@peter1000 I've quoted word for word from offer email. Unfortunately there's no misunderstanding... As in the example they give... I contribution 1000, they contribute 100.
@duke7779 I would be asking why it is so poor then (i'd be interested to hear their response!) It's shockingly bad, so bad it sounds like they are trying to scam the employees into thinking they get a 10% match
@vulcanlogician Unfortunately after re-reading I think there's no misunderstanding. On my first reading I thought 'great 10% of salary'... Then reality hit. It's abysmal and frankly an insult.
Btw, the offer is quoted word for word from the email I received.
@riverwolf1975 I'll tell you about an offer I received. I can contribute up to 5% of my salary and the company will contribute with another 5% of my own salary as a "benefit" if I opt in. That's 10% of my own fucking salary. Where's the benefit there? They had me cracking when I heard it first time. Got really pissed off when they came back to me again saying it was a benefit nonetheless.
@jamesoke Technically it is giving you slightly more net pay rather than you doing the 10% yourself as you don’t get deducted usc and we prsi in the other 5% but they are saving way more in er prsi then you
@jamesoke Are you sure they weren't saying they'll "match" up to 5% contribution? So pay that outside of your salary? That's a standard way to frame it.
@vasily Nope, they specifically said they will allow us to increase our own contribution as a benefit if we opt in. Adoption rate was near 0 as most folks already have some sort of private pension.
@duke7779 That is shocking, usually an employer will match your contributions, I.e you put in €200per month and they will do the same. This can range from 2% upwards, 5% matched is average. Charges can be up to 1.5% with company pensions but with the shit contributions your company is willing to put in you’d be better of by yourself.
@resjudicata That would be my thought too, never heard of anything so low as 10% of employee contribution. My limited exposure I’ve never even seen it expressed as a % of employee contribution (unless 100%)
@duke7779 Have not heard of anyone matching by so little, must be the starting option to say they offer pension contributions. 10% is better than nothing I suppose
@duke7779 Auto enrollment is being implemented in the next 1-2 years. Employers will be obliged to offer a staff pension (subject to minimum income thresholds and the employee signing up to it).
Don't quote me on this but as far as I know it will be 3% employer contribution, 3% employee contribution and the government top it up with a further 1%.
Not sure around the terms and legalities, but could they possibly be preempting this and trying to pull a fast one by getting you on a policy that won't cost them as much before they are obliged to?
