BS: Brexit and other UK politics thread 5

Subject: RE: BS: Brexit and other UK politics thread 5
From: r.padgett
Date: 08 Jun 26 - 02:18 AM

Nil employee private pension schemes generally would be Staff schemes as a employee perk; Workers nil contributions would be hard to contemplate and generally the employer paid twice what the employee paid so typically EE 5% and ER 10% ~ the automatic workplace pension schemes have/had very low "introductory" contributions ~I am no expert on the set up btw ~ but seem to be likely to change in the future due to cost

Ray

Employment is key too and NIRP pensions for not in employment career is problematic ~ setting one rate only? Could be looked at and variable rates or means tested? mm

Ray

Subject: RE: BS: Brexit and other UK politics thread 5
From: The Sandman
Date: 08 Jun 26 - 03:19 AM

If AI replaces jobs there will be less tax to pay for any kind of pensions, and less people with money, means stagnation of the consumer economy. But do the very rich care who control the consumer society care?

Subject: RE: BS: Brexit and other UK politics thread 5
From: Backwoodsman
Date: 08 Jun 26 - 07:42 AM

”Nil employee private pension schemes generally would be Staff schemes as a employee perk; Workers nil contributions would be hard to contemplate and generally the employer paid twice what the employee paid so typically EE 5% and ER 10% “

The scheme of which I was the administrator for the last thirteen years of my working life was not a staff ‘perk’, it was open to all employees - both staff and manual workforce. The base level of 0% employee and 5% employer - basically a contribution-free scheme - applied to all employees who chose to join the scheme.

For every 1% the employee elected to pay, the employer paid an extra 1% over and above the basic 5%, up to a limit of 10%. There was no upper limit to the employee contribution - as an example, my wife (who also worked for the same company as me until April of this year) contributed 12% and the company contributed 10%.

The Scheme in question is effectively a private pension scheme with one of the UK’s largest insurers/pension providers, so the problem of the company itself having access to scheme funds, e.g. as occurred with the infamous Maxwell scheme, doesn’t exist. The only danger would arise if the provider’s business got into difficulties or, as in the case of Equitable Life (?), failed.

Of course, pension schemes are just one way employees can save for their retirement but, although they can have disadvantages, they also have major advantages.