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Company Pension Question
Sir_Chopper
Posts: 3 Newbie
Hi All. I'm just looking to see if anyone can enlighten me on a matter about my NEST pension?
I was landed with it a couple of years ago by my company who had to provide everyone with a pension. I'm not particularly happy with it though, and would like to find a better pot to pay my pension into.
My question to my company was whether they would pay into a new pot that I choose instead of the NEST one. While my boss sees no reason not to (he says it makes no difference to him), the accounts director tells me they can only pay into NEST.
Why would that be? Is the company legally obliged to only pay into the NEST pot they have given us all?
Any enlightenment would be greatly appreciated...
I was landed with it a couple of years ago by my company who had to provide everyone with a pension. I'm not particularly happy with it though, and would like to find a better pot to pay my pension into.
My question to my company was whether they would pay into a new pot that I choose instead of the NEST one. While my boss sees no reason not to (he says it makes no difference to him), the accounts director tells me they can only pay into NEST.
Why would that be? Is the company legally obliged to only pay into the NEST pot they have given us all?
Any enlightenment would be greatly appreciated...
0
Comments
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They have to make sure that the scheme they pay into is meeting all aspects of the auto enrollment regulations. Your best bet is to keep contributing whatever the employer can match and set up your own private pension instead.0
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Thank you. So basically, if the new pot met all the auto enrolment regulations, they should have no problem paying into that instead?
Apologies if I'm misunderstanding, I'm very green on issues of pensions.0 -
Your employer chooses the scheme they have nominated as the auto-enrolment scheme. Not you. You do not get a choice in the matter.
The employer is only required to pay into their scheme. If you are a key worker then the employer may decide to do something different for you. However, you would need to opt out to do that as you would not be in the auto-enrolment scheme registered for that employer.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Perhaps the cost of converting their IT system and admin procedures etc so that every employee could have a different pension provider could be prohibitive0
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Sir_Chopper wrote: »Why would that be?
Administration time and cost. Everybody in the organisation could choose a different pension provider. The employer is not in business to manage your own personal affairs.0 -
Thanks all. Think I'm beginning to get a clearer picture.0
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