New regulations regarding employers paying into employee pensions

MOGGYMALONE

I am an employee in a small business - the only employee. I don't have a company pension but someone mentioned to me that there have been changes made and that all employers have to pay into a pension for you. I have a private one? should i ask my boss to pay into this? or is it only companies with a higher number of employees that this would apply to? moggs

Lokolo

It is being rolled out over a number of years starting with businesses with the highest number of employees.

I believe it is not required if the business has less than 5 employees (I could be wrong, going off the top of my head!)

savageHK

At the moment you have to have a pension available to you, but the employer doesn't need to pay. In the next few years the government is rolling out a new arrangement where everyone will be in a pension unless they specifically request not to be - and their employer will pay some of the cost - but the big employers are starting that ball rolling not the small ones. See here: http://www.direct.gov.uk/en/Pensionsandretirementplanning/Companyandpersonalpensions/WorkplacePensions/DG_200739

MOGGYMALONE

wow thanks for the fast responses and the link - will have a look. I've got a private one which i had stopped but have restarted just hope it's not too little too late thanks again ! moggs

hugheskevi

don't have a company pension but someone mentioned to me that there have been changes made and that all employers have to pay into a pension for you.

Your employer will not have to do this until at least 1st June 2015. Exact dates can be found here.

I have a private one? should i ask my boss to pay into this?

When your employer becomes covered by the pension duties, one of the ways they can fulfill their duties would be contributions to an existing personal pension. But they can choose a number of ways to meet their obligations.

I believe it is not required if the business has less than 5 employees

At the moment you have to have a pension available to you, but the employer doesn't need to pay.

The future employer duties apply (eventually) the employers of all sizes. The existing employer duty for those with 5 or more employees to offer access to (but no duty to contribute) a pension - so as the OP is the only employee their employer will be exempt from the duty.

MOGGYMALONE

Thanks for all your help. When you think about it - it's a bit unfair really, because it's not my fault my company doesn't have other employees really but i understand its more costly for smaller businesses to pay these things, but at the end of the day I work hard like everyone else and don't get a benefit. Suppose the only solution is to work for a bigger company then!

elantan

finally my company have signed onto the nest pension ... they are paying a whole 1% into my pension ( so about £8 a month) my company have over 1,000 workers in it ... so you aint missing out on too much ... but i think like you i need to find a company that pays more money into a pension