Have you got a pension??

[SymphonicX]

If so, could you explain it to me? I'm looking into getting on the work pension plan but its sooooooo damn confusing....someone help me out here, explain in idiots terms!!

THANKS!! :)

[Mike70]

If so, could you explain it to me? I'm looking into getting on the work pension plan but its sooooooo damn confusing....someone help me out here, explain in idiots terms!!

THANKS!! :)

well man i was just about wax poetic on this when i realized that from reading your posts that you most likely live in the UK. so i'll shut up and go back to my corner.

[Neil]

If so, could you explain it to me? I'm looking into getting on the work pension plan but its sooooooo damn confusing....someone help me out here, explain in idiots terms!!

THANKS!! :)

In the UK, basically everything you contribute into your pension is tax free. So even it makes little money, you're in effect earning 25% (or 40% for high tax earners) on every penny you put in, the moment you put it in.

This tax will either be added in effect at source by your company deducting it at source so in effect you never earn it so it's not taxed... Or it's put into your pension after tax, and you get to claim the tax back on it on a tax return each year.