[Finance] Pension advice - Zero hours contract

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theboybilly

Well-known member

Apr 25, 2013

6,177

Along the Shoreham Road in er, Shoreham

• Mar 16, 2018

• #1

I've just received a letter from my employer of two months stating that I fall under the required income to be automatically enrolled in the company pension scheme. I retired from the railway two years early in 2015 and took this driving job more to get me out of the house and because it is an interesting job. Financially it provides cash for a holiday and upkeep of my car which is handy. I could ask to join the scheme but I'm not sure if it's really worth it. I think I will earn circa £4-5k from this work (there is no work at all for one month in the Summer and weather can affect things such as that a fortnight ago)
I'm just wondering if I'm just as well off staying out of the scheme. I don't qualify for a State Pension until Sept 2020. Would I be able to boost my future income by much?

 

beorhthelm

A. Virgo, Football Genius

Jul 21, 2003

35,303

• Mar 16, 2018

• #2

would you be able to boost a railway pension much from a part time job contributions? very doubtful. they are obliged to ask you to enroll (and again every few years), you can opt out.

 

LlcoolJ

Mama said knock you out.

Oct 14, 2009

12,982

Sheffield

• Mar 16, 2018

• #3

Sounds like it would be completely pointless. Auto enrollment is a massive con for the majority tbf.

 

T

theboybilly

Well-known member

Apr 25, 2013

6,177

Along the Shoreham Road in er, Shoreham

• Mar 16, 2018

• Thread starter
• #4

Thank you for your replies. I didn't think it would make too much difference really but thought I'd ask here because there's always good advice in this sort of stuff on NSC. My railway pension, though not huge, provides me with enough to pay my bills and get out and about following the Albion and the occasional session in a pub. Life is good - thanks again.

 

Baker lite

Banned

Mar 16, 2017

6,309

in my house

• Mar 16, 2018

• #5

theboybilly said:

I've just received a letter from my employer of two months stating that I fall under the required income to be automatically enrolled in the company pension scheme. I retired from the railway two years early in 2015 and took this driving job more to get me out of the house and because it is an interesting job. Financially it provides cash for a holiday and upkeep of my car which is handy. I could ask to join the scheme but I'm not sure if it's really worth it. I think I will earn circa £4-5k from this work (there is no work at all for one month in the Summer and weather can affect things such as that a fortnight ago)
I'm just wondering if I'm just as well off staying out of the scheme. I don't qualify for a State Pension until Sept 2020. Would I be able to boost my future income by much?

Click to expand...

You could always go overseas to France,smuggle yerself back in,claim to be a Syrian toddler and you’d have money coming out of your hoop.
Happy days.

 

C

crabface

Well-known member

Mar 24, 2012

1,852

• Mar 16, 2018

• #6

The company legally due to auto enrolment have to ask you about enrolment. No it wont add much extra to when you reach state pension age, it may not be a lot but if the company are matching your contributions or at least putting in 1% as well it is extra money that you previously wouldnt have had. Every little helps and all that.