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Does any of you know what this is all about or is it useful to me, aside from in 35 years when i reach pension age?
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Yes because you are a scatty fucker who can't be trusted to save up on his own so you need a pension to automate it for you!
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What if i leave the company sooner, even in 2 years for example, do i collect my contributions no hassle?
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No, they live in your pension fund until such time as you can claim your cash free lump sum and purchase an annuity both in old age.
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I don't like this idea & I want to opt out. Tell me stuff..
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My most recent conversation with my accountant on this is that you have to enrol, then can opt out. You have to opt out every 3 years.
My personal opinion of private pensions is that they sound awesome because of the "tax free" part, the matching of contributions…etc, but have downsides too.
Currently you get 25% of the fund when you retire, it used to be a lot more and there is nothing to stop the government lowering it again. The fund can sink dramatically just before maturity in the event of a crash like the dot com bubble bursting, or the financial crisis of 2008. With the remaining 75% you buy a financial product called an "annuity" which calculates how long u r likely to live etc and pays you a bit of the 75% each month until you croak. You pay income tax on that income each month! If you croak soon the pension fund wins, if you croak late you win. Some pensions will be paid over in part to spouses in the event you croak, depends on the contract.
So yeah, they aren't for me but most financial advisors would recommend it so I'd be inclined to listen to them rather than me!