pension scheme law

adamjw3

I've been working for the same company for 5 years now. at first i didn't join the private pension scheme but a few years ago i wanted to and they still havent registered me. they keep saying they are in the process of switching providers and appologies for the delay but as they don't pay in themselves that i could just go get a pension from the highstreet. i was under the impression that by law employers have to have a pension scheme available. before i raise this issue i just wanted to confirm that is the case as i feel i've missed out on a lot of interest from potential savings.

as you can tell i'm clueless about this

Thanks for your help

xylophone

See https://www.gov.uk/workplace-pensions

What is your employer's staging date?

http://www.pensionsadvisoryservice.org.uk/

adamjw3

thanks for those links. staging date? what is that? i have no idea.

LHW99

All employers will have to offer a pension, but they won't all come under the legislation at the same time, it depends on the size of the company.
Staging date is when the law applies

xylophone

thanks for those links. staging date? what is that? i have no idea.

If you read the first link in my post, you will see that "staging date" is explained and that there is a calculator that you may be able to use.

Otherwise, ask your employer.

xylophone

And if he claims that he "hasn't a clue" about staging dates or associated matters, you can refer him to

http://www.thepensionsregulator.gov.uk/employers/know-your-staging-date.aspx

dunstonh

i was under the impression that by law employers have to have a pension scheme available.

It was a requirement to have a scheme available but they didnt have to pay into it. So, you gained nothing. However, with the "new" auto-enrolment rules, they will have to have a scheme in place by their staging date.

The medium to large companies are already required to offer one. The smaller companies are coming up over the next few years.

as i feel i've missed out on a lot of interest from potential savings.

You dont get interest. Plus, nothing has stopped you putting your own money in. You havent lost out as the employer was never required to put anything in previously.

xylophone

https://www.citizensadvice.org.uk/debt-and-money/pensions/types-of-pension/workplace-pensions/

may be worth a read.

Does your contract of employment mention access to the existing pension scheme?