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The Peoples pension


Special Superman
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Hi everyone

I was wondering if anyone could give me a bit of help with reagrds to the new pension system and specifically if possible The Peoples Pension. Being under 22 I have not received the information pack from work only a letter saying I can opt in for it early should I so wish and I emailed the Peoples pension but have no reply.

So being on a low wage I would only pay in £5.21 a month and I assume I will work till im 65 so I would in total pay around 2,800 ish I think (althought hopefuly I will get more money as I age and will pay in more) so this really does not seem like a lot but does a pension work like an investment sort of thing? As they have diffrent risks to pick from, so would I end up with more than the ammount of money I mentioned before?

I realise that does not make any great sense but any help would be good cheers

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I have tried to contact the company again, I looked at the gov site but the information seems a bit diffrent is all particularly in regards to the 3 levels of risk etc

but thanks anyway :)

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While it may sound blunt, if you intend to pay a fiver a month for the whole of your career and retire at 65 then hopefully you like baked beans and not switching your heating on in the winter. While pension investments can go up (or down) and a pound invested in your twenties is more valuable than a pound invested in your fifties a £2800 pot isn't going to go very far at all given most people can expect to live for twenty years past retirement age these days.

If you're not very familiar with pensions then you can get free advice from the Money Advice Service, who can at least explain the options for you to decide what is the best product for you and how to adapt it as your career changes.

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that's sort of why I was asking mate, I realised I wouldn't exactly have long left in me if I had only 2 and a half grand

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