I am a 28yr New Zealander and have just arrived in London where I will be living and working for the next 2-5 years. I am about to start employment at a major bank, who kindly offer to contribute 20% of my salary into their pension scheme if I contribute 3% myself.
The problem is that I do not intend living in the UK for more than 5 years, so will not benefit from a retirement scheme. I have been advised to contract out of the S2P which redirects that portion of my NICs into a private pension fund, the benefit being that I can then transfer that amount to NZ after leaving the UK, and access the cash immediately.
Is this sound advice? Or am I better to stick with the bank's pension scheme while I am here, seeing as they contribute a substantial amount? My understanding is that if I stay with the bank pension scheme I will not be able to access the funds until retirement, or is there a way around this?
Any help would be much appreciated!! Thanks.
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