Is it logical to opt out of my pension?

[scaredtodeath]

@fromtheearth Is there an alternative you'd consider, say a Lifetime ISA? The USS is massively underfunded as far as I'm aware.

 

[filu63]

@scaredtodeath Please stop saying this I'm just gutted that as a result of the (successful!!) industrial action around the USS, people seem to trust it less than before.

 

[scaredtodeath]

@filu63 Why? It's heavily underfunded and most of the Cambridge colleges have left it for that reason, plus very poor investment decisions overall. Don't wanna put good money in after bad. Particularly with other very lucrative pension/LISA options on the table.

 

[smcyoutube]

@fromtheearth Someone correct me if I'm wrong, but if you leave the UK you can take that money out of the pension scheme, however you'll lose your employer's contribution.

 

[duanewinklerjr]

@fromtheearth Depends. Do you intend to stay in the uk? If not, no point paying into a uk pension. If yes the university payment is substantial and as has been said elsewhere future you will love you for it.

 

[thanhchuong1]

@fromtheearth Pay into the pension.
PAY INTO the pension.
I will come back and check…PAY INTO THE PENSION.

 

[justme97]

@fromtheearth 21.6% is amazing and 5-10 years of pension contributions at the start of your career are far more than at the end. It’s so worth it if you can make your budget work.
It’s a private pension so while you might not be able to transfer it, you will be able to access it from any country.

 

[ghaynes]

@fromtheearth 5-10 years of the equivalent of 30% your salary in a pension?!?!? And you're asking if it is logical not to keep it? I gotta ask what your PhD is in.

The pension is still yours if you leave the country permanently. Some countries have pension transfer agreements with the UK and worse case you claim it from abroad when you reach retirement.

 

[jacusmc18]

@fromtheearth Stay in the pension scheme, as people have stated, the tax benefit is great, probably beyond what you can get in investments

 

[paulalovescats]

@fromtheearth You can claim your pension from anywhere. It’ll be worth it when you are at retirement age.

 

[resjudicata]

@fromtheearth Why do all these pension posts get such bad downvotes?

The young are waking up to the pension being pretty dumb and money we’ll barely get to see. Inflation alone makes it almost pointless.