Pension talk

[Scouse]

The company I work for has recently changed its ways with regard to how the pension works and we have been offered to opt out if we wish to stick with the current 'normal' scheme.

The new system basically means that instead of your payments going through as paid by you, are paid through on a 3 monthly basis by the company. This in turn saves you on paying tax on your pension and at the same time earns them money through investing.

But what are or could be the implications of this?

As said it only goes through every 3 months and no payments are made (on paper work) in my name. So there are no traces of me paying it.

It worries me slightly in the sense that it is dodgy enough with a standard pension if things go tits up. Let alone if things go tits up and no payments are in my name. But then it would make me a bit more cash.

What would you do? & What is your opinion on it?

[MarJay]

I thought there was tax relief on pension payments anyway? I'm not an accountant but that sounds a little sus to me!

Blimey Scouse, Estate car, pension... you'll be wearing tweed next!
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[Scouse]

[nowhere.elysium]

If it sounds too good to be true, it usually is.
Seriously, though: it sounds like they're just cheekily trying to accrue interest on the pension payments. I'd stick with the standard method, given the choice. Pensions are looking shaky enough as it is these days, so anything that potentially disrupts them further is something I'd steer well clear of.
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