Following on from my IR35 thread I need to get some pension advice.If I go with an umbrella company I am regarded as n employee.

This means I will be automatically enrolled into a pension.

( the fact I have to pay my contributions as well as the employers is a separate point).

My question is.

Can I opt out and not pay into ny pension at all

I do not want a pension. They are a waste of time and pointless.

My retirement age is 67 both my parents died age 60.

I don't want to waste money paying into a pension I might never get.


If I cannot opt out of a pension. Is there any way around it.

Could I get an endowment or something similar that pays out when I am 67 or before if I die as an alternative.

ANy help greatly appreciated.

I am in the same position.

You can opt out of an auto enrolled scheme but it needs setting up first and the paperwork completing.

Yes you can opt out. Just inform your employer in writing and then check no deductions are made

Regards

King James

If you are the employer (even of just yourself) you can't opt out, the Workplace Pension changed all the rules.

Yes you can - and no it didn't; once the auto enrolment pension scheme has been set up and you're opted in - you can opt out by following the advice given by previous posters.

To the OP - I'd suggest that this kind of response is exactly why you should get your financial advice from a qualified independent FA, rather than a RL forum?

bren2k wrote:Yes you can - and no it didn't; once the auto enrolment pension scheme has been set up and you're opted in - you can opt out by following the advice given by previous posters. To the OP - I'd suggest that this kind of response is exactly why you should get your financial advice from a qualified independent FA, rather than a RL forum? Agree with advice about going to a professional, seems complicated from the high level Government documents. https://www.gov.uk/employers-workplace-pensions-rules

bren2k wrote:Yes you can - and no it didn't; once the auto enrolment pension scheme has been set up and you're opted in - you can opt out by following the advice given by previous posters. To the OP - I'd suggest that this kind of response is exactly why you should get your financial advice from a qualified independent FA, rather than a RL forum? Agree with advice about going to a professional, seems complicated from the high level Government documents. https://www.gov.uk/employers-workplace-pensions-rules

What time is wasted with a pension? Surely a tax efficient saving scheme that you can access 25% of at 55 isn't pointless. Or maybe it is...

People live longer these days, 60 is way below the current average mortality rate in UK.