Opting in to employer pension - help please -

abeefeater

Hi all,

I am interested in 'opting in' for an employer based pension scheme but would appreciate some assistance. I am 24 years old and would like to start planning ahead.

My employer has not offered a pension to me but I meet the criteria (below) I have read online but am a little confused about them being able to delay this ?

You must enrol into the scheme all workers who:

• are aged between 22 and the State Pension age
• earn at least £9,440 a year
• work in the UK

source: www<dot>gov<dot> uk/employers-workplace-pensions-rules


The company I work for is small (8 employees) does this mean they can decline to contribute for longer?


Thanks in advance,
Lewis

Lokolo

There are staging dates depending on the number of employees. With such a low number in your company, the auto enrolment won't be requried for a few years yet.

However that shouldn't stop you. You can either choose to use a pension or ISA. Save something for both short term (house deposit) and long term (retirement). But currently your employer isn't required to pay in just yet.

abeefeater

Lokolo wrote: »

There are staging dates depending on the number of employees. With such a low number in your company, the auto enrolment won't be requried for a few years yet.

However that shouldn't stop you. You can either choose to use a pension or ISA. Save something for both short term (house deposit) and long term (retirement). But currently your employer isn't required to pay in just yet.

Thank you for your response, I have found another interesting quote from DWP however I cannot post links
www . gov . uk/employers-workplace-pensions-rules

If your employer doesn’t have to enrol you by law, you can still join their pension scheme if you want to. Your employer can’t refuse.

However, they don’t have to contribute if you earn these amounts or less:

• £473 a month
• £109 a week
• £436 per 4 weeks

Lokolo

abeefeater wrote: »

Thank you for your response, I have found another interesting quote from DWP however I cannot post links
www . gov . uk/employers-workplace-pensions-rules

If your employer doesn’t have to enrol you by law, you can still join their pension scheme if you want to. Your employer can’t refuse.

However, they don’t have to contribute if you earn these amounts or less:

• £473 a month
• £109 a week
• £436 per 4 weeks

Yes, after the staging date. It started last year and will continue to be rolled out by companies over the next few years.