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Outlook.com and workplace pensions

Community Veteran
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Registered: 08-10-2010

Outlook.com and workplace pensions

I'm trying to access my emails, need a phone number off one of them and unable to log on. Anyone else got this problem or is it nationwide?
I'm trying to opt out of this new 'workplace pension'. Read all the details and the only ones getting rich are the administrators. Angry
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Re: Outlook.com and workplace pensions

Community Veteran
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Re: Outlook.com and workplace pensions

Thanks Shutter. Everything ok now.  Outlook.com now fully functioning.  I needed access to an email from the bloodsucking, bottom feeding scum.  Oops, sorry, pension administrators! Grin
The terms of the pension are  :-
First 2 years contributions don't count towards final pension.
 
They charge £1.50 per WEEK administration.
PLUS they take a further 3% of the contributions towards administration.
I'm 59 in a couple of weeks so, retiring at 66 ( if they don't move the goalposts again) I will get 5 years of contributions. Which will realise a predicted pension of £2.40 a week.
I think I'll pass thanks. Angry
nanotm
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Re: Outlook.com and workplace pensions

yeah the admin fees are extortionate on some scams,
you would definably be better off continuing a current scheme or alternatively shoving the money into a cash ISA and then having something useful in a few years time.
just as a matter of note you should complain to your MP about the exorbitant admin fees the providers want to steal off you, you get much cheaper rates if you take out a 5, 10, 15, 20, 25, 30 year endowment policy, sure its not as "safe" but they don't plunder your pot continuously diminishing the value of any money paid in right from day one (just potentially miss manage it)
just because your paranoid doesn't mean they aren't out to get you
Community Veteran
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Re: Outlook.com and workplace pensions

Well, I was looking at the fact that I will be paying in £3-5 a week. So am thinking I will put that into a funeral plan. then the kids will have enough to bury me without worry (already got 2 funeral plans so be a nice top up). Wink
pwatson
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Re: Outlook.com and workplace pensions

Can you name and shame the pension provider as those charges are extortionate!  Are you absolutely sure it's not £1.50/month and 0.3% annual management charge?  This is what NOWTongueensions charge I believe...
Bear in mind as well that your contributions are tax free and your employer is also making contributions.
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Re: Outlook.com and workplace pensions

Quote from: pwatson
your employer is also making contributions.
That's the really important bit.
How much, compared to now?
Unless they are trying to move you from an existing scheme opting out is highly unlikely to be beneficial to you.
Get someone numerate who you trust to check your calculations before making a commitment either way.
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Re: Outlook.com and workplace pensions

@ PWatson... thanks, you confused me as the pension is with Now Pensions. I have managed to look on their site and compared the information there with the information given to me by my employer.
I saw my employer this morning and asked where he got his figures from as they were wrong ( 0.3% NOT 3% that he quoted) his reply?... "What's the difference, in a number you always remove any zeros before a whole number".  Amazing!
And the difference between weekly and monthly admin charges?.." well, it doesn't make that much difference".
I'm  checking my wages more closely now!
Going to look into the final benefits more closely, but general opinion is that, at my age, it's not going to be of any benefit to me unless I top it up drastically.
I might just buy premium bonds. Embarrassed
pwatson
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Re: Outlook.com and workplace pensions

Sounds to me that your employer may be 'encouraging'  staff to opt out by giving misleading figures.  That way they won't be making their contributions... .
nanotm
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Re: Outlook.com and workplace pensions

does the pension scheme have a medical retirement clause ?
sometimes the benefits of being a scheme member are massive for ill health clauses and its cheaper than taking out insurance ot cover such things, as a parent my main concern wouldn't be about the 20 quid a month I might get back in my dotage so much as it would be about the what if case, for instance if you get duffed up by some unruly passengers and are left unable to work until retirement age what remuneration terms are offered by the scheme, not that you should look to or overly worry about such things but it might be beneficial to be a scheme member even if its not going to change your circumstances in retirement.....
besides any income below 40 quid a week would mean its just a bonus that you would get on top of the state pension, so its not worth opting out in that regard
just because your paranoid doesn't mean they aren't out to get you
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Re: Outlook.com and workplace pensions

Haven't thought Scott the medical side of things, thanks for the heads up. Will look into it.
As for the actual end pension... my put will be about £2,450 ( £3.50x2x52(weeks)x£7(years contributions). With this£2,450 I buy an endowment that pays (approx in today's market) 3%pa. So I get an annual pension payment of £73.50. Or £1.41 per week. This is not taking into account the interest earned on my payments (negligible).
If I get 6%pa then I may in seven years be able to afford half a pint of beer once a week. That's why I am considering  opting out. I will check the medical side of it first though.
My employer is a sly, conniving son of a whotsit...So I wouldn't be surprised if he is trying to discourage people from taking it up. He had an 'insurance' in place that everyone contributes to, on 50p a week, but no one knows what it is for our Howe to claim on it. I have tried asking him several times but the answers vary from 'It's something my father started up years ago'  to the paperwork is upstairs somewhere, it got lousy in the move (3 years ago). When I find it I will give you a copy'.
I personally think they are taking this money to pay for employers liability insurance which they should pay for. And that they now don't know how to stop doing this without stirring up a hornets nest. I'm considering ringing the police about this, or the tax man. But if they get closed down there's going to be 60 people looking for work.