To “help people” save more for their retirement, the British government now requires employers to enrol their workers into a workplace pension scheme. My workplace has asked me if I want to take part or not, and initially I chose to opt-out but now my colleagues are saying I’ve made the wrong choice. Have I made the wrong choice?
The reasons I chose to opt-out was because I believe my pension is my responsibility, it’s an added cost to my employment, it’s encouraged by government, and what I do know about the pension company my workplace has chosen I don’t trust because I believe they follow conventional wisdom when it comes to “investing” such as diversify in bluechip stocks and government bonds etc. So basically I don’t know what it will do with my contributions (even if it’s 1% and which can be increased and would have tax relief) for example it could put it into Western inflated and distorted stock and bond markets.
Contributions to the pension scheme is made each pay period and would include both employer and employee contributions, and I believe it’s 1%.
http://www.nowpensions.com
http://www.gov.uk/workplace-pensions
