|>>|| No. 6218
This is partly /job/, but as the issue is pertains to is financial I thought it right to post here.
I'm doing a year in industry next year, and have just got my contract through. It says I'll be eligible for the pension scheme. As I may only be working there for a year, the contribution won't be massive, but is it worth joining? Having only ever had zero-hour student jobs, I'm not particuarly versed in actually dealing with tax and pensions, etc; I'm wondering if I'm right in thinking if I put some money in now, it'll just sit there over the next 4-5 decades and build up a healthy chunk of interest. Am I right in thinking this? Is it worth it?
It's a huge company (one of the biggest in the world), but it's also an automotive company that may have received a healthy chunk of US government money to stop it going under, so I don't know if that should factor in my decision.
I've already taken the optional loan from SFinance (what's another 2k on top of 50?) and am going to be putting that into one of those time-locked savings accounts with a good interest rate.
tl;dr Is it worth taking part in a pension scheme if I may only be working there for a year?