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EMT pension, a no brainer?

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Informe

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Hi chaps, I'm starting at EMT next week as a trainee depot driver with my sights set on mainline. In the employment package there is a pension opt in/out page, the opt in says "shared cost section".

I think it is a final salary based pension but there are no details. Now I will be talking to HR about this before I make a descision but I've been on to them alot already and don't want to be "that guy again!" so looking for opinions and/or experience.

How much will I be paying on a £31450 salary? Is it a no brainer good deal? The only info. online seems to pertain to industrial action threatened in 2012 that seems resolved.

Any advice gratefully recieved as I know very little on this subject, thanks.
 
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Dave1987

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Informe said:
Hi chaps, I'm starting at EMT next week as a trainee depot driver with my sights set on mainline. In the employment package there is a pension opt in/out page, the opt in says "shared cost section".

I think it is a final salary based pension but there are no details. Now I will be talking to HR about this before I make a descision but I've been on to them alot already and don't want to be "that guy again!" so looking for opinions and/or experience.

How much will I be paying on a £31450 salary? Is it a no brainer good deal? The only info. online seems to pertain to industrial action threatened in 2012 that seems resolved.

Any advice gratefully recieved as I know very little on this subject, thanks.
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You have to enter a shares scheme with railway pensions for two years before you transfer to the final salary scheme but my advice would be to go for it! It's one of the few remaining pension schemes that are really worth it in the present market. Check your paperwork but I would guess you will pay 5% and they will pay 7.5% but that might be wrong.
 
L

Legzr1

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Your HR won't be able (legally) to give advice but the general consensus is just do it!
 
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TDK

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The railway pension is probably in the top 10 pensions in the country.
 
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