It would be worthwhile finding out more about the company pension scheme. For instance; does the company contribute on your behalf or cover part of the cost of running the pension scheme? If so, joining even for a year could be beneficial in terms of boosting your pension provision and could be cheaper than starting your own pension plan.
If you do join the scheme and leave before you have been a member for two years there are a number of options (depending on the scheme rules). The scheme may:
Allow you to remain a member and for the pension you’ve built up so far to be held in your name for you to draw upon when you retire.
Offer a refund of your contributions.
Offer to transfer the money you’ve built up to a pension fund of your choosing.
Your employer may use a financial adviser to administer the pension scheme and they should be able to provide you with advice on whether to join and the implications for you.
Bear in mind that retirement is not all about pensions; try to strike a balance between paying off your debts (such as mortgage and loans), funding a pension plan on a regular basis and building up other liquid assets (savings), which you can easily access when you need them.
The SavvyWoman website has a section on retirement and a sub section on private pensions which will be a good starting point if you do want to start your own pension plan.
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