Work Place Pension

wilsonj1966

I am on a zero hour contract and have been enrolled in a work place pension but I haven't had any advice or information from my company about it.

At the moment, the company is contributing 2% of my wage minus £503 a week (so wage - £503 x 2% = contribution) which is inline with what the .gov says about voluntary enrollment.

There is a seperate section on the .gov website about automatic enrolement where is says 2% and doesn't mention the £503. Have I been missing out by voluntary enrolling? Can I chose between autoenrollment and voluntary?

Paul_Herring

Autoenrollment requires a minimum percentage of qualifying earnings to be paid into a pension.

For 2018/19, qualifying earnings is anything above the £503/month (see https://www.nestpensions.org.uk/schemeweb/helpcentre/contributions/calculating-contributions/calculate-contributions-using-qualifying-earnings.html for other payment periods.)

I don't think there's any difference between what you perceive as 'autoenrollment' and 'voluntary;' your company is simply paying as little as they can get away with.