Are most transport firms paying the minimum 3% pension contribution if the employees contribute 5%? Thinking of getting a perm job but I want a good pension scheme. I think DHL pay 8% is the employee pays the same if I heard that right at a recent interview.
Agency pays more but how does it work regarding pensions?
If you want a decent employer contribution you’re probably better off seeking a unionised company as they tend to offer better terms etc.
There’s nothing stopping you upping your personal contribution either. If you are in a higher paid role it makes sense to do that, ie if you earn regularly over £966 per week (I’m open to correction) you’ll pay 40% tax on any amount over £966. Therefore you can up your pension contributions to take you under that amount and as pensions are taken before taxation it makes perfect sense.
reeves is trying to stop that going to be discussed in the coming month
With the employer increase in Nat Ins, likely quite a few will be looking to minimise on something else, suc as pensions.
But that doesn’t stop the driver stuffing more money away if they wish to or can.
A bit of advice to you younger fellas from an old man, get yourselves fixed up with a decent pension (employer contributes a bit, YOU contribute a bit)
To younger people it might not seem very important…but it is.
A true story…this old man worked in the fuel industry and early in his career he was urged to contribute to the company pension scheme…he did, and for years that pension just sat there, ‘maturing’. Retirement came and the pension came up smelling of roses, the lump sum payout bought a new£33k Jaguar CASH, and now well into retirement it’s still paying a monthly annuity.
GET A DECENT PENSION
^^^^ I had a pension with ICI/Imperial Tankers from back in the day that I’d genuinely forgotten about. Fast forward many years and they managed to trace me to my new address. Turns out the value is a tad under £200k. It makes sense.
I was never earning enough to pay into a pension. All my previous wpp aint worth jack. Now I’m on a decent wage it’s growing but the reality is that when asked if I would like to continue after retirement age I’ll be saying yep or I’ll be flat broke.
I’m flat broke now lol
Unfortunately in my work the pension we are enrolled into is a lump sum only and zero annuity.
I can’t comment, I’ve no experience of ‘lump sum only’. In my day lump sum/annuity was the only option. It worked well for me.
All I can say is speak to an INDEPENDENT financial advisor.
I’m constantly surprised at how bad your pay and conditions are, in comparison to us.
Here, every employer is compelled to pay 12% of every employee’s base rate into superannuation.
This makes sense to governments, as state pensions are asset tested. By 2050 every employee will will be too rich to claim the age pension, except of course the bone idle who have made a lifestyle out of surviving on benefits.
The then 40+ vehicle family haulage company I worked for at the time set up a company pension scheme, for which I am very grateful, back in 1974.
except of course the bone idle who have made a lifestyle out of surviving on benefits.
Oy! no need to to take my name in vain-and you spelt it wrong 
Well I don’t have much of a personal pension at all hence why I started this thread. However today I’ve been offered a temp to perm contract with a company who according to them have a great pension scheme and will pay for my truck training 
im currently 7.5t. This could be exactly what I need let’s watch this space.
Be careful, some firms have sneaky tricks they pull on drivers. From taking the training fees out of your pay on the sly once you start earning, to having a financial penalty once you leave the company. For example with one of the big parcel delivery companies if you leave them within 5yrs of getting your license through them, you lose a months pay etc.
Much the same. Ive next to no personal pension. Is it worth starting now at 37? Older hands please advise..
Never to late to start paying in. Try pay in as much as you can are allowed to.
Espacailly if your work place matches what you pay in.
YES YES a thousand times YES
go to a financial adviser they will help you. Make sure it is a proper one though rather than some dodgy pop up one that only wants to take a wack out of your pension.