Is a Workplace Pension Worth It? Pros, Cons, and Benefits Explained

I honestly would carry on paying it, noticed mine was losing a bit recently so I cashed it in and paid off my mortgage, I also have one from which I take a monthly payment, you can claim it from 50, ok I won't have most of it when I retire but I won't have to pay my mortgage our of my state pension.
 
Also consider retirement age - state pension will start age 67 if you are lucky ..... if you want to retire earlier which i imagine you do - another pension pot accessed flexibly could bridge a 2 - 5 year gap so allowing earlier retirement
With the amount your employer puts in plus tax relief - definitely worth it for the cost
 
It is absolutely worth having a pension. I've been paying into the NHS one for over 20 years. I'll be taking semi retirement in a couple of years due to having a son with disabilities who finishes school then and it simply wouldn't have been an option without my NHS pension. My son will get my pension when I'm gone too which is a reassurance to me. You never know what's ahead.
 
I pay in to work pension, obviously government and every month £50 in to a savings account that I won’t touch untill after I retire. Won’t be loads but still something. I don’t want to have to work at 75!
 
@lenam331 do your company increase their contribution if you increase yours? Some do. So you pay that £50 into your work pension, they would match it and that means you are then putting £100 a month into your pension. Something to consider xx
 
@guzzy101 you will pay tax on your pension upon receipt if over the taxable amount ask for a pension forecast or look at your annual benefit statement to see what works best for your financial situation
 
Why would you not contribute to your workplace pension if the company also adds to it. In some instances they will match your contribution, that pot will grow. It will then be an addition to your state pension if it is still around.
 
As others have said the state pension is very small and will cover basic living if it still exists in the future. Therefore a workplace pension should provide funds for retirement. I remember being recommended to pay in half of your age when you start your personal pension so 10% when you are 20 but I couldn’t afford that. I will likely top it up in the future. A family members workplace pension is also linked to other benefits such as private medical and life assurance so although his final pension will be small the other benefits outweigh the cost
 
The current state pension is £203.85 a week. Could you live off this? The benefit of work base pensions is to give yourself more cash in the future to live off (quite often the company contributes to your pension, so in effect you're getting 'free' money from them). Look at is as a saving scheme for your future. Personally I think it's worth doing, or look around for a private pension, as unless you have amazing savings or a big windfall, retirement will be tough on the state pension amount
 
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