company pension schemes

[Marques]

Has anyone joined their company pension scheme?

My company says I gotta provide 1 percent of my gross salary, the company provides an additional 1%, after some years my contribution rises to 3% and the company provide an additional 2%...

I wouldn't say its pointless but isn't it a nice way to save money?

[0sman]

Just 1 and 2 % of your income? Here Down Under the pension scheme is called Superannuation and it's 9.5 % of your income, COMPULSORY. Welcome to Down Under, mate.

[Octavius]

Do you live in UK?

[YummyMummy]

Had no idea you found a job Marques maa shaa Allah, congrats walal
I think it is worth it. The teaching pension is public sector, so it's well above 2% but your employers pays the same into it, for the length of your employment.

Octavius: yes

[xiimaaya]

Had no idea you found a job Marques maa shaa Allah, congrats walal
I think it is worth it. The teaching pension is public sector, so it's well above 2% but your employers pays the same into it, for the length of your employment.

Octavius: yes

So yummy mummy is Marques?

[Octavius]

Yummy Mummy is Marques, self qarxis occurred here

[YummyMummy]

[Octavius]

YM how does it feel to get caught red-handed like that

[YummyMummy]

groovy

[Octavius]

Groovy? that sounds like something Austin Powers would say

[YummyMummy]

Yeah baby! You gonna gimme my mojo back?

[Octavius]

Yeah baby!

P.s. Pension schemes aint worth it, we're unlikely to reach pensionable age

[The`Republic]

Sounds more like a 401K than pension. Western Europe pretty much has state run pension so I assume that's a less capitalistic 401k retirement plan through your job.

In the US, there is Social Security, 401K, and pension. Social security is our version of state pension and all workers pay into it.

401K is a retirement investment system that's purely market dictated. Both employer ans employee pay into it.

PENSION is a system only employers pay into depending on what contributions unions have negotiated with it. It also depends on what Trusts govern it. The government regulates it, but it is not involved. It's purely something employees through collective bargaining negotiate with their employers. For however many "covered" hours employees work, the employer pays contributions to his pension. Various rules dealing with contribution rate, vesting, benefit accrual, and percentages entitled to depend on what Trust hands the pension collected through mutual agreement of employer and collective bargaining agreement.

[HooBariiska]

you mean supperannuation?

in down under every $1 you put in your supperannuation the government puts in $1. All employees must put in 9% of their income a year in super.

This money goes to funds to manage it and invest it.
You cant take it out till your retire or you turn 40 something

[Marques]

LOL Octavious, she's my fraternal twin

Yummy, alx it's a nice city job i'll PM you about it

The_Republic, you explained it very well although again, 401k is just a crossover from the pensions. Most small companies don't even set up the system nor is it compulsory for most.

Aussies, a compulsory 9%? Talk about institutionalised isbaaro