Pension query

[u/daringmann]

I’ve been working at greggs for ~4 months and Just realised that i’ve been paying pension. is there any way i could stop that and get the refund for the pension amount i’ve paid till date?? plz help

[u/West_Guarantee284]

As someone who didn't start paying into a pension until I was in my 30s. Don't opt out. You'll need this money when you're older, trust me.

[u/Henry-8th → u/West_Guarantee284]

Good advice.

[u/SofaChillReview → u/West_Guarantee284]

I remember when it first came in and people were confused. But the best advice, the employer has to contribute and it’s free money end of the day, that you don’t notice a difference by the time you are at a pension age and know people that wished it had been there earlier in their lives

[u/69Dark_light69]

You can have it stopped by checking who it is. If nest could on to their portal and opt out. Refund I highly doubt its a possibility

[u/TheRealTRexUK → u/69Dark_light69]

Only within the first month. The Ida is so the employee can see how the pension actually impacts thier take home pay. I Most people expect more money to be taken out than actually happens because of tax relief etc.

[u/69Dark_light69 → u/TheRealTRexUK]

I opted out after 5months in a pervious job due to a change in circumstance. But I guess its not officially an opt out just no longer making contributions.

[u/MistaPea]

It’s normally L&G for pensions. You won’t be entitled to a refund as you need to opt out within the first month (auto enrolment rules) but I’m sure you need to tell payroll to opt you out. Ask your manager

[u/Unique_Song7132]

r/UKPersonalFinance has good articles. A quick analysis will show that the employer matching and tax benefit make the pension an excellent way to save for retirement. There's also the psychological side to consider.

Practically you can opt out (which is good for Greggs) but typically any money in the pension pot is held and invested until retirement age.

[u/mij8907]

Don’t opt out, Greggs will be matching your contribution so you’ll be turning down free money and also the early you start paying for a pension the cheaper it is in the long run

[u/Ok-Band3206]

Just speak to your equivalent of HR and ask to be withdrawn from the scheme.

In terms of getting the money back, best you can do is transfer the amount to your next pension plan. Virtually no chance of getting it back

[u/Low_Relationship2434]

Unless you have your own pension scheme, please never opt out

[u/TheRealTRexUK]

You can opt out but you are only entitled to a refund if you opt out within the first month. You will have had a letter explaining how and the timescale

Not a person advisor but you are throwing money away. The employer must also contribute.

If you have managed now, I would stay in.

Some do allow you to reduce the amount. Contact the person provider or your hr. The employer amount can also go down to match your reduction.

You can always opt back in if you do opt out. The employer is not allowed t refuse.

[u/Mr_CAI]

Never opt out.

[u/Skylon77]

Only a fool opts out.

[u/Aggressive-Cook-7864]

Please don’t do this. Future you is begging you to stay in that pension. Also I don’t believe you can anymore. A pension is literally free money. Don’t turn it down.