Asda pensions

2

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  • Prec
    Prec Posts: 7 Forumite
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    bluenose1 wrote: »
    I would be frustrated as well. Unfortunately organisations care more for their shareholders profits than giving their employees a fair wage and decent pension.
    Are you allowed to pay extra into your pension? If so you need to consider if it would be better to do this than pay more towards your mortgage. The tax you save makes paying more into a pension very appealing. If Asda offer salary sacrifice it is even more beneficial as you don’t pay the National Insurance.
    Good luck.
    I have to pay extra to get the 3% i currently get. If I continue paying 3% then they drop their percentage to 2% no choice but to increase I guess.
  • Southend1
    Southend1 Posts: 3,362 Forumite
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    You are the union! Get your colleagues organised and fight this.
  • hyubh
    hyubh Posts: 3,531 Forumite
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    Malthusian wrote: »
    This is the inevitable and widely-predicted consequence of auto-enrolment.

    Really - can you point to sources? (By comparison: the received wisdom of certain quarters was that a national minimum wage would cause mass unemployment, or at least, a race to the bottom in wages. It didn't, but I accept many apparently grounded people thought it would.)
    Employers who used to pay pension contributions higher than those specified by auto-enrolment are cutting contributions to the minimum level specified by the government (which will be 5% employee / 3% employer from 2019).

    I'm interested in stats to support that assertion (not a rhetorical question...).
  • GunJack
    GunJack Posts: 11,673 Forumite
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    hyubh wrote: »
    Really - can you point to sources? (By comparison: the received wisdom of certain quarters was that a national minimum wage would cause mass unemployment, or at least, a race to the bottom in wages. It didn't, but I accept many apparently grounded people thought it would.)



    I'm interested in stats to support that assertion (not a rhetorical question...).

    I posted a link in the last couple of months from the ONS I think it was that showed the distribution of pay had, in the last few years, shifted to show a massive increase in the proportion of salaries clustered around minimum wage, so the race to the bottom effect was shown quite clearly.... I'll see if I can dig it out..
    ......Gettin' There, Wherever There is......

    I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple :D
  • Muscle750
    Muscle750 Posts: 1,075 Forumite
    This scenerio is what we are worried about as only a handfull of us are in the company scheme 3 out of 24 employees the other 21 are now auto enrolled we have been in the FS scheme now no longer and in the DC scheme 12 years paying in 5% matched by the employer, yet as we understand as time goes on the auto enrolment figure is going to increase under legislation meaning more cost to the employer and as we can see it they are within their rights to cut their contribution to ours.
  • hugheskevi
    hugheskevi Posts: 3,854 Forumite
    First Anniversary Name Dropper First Post Car Insurance Carver!
    I'm interested in stats to support that assertion (not a rhetorical question...).
    Not stats, but interesting to note the DWP Impact Assessment in 2012 stated on page 7:
    The Department considers that the labour market will adjust to offset 50 per cent of the costs arising from additional pension contributions for workers automatically enrolled, and that this will occur over a period of ten years. This is for the following reasons:
  • hyubh
    hyubh Posts: 3,531 Forumite
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    hugheskevi wrote: »
    Not stats, but interesting to note the DWP Impact Assessment in 2012 stated on page 7:

    Unless I'm missing something, this is in respect to companies having to provide pensions when they didn't before...?
  • Sun-Is-Fun
    Sun-Is-Fun Posts: 243 Forumite
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    Asda seem to be well behind their competitors with regards to pension provision, as at Tesco's / Sainsbury's, for instance, you can choose to pay up to about 7.5% into your pension which they will match, hence 15%. Puts Asdas offering to shame.
  • hyubh
    hyubh Posts: 3,531 Forumite
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    GunJack wrote: »
    I posted a link in the last couple of months from the ONS I think it was that showed the distribution of pay had, in the last few years, shifted to show a massive increase in the proportion of salaries clustered around minimum wage, so the race to the bottom effect was shown quite clearly

    The pay of the lowest paid increasing at a faster rate than the pay of the moderately lower paid is not a race-to-the-bottom effect.
  • sparkymark_3
    sparkymark_3 Posts: 232 Forumite
    edited 7 January 2018 at 12:24PM
    :mad: Another valuable benefit is also being cut - death in service benefit is currently 4 x annual salary, being cut to 1 x salary. A kick in the teeth for grieving families. GMB union has made no mention of this - Tim Roache gen. sec. should be offering ASDA members a refund of union subs !
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