Worth auto-enrolling for just over 3 years ?

deejaybee

MX5huggy said:

Why are they only setting this up now? Depending on company size (employees) it should have been done between 2012 and 2018. Take them to a tribunal (or whoever enforces these things) to get the back contributions. 

Its a "Gig Economy" company, we are all self-employed officially - so they dont actually have to set anything up.

deejaybee

Thanks for the feedback everyone - all appreciated.  I will join and take the free folding ...

MX5huggy

deejaybee said:

MX5huggy said:

Why are they only setting this up now? Depending on company size (employees) it should have been done between 2012 and 2018. Take them to a tribunal (or whoever enforces these things) to get the back contributions. 

Its a "Gig Economy" company, we are all self-employed officially - so they dont actually have to set anything up.

Paying pension will be further evidence that you are not “self employed”.

deejaybee

Actually i am already on a "worker " contract, as nearly 200 of us ( with the assistance of union & legal firm ) defeated them in court, and received back-holiday pay etc.. Have had ongoing paid holiday for a few years now.

Following this they set up another "class" called SE-Plus - they also receive holiday pay, but the difference is that their rates were reduced to pay for their holidays....

And theres also "lifestyle" people who dont get paid holidays but kept their rates as they were.

Its all a mess to be honest, obviously the people who didnt have the gonads to join the court case ( and they mocked us and said we wouldnt win at time ) are envious and begrudge the benefits & protections we enjoy.

steampowered

You can calculate the amount of money we are talking about. Then you can decide if it worth it.

Let's assume you are getting paid £40k per year:
- Your employer pays 3% of £40,000 = £1,200 per year
- This is £3,600 over 3 years
- You would also be saving employee NICs on your own contributions so the actual figure is a bit higher, for simplicity I do not include this in the calculation.

Personally I think £3,600 of money is worth spending a bit of extra time on admin. 

No need to draw a lump sum. You can consolidate the pension from this job with your other pensions. So that your pensions are all sitting in one place by the time you start drawing on them.

Aretnap

steampowered said:

Personally I think £3,600 of money is worth spending a bit of extra time on admin. 

Though as the default is that you are opted in, it's opting out that requires you to spend a bit of extra time on admin. Doing nothing means you get the extra £3.6K

So the question should really be phrased as "is it worth the effort of filling in these extra forms so that I can avoid receiving this free money for three years?" It's a question that answers itself, really. 

Grumpy_chap

Take the free money and, if you still don't want it when you leave in 2025, donate it to charity.