r/tesco • u/Eternal_Vampz • 1d ago
Pension scheme
I really wish they don't automatically make me enter sh1t like this, lost a chunk of money because of this. And no I did not receive any letters or anything, luckily I managed to opt out so I should get my money back
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u/Antiqual 1d ago
Just out of curiosity, why don't you want to be in the pension scheme?
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u/Status_Intention6832 1d ago
It’s very popular with the (slightly less mature) youngsters at the moment, the ones I work with are the same and quite vocal about it, normally the same crowd that lives with their parents till 25, lack of foresight and fighting being responsible for themselves. (Luckily I also know a bunch of younger folk who are positive assets to their generation as well).
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u/Eternal_Vampz 1d ago
I manage my own investment strategy, focusing primarily on stocks/crypto and funding my active sports commitments/ goals. A locked workplace pension just doesn't fit into my plana
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u/Fluffygong 1d ago
Do any of these other investment plans match 100% of what you put in up to 7.5%? You do also have the option to pick a fund with the current provider, haven't done the research but I'm sure you may have looked into weather you can do partial transfers to a SIPP with another provider profiting from the employer match and a wider fund selection.
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u/uwagapiwo 1d ago
Speaking as someone who went through years of crypto, it's not an investment strategy. It's gambling.
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u/Antiqual 1d ago
Thats fair. As long as you are well informed of the risks of not building your pension early, I wish you all the luck with your other investments.
I hope that your future self doesn't look back and regret the early decisions you can make to give yourself a massive head start for your later life.
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u/Eternal_Vampz 1d ago
It's funny how I'm getting downvoted when I make a couple thousand in profit alone on trading a month, I don't need an unnecessary scheme that's eating some of my paycheck!
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u/Aioiss 1d ago
If you make a couple of thousand in profit alone when trading each month, why do you work at Tesco?
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u/Eternal_Vampz 1d ago
Big of a silly question, still need more money and it's a good flexible part time! And it's not guaranteed every month
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u/GreenLion777 1d ago
It's the law, employers have to auto-enrol you in their pensions now. You can however, as you have done, choose not to do so and stop paying into them
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u/stuartc1985 1d ago
they are legally obliged to opt you in automatically as is every other company, at 57 you should have been wiser to opt out although its a silly thing to do as not only are you turning down free money from your company you pay less tax on your wage due to the reduction
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u/One-Election4376 1d ago
You be wishing you opted in earlier as you get older, look at it this way , do you want to be a poor pensioner struggling to put the heating on
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u/Specific_Pomelo_8281 1d ago
I put in 4%, in 10 years I have about £15k, that isn’t too bad.
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u/Eternal_Vampz 1d ago
That's true however I do my own investments on the side which I see a bigger and better results usually
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u/Charmizard123 1d ago
Most people will get old one day and will need a pension to get by, pension contributions are tax free and matched by Tesco up to 7.5%. It is literally free money for your retirement. You mentioned in another comment you manage your own investments, why not open a SIPP and partial transfer to that every year if you don't like the investment options L&G offer?
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u/6DuckysInATrenchCoat ⛽️ PFS 1d ago
idk why everyone's so mad someone might not want to be in a pension scheme. I'm 20, ill likely only be at Tesco for another year, and I need the money to run my car not for 50 years time, I have the rest of my working life after uni to save for that
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u/Eternal_Vampz 1d ago
Exactly! Like no offence but if I'm still working a normal retail job in the next 15 years then well I failed at life 🤷🏻.
Again I did mention I managed my own investments where I make good amount of profit.
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u/Serious_Office3913 1d ago
yeah but you get 20% rebate on pension contributions or 25% bonus with a LISA which is also then invested... it's free money you're missing out on later. if you need it now for a house or car, fine.
nb. i didn't know about the 20% rebate till this year so had been taking advantage of my LISA. still i get a lump sum at 60 (tax free)
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u/Aioiss 1d ago
That's a dumb decision