Found 14th Feb 2010
Hi I work part time for network rail been with them for 24 years they are now launching a smart pension. There is so much controversy as to whether they are good or bad I am confused. If we don't want to go for the pension we have to opt out as it's an automatic joining. Problem is with all the rumour mill working overtime I'm now confused as to which way to go. HELP !!!!!!! Thanx to all who post sensible answers.

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The company I work for introduced Smart pensions about a year ago. The info below comes from their website...

SMART Pensions is a way for both Employees and the Company to make National Insurance (NI) savings that is acceptable to HM Revenue & Customs

You already receive income tax relief on your pension contributions. However, your earnings are still subject to National Insurance (NI).

With SMART Pensions, not only will you benefit from income tax savings on your pension contributions, but also both you and the Company will pay lower National Insurance (NI).

Banned

Be warned OP... you need to act on this, or it will be done without your consent. (Edit... just noticed you realise this...... does that not tell you something?)

To me, it just looks like a scheme to save the company money.

a system which will affect the money you get for the rest of your life?

you shouldn't be taking advice on this forum, you should be speaking to your union or, if you're not a member, join and then speak to them - or, get some professional financial advice.
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