- May 5, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Considering Opting Out of Company Pension Scheme
I am currently 31 years old and have recently returned from a lengthy maternity leave as a Stay-at-Home Mom (SAHM). I have just started a new position at a different company, and they offer Nest as their pension scheme. I have the option to opt out of the auto-enrollment before 1st June 2024.
## My Financial Situation and Decision-making
In addition to the Nest pension, I already have a Fidelity SIPP that is performing well. Given that my salary is only 30k, I am unsure whether I should opt out of the company pension scheme and solely focus on contributing to my SIPP. I have heard mixed reviews about Nest, and I am questioning whether it is worth maintaining both pensions.
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If you opt out you’ll lose out on your employer contributions, i.e. ‘free’ money.
Plus potential tax and NI savings if your employer runs it as salary sacrifice.
Typical advice would be to maximise your employer contributions. If you want to add extra beyond that, usinging the SIPP for that might make sense.
There’s no reason why you can’t have both a SIPP and Nest account at the same time.
Do it and then move it later in your life.
I agree with others. It’s worth using it for the free contributions.
You might be able to get them to transfer into your SIPP while you’re working there, so you could just call them every year and transfer. I don’t think every pension allows this while active though.
But if you move job you can transfer it into your SIPP then.
Bear in mind SIPP is only covered for 85k ot something by financial protection?
> I already have a Fidelity SIPP which is doing well.
Learn about what you’re invested in – when you write “it’s doing well so far” you’re admitting that you’re just fumbling around in the dark and have no idea what you’re doing.
I’m sorry if this is blunt – I don’t mean to be rude but I have to run out in a moment. Don’t take this personally, because most people are fumbling around in the dark when it comes to pensions and have no idea what they’re doing.
Understand what you’re invested in, optimise your choice of funds. Simple as that.
Why would you throw away 5% of your salary which your employer will put in your NEST for you? The money in that pension is *YOUR MONEY*, which you can invest more or less how you like. You can transfer it to a different provider when you change jobs.
Read the wiki thoroughly. Watch Lars Kroijer’s [short video series](https://www.youtube.com/playlist?list=PLXy71rkGuCjXLg9N8zowwUpXCYfBcMJFK) and read his book or Tim Hale’s [*Smarter Investing*](https://www.amazon.co.uk/dp/1292444401).
Keep the Nest one. Transfer out to your SIPP when you leave.
Hi /u/MyAkitaInu, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/pensions/
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