Pension advice
Discussion
Hi all,
The company i work for has offered me 2 options with regards to what pension scheme I enrol in.
I am having a hard time choosing which one to go for.
At present I cannot make any addition contributions to my pension however I hope this will change in 5-6 years’ time.
Scheme 1
You contribute 3% of your Pensionable Salary each month to Scheme 1. You can also contribute to the Scheme 1 Investment Account in order to boost your pension savings. CompanyA credits your Credit Account with 20% of your Pensionable Salary, which is available to you at age 60, and will match your contributions to the Investment Account up to 3%.
Scheme 2
CompanyA contributes 10% of your Basic Salary to your Scheme 2 account each month. You do not need to contribute, but if you choose to contribute, CompanyA will pass on its National Insurance saving (currently 13.8% of your contribution) to your account.
The company i work for has offered me 2 options with regards to what pension scheme I enrol in.
I am having a hard time choosing which one to go for.
At present I cannot make any addition contributions to my pension however I hope this will change in 5-6 years’ time.
Scheme 1
You contribute 3% of your Pensionable Salary each month to Scheme 1. You can also contribute to the Scheme 1 Investment Account in order to boost your pension savings. CompanyA credits your Credit Account with 20% of your Pensionable Salary, which is available to you at age 60, and will match your contributions to the Investment Account up to 3%.
Scheme 2
CompanyA contributes 10% of your Basic Salary to your Scheme 2 account each month. You do not need to contribute, but if you choose to contribute, CompanyA will pass on its National Insurance saving (currently 13.8% of your contribution) to your account.
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