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Company contribution Pension Scheme

  • 12-01-2014 5:26pm
    #1
    yawhat!
    Closed Accounts Posts: 970 ✭✭✭


    I got offered this in work with a new contract and not 100% how these work. I am only 23 so don't think I need money taking out of my wages every month for this. I would further down the line in 10 years or something. Can you decline this or what percentage of your salary would be taken every month. Thanks.


Comments

  • #2
    gctest50
    Registered Users, Registered Users 2 Posts: 9,605 ✭✭✭gctest50


    You'd be better off starting that or something better asap, time passes :

    In 10 years you'll be 33

    You sleep about a third and a bit of your life away - leaves 6-ish years

    Work, shopping and all the other little things - knock off another third - only three years


  • #3
    yawhat!
    Closed Accounts Posts: 970 ✭✭✭yawhat!


    I dont understand ?


  • #4
    SeanPuddin
    Closed Accounts Posts: 751 ✭✭✭SeanPuddin


    I have been paying mine since 23. Ultimately it's up to you, a company can't force you to take a pension, usually they will pretend they can in order for tax benefits. Usually it's 5-6% of your salary, and the company matches your contribution. Make sure they contribute.


  • #5
    yawhat!
    Closed Accounts Posts: 970 ✭✭✭yawhat!


    SeanPuddin wrote: »
    I have been paying mine since 23. Ultimately it's up to you, a company can't force you to take a pension, usually they will pretend they can in order for tax benefits. Usually it's 5-6% of your salary, and the company matches your contribution. Make sure they contribute.

    Ugh I think I'll leave it for another couple of years so. Around 100 a month is quite a bit when its 42 years away!


  • #6
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    yawhat! wrote: »
    Ugh I think I'll leave it for another couple of years so. Around 100 a month is quite a bit when its 42 years away!

    If it's part of a new contract you either take it or refuse the contract and look for a new job.

    Pension deductions are fully tax decuctible anyway so it should be 20 -52% less than the gross amount that will be deducted


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  • #7
    yawhat!
    Closed Accounts Posts: 970 ✭✭✭yawhat!


    Stheno wrote: »
    If it's part of a new contract you either take it or refuse the contract and look for a new job.

    Pension deductions are fully tax decuctible anyway so it should be 20 -52% less than the gross amount that will be deducted

    I think its optional after looking over it again. I will speak with HR monday about it anyway. Could you take some of the money from the pension early say if you were made unemployed or something?


  • #8
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    yawhat! wrote: »
    I think its optional after looking over it again. I will speak with HR monday about it anyway. Could you take some of the money from the pension early say if you were made unemployed or something?

    Only if you get made redundant within two years of being part of the pension.

    Seriously google pension contributions Ireland, you'll get all the info you need.

    Mightn't sound like you need to, but even at your age you need to be aware of this.


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