Facelift 3 or 4 years PCP with the New New S3 in mind

[The Challinor]

Unsure on whether to take the FL S3 out on an 3 or 4 year deal.

3 years: £455 PM
4 years £405 PM

Considering I’ll be taking delivery 1st March 2018 the new S3 could be maybe 18 - 24 months away so let’s say March 2020. ( Let’s face it I’m a S3 man for life now )

3 years would time it better but obviously £1,800 more over the 3 years, guessing your just paying more depreciation. Or take it over 4 years and try and sell it when the times comes.

Quite a lot of unknowns really so I thought I’d put it out there see what people think

 

[ice_cube99]

Unsure on whether to take the FL S3 out on an 3 or 4 year deal.

3 years: £405 PM
4 years £455 PM

Considering I’ll be taking delivery 1st March 2018 the new S3 could be maybe 18 - 24 months away so let’s say March 2020. ( Let’s face it I’m a S3 man for life now )

3 years would time it better but obviously £1,800 more over the 3 years, guessing your just paying more depreciation. Or take it over 4 years and try and sell it when the times comes.

Quite a lot of unknowns really so I thought I’d put it out there see what people think

I went for 4 year pcp, now 2/12 yr in wish I went for 3year pcp. My lowish deposit 2.5k means I am still in negative equity, I did get a good discount of 12% at the time. So it’s frustrating to be around 2/3k down at the moment.

If I was to order again, it would be 3 year with a bigger dep to get monthlies lower.

 

[DrEskimo]

I posted this in another thread that might be useful for you:

Yea it’s a good deal. If there is no P/X then it looks about 14% discount (including the £850 contribution), which is high. Don’t think you will be able to squeeze much more.

My advice is to get the deal over the term you want to keep it. The GFV is only guaranteed at the 48month mark with 68k on the clock. If you get a new valuation at 3yrs it will be dependent on the value at that time you want to change. In other words it could (highly likely with a release of a new model...) be much lower than a GFV you get predicted on a 36month now.

I agree a BE trim might actually be better given the difference in GFV and price, since it has privacy glass already.

Essentially a PCP only positive (apart from lower monthly cost, but I still think the overall cost is higher than every other method, so bit of a false economy...) is the predicted GFV at the end of the term. If prices plummet, you can hand the car back and let Audi absolve the unpredicted depreciation.

The GFV set at the start is ONLY guaranteed at the end of the deal though. If you get a valuation any time throughout the deal because you want to change early, it has no bearing to this GFV. If prices drop, you are no longer protected by it.

In essence, getting a PCP when you knowingly will change early is negating literally the only financial advantage is has. You might as well get it with cash/HP/personal loan and save on the interest charges.

In fact, most people don’t hand it in anyway, and don’t even use Audi to maximise their trade in price, which is why I’ve often argued against PCPs...

One real danger is, hypothetically, if the valuation at 3yrs is less than the GFV at 4 yrs, you might not want to pay more to change, in which case you need to wait till the end of the term at yr4. Now you’re stuck paying your through your nose for a car without a warranty...

 

[kevpuk]

I would choose 3yrs, personally - tend to align PCP with warranty, MoT and so forth.....
Doesn't seem an enticing offer that the longer term costs considerably more, either - many times, people take an extra year to reduce the payments!

 

[Daveotto]

I think the new S3 will closer to 2021 so based purely on the potential availability date for the new S3 I would go 4 years.

Launch dates only ever go back so would not want to be beyond end date of a PCP and have to shell out the Balance payment or be without a car until the new one becomes available.

Went 4 years on mine and am 5 months in so if I want the new S3 as a PCP swap deal I am going to be borderline

 

[allanmb]

So it is actually cheaper per month to get the 3 year PCP? Why on earth did I go for 4 when I intend to get rid after 3 years?!?

 

[kevpuk]

So it is actually cheaper per month to get the 3 year PCP? Why on earth did I go for 4 when I intend to get rid after 3 years?!?

I think it can vary from car to car, manufacturer to manufacturer......ultimately, it will depend on the APR/Interest rate and the Yr3 - Yr4 depreciation.

In the case of the S3, well my one anyway, the GFV after 3yrs was really good % of new price, which can make PCP 'cheaper' than a Golf R or Leon Cupra even though the list price is higher. Ultimately, it is all about what the 'gap' between (discounted) total price + interest - GFV

MY18 S3 BE with a few bits and pieces will cost me £16,800 over 3yrs (£5,600 per year) - didn't look at a 4yr price. With my wife's XC60, going to 48months kept the payment below a threshold we wanted and was 'enough' cheaper to make it worthwhile over the 36month term.

 

[DrEskimo]

So it is actually cheaper per month to get the 3 year PCP? Why on earth did I go for 4 when I intend to get rid after 3 years?!?

It depends on the trade in valuation you get at 3yrs.

If the trade in is greater than the GFV at 3yrs, you will pay the same whether you took it out on a 3yr or 4yr.

Obviously each month will be cheaper on a 4yr deal, but if you trade in at 3yrs the difference between the settlement and trade in price will be larger, so whatever you saved by taking it on a 48m, rather than 36m, will be recouped by negative equity when you change at the 3yr mark.

In my usual boring manner, I have taken the time to look at the sums to illustrate for you...I know I know...i'm too kind...

E.g.

S3 Saloon 36months 30k miles with £2500 deposit and £800 contribution:

£2500 followed by 35 monthly payments at £529.92. GFV = £19,681.15.
At 3yrs if the trade in is better than GFV at £20k, then the total you will pay will be (2500+(35*529.92) =) £21,577.12, minus the positive equity of (20,000-19681.15=)£318.85

Total Paid = £21,258.27

Same S3 Saloon on 48months on 10k miles PA, but traded in at 36months with 30k miles with £2500 deposit and £800 contribution:
£2500 followed by 35 monthly payments at £461.70. Settlement figure, according to a calculator, will be about £22,500
If at 3yrs the trade in is the same as above at £20k, then the total you will pay will be (2500+(35*461.70) =) £18,695.5, minus the negative equity between the trade in value and settlement figure (obviously it's higher than the GFV of the 3yr deal, as you have paid less off...) (20,000-22,500=)-£2,500

Total paid = £21,159

So as you can see, in the case where the valuation is more than the GFV, it doesn't matter what term you take it over. To be able to pay off the £2500 negative equity if you took the 48month deal and traded in at 3yrs, you would need to save an extra £70 a month over the first 35 months...£461+70 = £530....exactly the same you would pay per month on a 3yr deal....

Now if the valuation is less than the deal, that's where being on the 3yr PCP has an advantage:

Same as above but the valuation is £18k after 3yrs, not £20k. In the 3yr PCP deal you can hand the car back and not pay the negative equity (GFV = £19681.15-18000 = £1681.15) and only end up paying £21,577.12.

In the 4yr PCP, you don't have a choice. You've paid £18,695, and now the difference between the valuation and settlement is £4,500. You dont have a GFV at 3yrs to protect you, so will cost you (£18,695+£4,500 in negative equity=) £23,195. Most people wont both paying £4500 to get out early, so as said, stuck with a car out of warranty for another year until they get to the end of the term and give it to Audi to swallow the negative equity.

 

[The Challinor]

I went for 4 year pcp, now 2/12 yr in wish I went for 3year pcp. My lowish deposit 2.5k means I am still in negative equity, I did get a good discount of 12% at the time. So it’s frustrating to be around 2/3k down at the moment.

If I was to order again, it would be 3 year with a bigger dep to get monthlies lower.

Audi’s PCP are beginning heavy, so on a 4 year term unless you have put a big deposit down it’s only on the final few months in the final year the car value balances out ( if you are handing back, etc )

 

[The Challinor]

I posted this in another thread that might be useful for you:



Essentially a PCP only positive (apart from lower monthly cost, but I still think the overall cost is higher than every other method, so bit of a false economy...) is the predicted GFV at the end of the term. If prices plummet, you can hand the car back and let Audi absolve the unpredicted depreciation.

The GFV set at the start is ONLY guaranteed at the end of the deal though. If you get a valuation any time throughout the deal because you want to change early, it has no bearing to this GFV. If prices drop, you are no longer protected by it.

In essence, getting a PCP when you knowingly will change early is negating literally the only financial advantage is has. You might as well get it with cash/HP/personal loan and save on the interest charges.

In fact, most people don’t hand it in anyway, and don’t even use Audi to maximise their trade in price, which is why I’ve often argued against PCPs...

One real danger is, hypothetically, if the valuation at 3yrs is less than the GFV at 4 yrs, you might not want to pay more to change, in which case you need to wait till the end of the term at yr4. Now you’re stuck paying your through your nose for a car without a warranty...

I would take the 4th year warranty if I decide to go down the 4 year PCP route.

I would choose 3yrs, personally - tend to align PCP with warranty, MoT and so forth.....
Doesn't seem an enticing offer that the longer term costs considerably more, either - many times, people take an extra year to reduce the payments!

I ballsed up, the figures should be the other way round and now I can’t edit it...

I would take the 4th year warranty if I decide to go down the 4 year PCP route.

I think the new S3 will closer to 2021 so based purely on the potential availability date for the new S3 I would go 4 years.

Launch dates only ever go back so would not want to be beyond end date of a PCP and have to shell out the Balance payment or be without a car until the new one becomes available.

Went 4 years on mine and am 5 months in so if I want the new S3 as a PCP swap deal I am going to be borderline

Really what makes you say that? Well if it is 2021 it’s going to be tight then as my new one would be due back 1st of March 2021 I guess.

Could have kept mine another 6 months at this rate lol.

So it is actually cheaper per month to get the 3 year PCP? Why on earth did I go for 4 when I intend to get rid after 3 years?!?

Nope, it’s the other way round - my mistake.

£450 - 3 years
£405 - 4 years

 

[RGBARGEE]

The car market is in dire states with Brexit and PCP returns and an uncertain economic future. Audi and BMW sales targets are way down and sales significantly lower than 2 years ago. This puts us in a difficult position. Audi prices are likely to increase with the poor exchange rate currently due to Brexit. Apparently discounts are likely to reduce significantly rather than list prices rising too much. Residual values are dropping. The 3 year predicted value for a new S5 now has dropped £3000 in the last 6 months. So... higher prices new, poor residuals, interest rates rising... Thank you Brexit. Not intended to be political but we are in the ****. As for 3 or 4 years, I would probably go 4 and buy an extra years warranty. BUT it depends on future value predictions and interest. Audi Finance isn't the most competitive on popular models.

 

[S32B]

Unsure on whether to take the FL S3 out on an 3 or 4 year deal.

3 years: £405 PM
4 years £455 PM

Considering I’ll be taking delivery 1st March 2018 the new S3 could be maybe 18 - 24 months away so let’s say March 2020. ( Let’s face it I’m a S3 man for life now )

3 years would time it better but obviously £1,800 more over the 3 years, guessing your just paying more depreciation. Or take it over 4 years and try and sell it when the times comes.

Quite a lot of unknowns really so I thought I’d put it out there see what people think

3 years, my last S3 was 4 years and never again!

1) We get bored quick and 4 years is a long wait, especially if the new S3 is out!
2) 3 years everything is under warranty without paying any extra
3) If you go 4 years you will need to do the big 3 years service, buy tyres, get an MOT, extend the warranty and buy breakdown cover.

If you add up the cost of 'the 3 years service, tyres, MOT, extended warranty, breakdown cover', you are not far off what it will cost you extra to go for the 3 year deal and change sooner!!!

 

[RGBARGEE]

3 years, my last S3 was 4 years and never again!

1) We get bored quick and 4 years is a long wait, especially if the new S3 is out!
2) 3 years everything is under warranty without paying any extra
3) If you go 4 years you will need to do the big 3 years service, buy tyres, get an MOT, extend the warranty and buy breakdown cover.

If you add up the cost of 'the 3 years service, tyres, MOT, extended warranty, breakdown cover', you are not far off what it will cost you extra to go for the 3 year deal and change sooner!!!

However looking at where the UK will be in 3 years time a renewal PCP could easily be 50% higher than now so maybe another year is a financially prudent thing to do. Service, negotiate in deal, tyres for 10k miles, warranty £300, MOT £45, Breakdown cover free.

 

[S32B]

However looking at where the UK will be in 3 years time a renewal PCP could easily be 50% higher than now so maybe another year is a financially prudent thing to do. Service, negotiate in deal, tyres for 10k miles, warranty £300, MOT £45, Breakdown cover free.

Breakdown is only covered for 3 years isn't it? still 3 years for me = hassle free motoring.

 

[RGBARGEE]

Breakdown is only covered for 3 years isn't it? still 3 years for me = hassle free motoring.

My bank give free breakdown cover and car loans at 3.4%apr.


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[Daveotto]

Really what makes you say that? Well if it is 2021 it’s going to be tight then as my new one would be due back 1st of March 2021 I guess

Industry wide new model cycle times are in the 7 year time frame and only way to speed them up further from the 7/8 years they were a few years back is to throw money at them. So with VAG cost cutting I expect the new A3 to be early 2020 based on 8V launch in early 2013ish with high performance models following on 6-12 months after it takes you nearer 2021

 

[The Challinor]

The car market is in dire states with Brexit and PCP returns and an uncertain economic future. Audi and BMW sales targets are way down and sales significantly lower than 2 years ago. This puts us in a difficult position. Audi prices are likely to increase with the poor exchange rate currently due to Brexit. Apparently discounts are likely to reduce significantly rather than list prices rising too much. Residual values are dropping. The 3 year predicted value for a new S5 now has dropped £3000 in the last 6 months. So... higher prices new, poor residuals, interest rates rising... Thank you Brexit. Not intended to be political but we are in the ****. As for 3 or 4 years, I would probably go 4 and buy an extra years warranty. BUT it depends on future value predictions and interest. Audi Finance isn't the most competitive on popular models.

Good point, locking in my fixed rate Mortgage for 5 years as there is far too much uncertainty at the moment.

Not really thought about the impact on the car market, but you raise a good point. Sound really bad but I just don’t want to be “stuck” with the FL S3 when there is a shiny new one out.

 

[The Challinor]

3 years, my last S3 was 4 years and never again!

1) We get bored quick and 4 years is a long wait, especially if the new S3 is out!
2) 3 years everything is under warranty without paying any extra
3) If you go 4 years you will need to do the big 3 years service, buy tyres, get an MOT, extend the warranty and buy breakdown cover.

If you add up the cost of 'the 3 years service, tyres, MOT, extended warranty, breakdown cover', you are not far off what it will cost you extra to go for the 3 year deal and change sooner!!!

It’s weird I’m not bored of mine I just fancy more doors as it’s just easier, I did plan on keeping mine 4 years and with shelling out for the paint...

Test drive one and with CarPlay, Virtual Cockpit, 7 speed box etc I’ve placed one so your right on point 1!

I’d probably go for a service plan anyways, and yer just had to MOT mine.

Thinking about the Q2, the SQ2 is yet to launch so really who knows how long the new S3 is away...

 

[DrEskimo]

I would take the 4th year warranty if I decide to go down the 4 year PCP route.

Ah well then it's neither here nor there.

If you think you will achieve a better valuation than the GFV from Audi, or indeed other avenues (like most, including myself, I just sold it to another dealer and got a far better return than Audi were offering as trade in on a new car), then either method doesn't actually matter. Will cost you the same either way.
(in which case, I would begin to wonder why you are bothering with PCP in the first place, and would advise you to go cash/personal loan/HP, pay more per month, but save ££££ in interest, but that's another debate )

If you think residuals are likely to waiver a bit and want the security of the GFV, then keep it for how long you think you actually want the car for. In light of Brexit uncertainty, perhaps not a daft idea...

A new car kept for longer will be cheaper per year, as the depreciation between yrs 3-4 will be much lower, particularly relative to starting another new car from years 0-1...! This is not really outweighed by the increased interest in the 4th year. Not sure if you then add service, tyres, MOT and warranty, like S32B points out. Would have to do the maths to know! Usually depreciation is far far higher than any of those costs.

 

[The Challinor]

However looking at where the UK will be in 3 years time a renewal PCP could easily be 50% higher than now so maybe another year is a financially prudent thing to do. Service, negotiate in deal, tyres for 10k miles, warranty £300, MOT £45, Breakdown cover free.

What you reckon £400 odd a month PCP’s could turn into £600 a month PCP’s?

 

[The Challinor]

Industry wide new model cycle times are in the 7 year time frame and only way to speed them up further from the 7/8 years they were a few years back is to throw money at them. So with VAG cost cutting I expect the new A3 to be early 2020 based on 8V launch in early 2013ish with high performance models following on 6-12 months after it takes you nearer 2021

Hmm, good point. Everything I’ve been reading has been saying 2019 but it’s all speculation. If it’s even September 2021 mine would be gone.

SQ2 is no where to be seen yet despite being blaster around the ring 18 months ago so Audi do seem to be taking their time a bit.

 

[The Challinor]

Ah well then it's neither here nor there.

If you think you will achieve a better valuation than the GFV from Audi, or indeed other avenues (like most, including myself, I just sold it to another dealer and got a far better return than Audi were offering as trade in on a new car), then either method doesn't actually matter. Will cost you the same either way.
(in which case, I would begin to wonder why you are bothering with PCP in the first place, and would advise you to go cash/personal loan/HP, pay more per month, but save ££££ in interest, but that's another debate )

If you think residuals are likely to waiver a bit and want the security of the GFV, then keep it for how long you think you actually want the car for. In light of Brexit uncertainty, perhaps not a daft idea...

A new car kept for longer will be cheaper per year, as the depreciation between yrs 3-4 will be much lower, particularly relative to starting another new car from years 0-1...! This is not really outweighed by the increased interest in the 4th year. Not sure if you then add service, tyres, MOT and warranty, like S32B points out. Would have to do the maths to know! Usually depreciation is far far higher than any of those costs.

Had my second S3 on HP as was determined I wanted to own it, pointless really as soon as something better comes out, more tech etc I want it


I guess with PCP I like the safety net of handing it back worst case. New current S3 is Viper Green, other one will be Vegas Yellow so although I love those colours I appreciate the second hand market is limited to people who think like I do


I guess there is no clear answer, 3 years could be great and put me in the new S3 or fall short and then I’ve got to find a car.

4 years, I’d just have to wait a little bit longer to have the new one ( maybe as no body knows when it’s launching ).

 

[S32B]

Industry wide new model cycle times are in the 7 year time frame and only way to speed them up further from the 7/8 years they were a few years back is to throw money at them. So with VAG cost cutting I expect the new A3 to be early 2020 based on 8V launch in early 2013ish with high performance models following on 6-12 months after it takes you nearer 2021

The last few at our place have been 6 years, the current one is 2015-2021, I just need and pray for at least one more model after that! I need to get to 2026/age of 55, once 55 I can take early retirement, or if they they close after that I'd automatically get a full unreduced pension There are a lot of young lads in our place, I hope for them that the government look after them and keep the job over here long term! Time will tell...

 

[S32B]

New current S3 is Viper Green, other one will be Vegas Yellow so although I love those colours I appreciate the second hand market is limited to people who think like I do

You could always go for a free colour! Then put the saved money towards a wrap and get something no other S3 would have

 

[Jassyo06]

Put £9k down on my car got a £5700 discount,took it over 4 years, the gfmv means jack to me £19200,as l will change it when the new car arrives or before the warranty expires which ever comes first

 

[The Challinor]

You could always go for a free colour! Then put the saved money towards a wrap and get something no other S3 would have

Haha I looked into wrapping and I’d do that in the future but considering a colour I really like is only £550 opposed to say £1,500 for a wrap I am saving money.

I loved Vegas Yellow on the S1 with the Quattro pack before I ordered my current S3, just too small for me and manual only. Vegas + Black pack is awesome.

 

[The Challinor]

Maybe but it’s around 14%-15% discount and I’m very pleased. Its pretty high spec too. Similar a month but with £4,000 less of a deposit.

 

[Snake Pliskin]

As soon as the new S3 is out you will want it ... just like the rest of us lol

If you get your new car March 18, the new S3 will easily be out March 21 possibly even 2020 so go 3 years.

 

[Daveotto]

SQ2 is no where to be seen yet despite being blaster around the ring 18 months ago so Audi do seem to be taking their time a bit.

The whole european car industry in is heading for hard times, that's why I think new model introduction will go back to 7+ year cycles instead of the current 6 to maximise yield from existing platforms/models and spread out development costs by 1 or 2 extra years

 

[RGBARGEE]

The whole european car industry in is heading for hard times, that's why I think new model introduction will go back to 7+ year cycles instead of the current 6 to maximise yield from existing platforms/models and spread out development costs by 1 or 2 extra years

BMW uk have loads of pre reg demos. Audi sales down significantly. All down to Brexit apparently. Surely something can be done!


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[Daveotto]

I just need and pray for at least one more model after that! I need to get to 2026/age of 55, once 55 I can take early retirement, or if they they close after that I'd automatically get a full unreduced pension

That's where I am, 54 and just been made redundant after 29 years with one company and on a final salary pension, which is payable from next April unreduced.

Currently waiting for the pension provider to get its finger out and provide a guaranteed transfer out value for my pension pot which could give a significant increase on the final salary benefit if Gilt yield stay as low as they currently are

 

[Daveotto]

BMW uk have loads of pre reg demos. Audi sales down significantly. All down to Brexit apparently. Surely something can be done!


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Lets not get to political on here but VAG were already in the do do from Dieselgate, Brexit is just an added annoyance for them in comparison

 

[RGBARGEE]

Lets not get to political on here but VAG were already in the do do from Dieselgate, Brexit is just an added annoyance for them in comparison

I am not being political, both main parties are split on the B word. I am reporting fact from dealers and the motoring press that Brexit is creating huge uncertainty in our economy and many are hoping it will be delayed or halted. Add this to PCP returns and low residuals the outlook for mainland EU products continuing to be cheap in the UK is looking unlikely. No political comment there just fact.


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[Bristle Hound]

Maybe but it’s around 14%-15% discount and I’m very pleased. Its pretty high spec too. Similar a month but with £4,000 less of a deposit.

@The Challinor - Agreed. As long as your happy with the deal. Thats all that matters IMHO
You've got me thinking about the 335d x-drive's again mind ...

 

[DrEskimo]

Had my second S3 on HP as was determined I wanted to own it, pointless really as soon as something better comes out, more tech etc I want it


I guess with PCP I like the safety net of handing it back worst case. New current S3 is Viper Green, other one will be Vegas Yellow so although I love those colours I appreciate the second hand market is limited to people who think like I do


I guess there is no clear answer, 3 years could be great and put me in the new S3 or fall short and then I’ve got to find a car.

4 years, I’d just have to wait a little bit longer to have the new one ( maybe as no body knows when it’s launching ).

Sure, but how many people have actually handed it back (paid the excess mileage fee, etc.)? I'm sure you traded it in as a P/X?

Point being, it is irrelevant how your financed it (cash, PCP, HP, personal loan), you would have traded it in for the exact same value. So the only difference is the cost of the finance itself.

Typically you can save about £2/3k in interest by going with a decent loan or HP over a PCP. Dealers provide good rates on PCP and rubbish rates on HP, because PCP makes them more money, even at a lower rate. So if you can afford the higher monthly cost, you will benefit from a lower total cost over the term.

People discuss PCP as being great because it shields them from massive unexpected depreciation, but the reality is most people trade up before the end of the term, rendering the GFV pointless. Also, if Audi do offer them a rubbish trade in, they look at other ways of trading/selling it to maximise their return. I have hardly seen any examples of people just handing it back like a lease...? Maybe I'm mistaken though?

 

[DrEskimo]

on a final salary pension

OT:

Aren't these types of pensions rare as hens teeth now?

I thought they were like gold dust and far better than defined contribution...??

 

[Daveotto]

OT:

Aren't these types of pensions rare as hens teeth now?

I thought they were like gold dust and far better than defined contribution...??

They are but under recent government legislation you can cash them in and manage your own personal pension fund, it does carry some level of risk and admin fees etc but I am looking at a pension with maybe a 40% premium on my final salary benefit

 

[RGBARGEE]

OT:

Aren't these types of pensions rare as hens teeth now?

I thought they were like gold dust and far better than defined contribution...??

MPs get Platinum plated pensions still. When I asked my MP (Liar Fox) why when all other public sector pensions were being screwed I was told it was too difficult to change. Think he drives a BMW!


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[DrEskimo]

They are but under recent government legislation you can cash them in and manage your own personal pension fund, it does carry some level of risk and admin fees etc but I am looking at a pension with maybe a 40% premium on my final salary benefit

Ah I see...I guess it's part of an incentive to move as many people from that to a defined contribution? Hopefully you can take advantage of it then!

I was under the impression that you should never transfer it over, but that was pretty old literature on the subject.

My defined contribution pension at my current employer is quite good, as I work for a Uni. I pay in 8% and uni pays in 16%. Far cry from my workplace pension when I worked in the private industry for a little while...1% from me and 1% from the company... -__-

Still have little to no idea on pensions though...should I pay more...? Are they worth it? Most people I speak to say don't bother!

 

[RGBARGEE]

Ah I see...I guess it's part of an incentive to move as many people from that to a defined contribution? Hopefully you can take advantage of it then!

I was under the impression that you should never transfer it over, but that was pretty old literature on the subject.

My defined contribution pension at my current employer is quite good, as I work for a Uni. I pay in 8% and uni pays in 16%. Far cry from my workplace pension when I worked in the private industry for a little while...1% from me and 1% from the company... -__-

Still have little to no idea on pensions though...should I pay more...? Are they worth it? Most people I speak to say don't bother!

Are you in USS? (University Superannuation Scheme)