2006-07-31 03:56:59 · 12 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
You don't pay into a pension. Your company contributes for you...to which you might add a percentage. The amount of time it takes to get vested in the company's portion varies from company to company
2006-07-31 03:59:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you have a job with a pension plan, you will pay into it for the whole time of your job. Depending on private company jobs, or County, State, Federal jobs, the time you are required to work before you receive a percentage of your pension differs, i.e., retirement after 5 years, you will receive x amount of your full salary, 20 years you might receive 80-90% of your monthly salary, with paid medical insurance. However, pension plans are being phased out, so anyone paying into a pension plan should check out all the details of their plan, and if certain guarantees are not stipulated as guaranteed, you might want to take the same percentage of your wages that would be withheld for a pension plan and invest in more secure financial retirement account. A lot of people have paid into these pension plans for 40+ years, and if their company "reorganized", their entire pension account and medical insurance was lost. Some people have to pay their entire pension amount for the medical insurance payment, also. So, it might be a good idea to make sure that anything withheld from your paycheck as "pension" will really by available to you in 30-40 years for you to be able to benefit from.
2006-08-01 05:06:29 · answer #2 · answered by 420Linda 4 · 0⤊ 0⤋
Company pension - as long as you work there they (and you if you want to) pay in to it - you have to have been there a certain amount of time to be able to take their contributions to the pension when you leave, you can always take your contributions.
Personal pension - for as long as you like - the earlier you start the better, then you should (if you can) keep paying until you retire.
State pension - not very much at the end of it all, but you pay in to this your whole working life by paying National Insurance.
2006-07-31 11:06:24 · answer #3 · answered by peggy*moo 5 · 0⤊ 0⤋
All your years you work that you pay tax, you are paying to the government Pension Scheme.
Your company may fund another pension Scheme under their rules while you are employed.
You should have your own pension plan as soon as you can, and pay in as many years as possible. Half your age, and this is the percentage of your annual income you should pay in per year. Divide that by 12 and you get your monthly contribution.
2006-07-31 12:52:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Thats a bit like asking how long is a piece of string!!
You pay into it from the year you opened the pension, and you stop paying when you retire!
In the UK and Ireland, its recommended to start a pension between 23 and 25 if you want to see a decent pension when you retire.
2006-07-31 11:00:47 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you are lucky enough to be working for a company that provides a pension plan, you (or your employer) pays into it as long as you are employed.
2006-07-31 10:59:34 · answer #6 · answered by Anonymous · 0⤊ 0⤋
ideally , it could be 30 or 20 years; i believe it is 20 years for certain, more hazardous professions like police officer, military; otherwise, most companies , teachers, and government jobs (in the US) are 30 years, but that is the ideal; alot of people pay into less, but they get less back when they retire
2006-07-31 11:01:32 · answer #7 · answered by I.M. 3 · 0⤊ 0⤋
As many as you can. The more you pay early on, the bigger the pot will be.
2006-07-31 11:00:18 · answer #8 · answered by Anonymous · 0⤊ 0⤋
until the day retire
2006-07-31 11:01:34 · answer #9 · answered by Bruce k 2 · 0⤊ 0⤋
till you retire
2006-07-31 11:00:40 · answer #10 · answered by xxxxxxxxxx 3 · 0⤊ 0⤋