you will also recive a full state pension regardless of what your prvate pension is, not sure if this is for people born after 2015 retire after 2015 or just after 2015,
 
Never heard that one marra but it may be. I know my old neighbour has said many times she would be more than willing to give up her state pension as her private is so good. I think if we all paid into it we all should get it but that argument falls down when you realise some poor old soul who has brought up a family and worked just as hard if not harder than most has to survive on £90 a week when others have more than ample without it. Some would call it communism but I think it's only common sense.
 
i know me grans worked all her life and is still working now at 75 cleaning big fishes retreat in the lakes :laugh: she's has a private pension and by the sounds of it isnt worth a w@nk
 
That's why I haven't got one, marra. I learned a lesson right early doors and ended up with 2 endowments that were not worth a w@nk but luckily I was young enough to recover and get the debt paid by other means. Imagine when you are at the end of your working life and some wee grease ball in a suit knocks on the door to tell you there was a tsunami in Timbuktu so your pension fund has collapsed and your getting sweet feck all, nightmare.

---------- Post added at 09:04 PM ---------- Previous post was at 09:03 PM ----------
bigfish said:
I :love:marra's nan:D
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Was thinking about offering her a start.:idea:
 
i dont under stand endowments but mam and dads has worked or is still working to ther advantages how do they work marra?. me gran bf she get those discounts on thoses holiday cottages you stopped at lol nans dead was a dead ringer of nora batty thow do ya like nora batty lol
 
haha, now I:love: your nan.

Endowments were an add on to your mortgage. I was mis sold 2 of the c@nts and as a young boy while trying to explain it to me he finally explained that if I didn't get it I would never own my own home. A repayment mortgage is simple enough but with an endowment you pay a slightly less premium as you only pay the interest charge so you always owe whatever you first borrowed. Then you pay this endowment which on maturity would pay off the debt in full and more than likely give you a right wee lift as well, aye right.:mad:
 
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