Pensions

[HETZ8]

Did you ever move to a job or stay in a job you didn't like for the sake of a good pension (i.e defined benefit?) I'm 43 with a negligible pension pot and earlier this yr started a job with a DB pension but not loving it....not sure whether to leave or stay for the pension (also flexi and part time)...

I guess you need to look at the whole package (as if you could eat more elsewhere you could voluntarily put more in your pension).

You do need to think about your future though in one form of another so whilst I don’t think you should stay in a job you don’t like it’s worth not rushing to leave and trying to find another good job that offers a good pension?

I've been offered my old job back with my previous employer - I loved it there but pay was just average and no rise in 8 yrs and pension was bare minimum. I stayed as it was a great work life balance and i had great colleagues/ friends BUT I feel I need to be more financially responsible and like you said think about the future and increasing my pension. I work part time mainly from home (3 days) as I want to be around for my 3 kids as much as possible. I suppose i want it all and struggle with the fact that you just cant have it all :(

As with everything it’s a compromise. Are you able to have the work life balance you want at your current job? Do you like it enough to do what’s need in the role and not hate it so much that you can switch off from it once your work is done? If so - then maybe stay as you are for now. If your life needs change then re-evaluate it.
However if the hours don’t work and you cry at the thought of having to go to work - then leave once you’ve secured another position. Im all for thinking of the future - but the future isn’t a given, whilst you do have to live/survive the here and now. I’m assuming money for both employments would be enough for your needs.

i changed jobs six months ago and just found out how good the old pension was. Maybe if I knew, I would have found another job in the same sector which meant I could have continued it. However, I don’t regret leaving my old job, had a slight pay increase in my new job, and a lot less stress.

No rise in 8 years at the old job is pretty shocking OP! I think a lot of companies take advantage of loyal employees. Could you ask them for a significant pay rise and a pension contribution if you did go back?

I think depending on how long you’ve been at the new job just keep searching on the side and hopefully something will come along

I am 30 and until 3 months ago was in a job with a non contributory final salary scheme for 10 years. Workplace was very toxic. I did wince when I gave up that pension for a defined contribution in my new job, but I figured I couldn't spend the next 30+ years of my working life unhappy for the sake of a pension.

Have you asked your old employer what they can to to get closer to your current benefits package (including flexi and wfh if that's different).

What can you do to turn your current job into one that you love, or are at least happy enough with given the overall package?

Yes, I managed 4yrs 3 months and hated it but the employer pension contributions were four times anywhere else.

It was also local to the primary school and relatively well paid so convenient. So I stuck it out as long as I could but in the end the toxic politics got to me.

I have just made this switch. Gone for a job paying 30% less FTE than my previous one (actually even a bigger wage gap - as I am now also going part-time, so 40% less gross). Nevertheless, it has a much better work-life balance, and its pension is double as good as my previous one. Even though I earn considerably less, I am therefore building up more pension, and it is all DB, contrary to my previous one.

I am 40, and prioritising building up a decent pension was a key consideration. Having a young child, I also wanted to go part-time, and have a job within easy commuting distance, as well as WFH for the vast majority of time.

I will miss my old colleagues and the passion I had for my previous job, but if I take the right decisions now from a long-term perspective, I will set myself up much better for my financial future. Loving your job is great, but once I am old and cold and can't afford to put the heating on more than two hours a day, I wish I had taken a different decision, and been a bit more sensible.

I would make the switch if the job causes you stress, due to a toxic work environment, or if there is literally zero chance of career progression. If it just isn't terribly inspiring, I would stay put.