New to pensions - Stick with Nest or go elsewhere + other questions

xylophone

No I've not asked about it as in my situation it wouldn't be right to do so. I'm going on the assumption that there won't be one as no one else there would have one even if offered.

Have you read

https://www.gov.uk/workplace-pensions/joining-a-workplace-pension

By 2018 all employers must provide a workplace pension scheme. This is called ‘automatic enrolment’.

Corbula

If they started to hold 1% of the salary I probably wouldn't know as it's not always the same each month. As sometimes I get some of it earlier and things like that.

Yes I have read that.
There's a possibility that sometime in the future (not near future) that I will be made a director at the company. Under this circumstance would I still be auto enrolled or would that rule me out and make me not eligible?

neilvw

They have to notify you when auto-enrolment starts.

If you as a director and any other employee both have a contract of employment then you will be auto-enrolled regardless of your director status.

Try this link: http://www.thepensionsregulator.gov.uk/automatic-enrolment-duties-for-sole-director-companies.aspx

MPD

Do you get something resembling a payslip? A 1% deduction should be obvious, rising to 2% April 2018 and 3% April 2019.

Corbula

I guess from what most people have said it's best I wait and see what happens in April then.

No MPD, I don't get payslips

neilvw

Do you have a contract of employment? To be fair, it was years till I received mine, so it's not definitive!

Please do report back if/when you hear anything

Corbula

Yea I will let you know what happens or if.

I've never received anything in writing no. I just sort of started working there as I know them and they put me on the pay roll.

neilvw

It may well be that you do/should have a contract but haven't been provided with the paperwork yet. That's what happened to me.

As a footnote, NEST will allow transfers in and out of their scheme from April 2017. So you may well be able to combine the two small existing pots with the new one, once it's set up.

Corbula

I'm hoping once it's all running and I have one that I'm going to have for many years, I can combine them all into one.
I did read that about Nest being able to transfer from April but couldn't remember which way it was (in or out). I'm hoping a little though that when this auto enrollment comes around for me it's with someone other than Nest after some of the other posters above saying about poor returns.

neilvw

Nest is cheap and cheerful and therefore majors on passive/tracker funds (funds that attempt to match particular market indices closely, rather than beat the market).

Can I ask roughly how old you are? EDIT: sorry, you've said you're nearly 27.