Temping with no pension

felinefancy

Evening..

I lost my job in December and started temping in March.  I have an ancient Scottish Widows private pension but apart from that, where else can I save money for a pension - obviously all previous company pensions are frozen.  Current company I'm temping for haven't offered me to join their company pension scheme.  Is it worth putting money into a new private pension, contributing to existing private pension or saving extra money in existing ISA/fixed term accounts?  

Thank you.

penners324

You're old pensions aren't frozen.

You can use (pay in) one of those. 

You should check all these pensions o see what fees there are and what they're invested in.

Unless they're all DB pensions 

Voyager2002

It is always worth putting money into a SIPP.

An ISA is probably not such a good option as a SIPP.

JoeCrystal

felinefancy said:

Evening..

I lost my job in December and started temping in March.  I have an ancient Scottish Widows private pension but apart from that, where else can I save money for a pension - obviously all previous company pensions are frozen.  Current company I'm temping for haven't offered me to join their company pension scheme.  Is it worth putting money into a new private pension, contributing to existing private pension or saving extra money in existing ISA/fixed term accounts?  

Thank you.

Did you ask? Have they told you they will auto-enrol you or delay auto-enroling you for three months? They still have to enrol you and contribute if you ask to be enrolled.

Here is the link for seasonal and temporary staff for example: https://www.thepensionsregulator.gov.uk/en/employers/new-employers/im-an-employer-who-has-to-provide-a-pension/work-out-who-to-put-into-a-pension/employing-seasonal-or-temporary-staff

***

Using postponement

If you know that any of your staff will be working for you for less than three months, you can choose to delay working out who to put into a pension scheme. This is known as postponement. Within six weeks from the date after postponement starts, you must write to staff individually to tell them what you are doing and how automatic enrolment applies to them.

During any staff member's period of postponement, you won't need to put them into a pension scheme unless they expressly ask to be put into one. (my edit)

***

I usually tell our temps at work to request to be enrolled right away, specifically not to wait three months for their employer to do it for them. 

So, if you have been working for a company since March, why have they not already written to you about the pension scheme? This is mainly why I said at the start of this post: Did you ask about it? It's worth finding out since you DO want to pay into a pension with the employer's contribution on top! 

felinefancy

JoeCrystal said:

felinefancy said:

Evening..

I lost my job in December and started temping in March.  I have an ancient Scottish Widows private pension but apart from that, where else can I save money for a pension - obviously all previous company pensions are frozen.  Current company I'm temping for haven't offered me to join their company pension scheme.  Is it worth putting money into a new private pension, contributing to existing private pension or saving extra money in existing ISA/fixed term accounts?  

Thank you.

Did you ask? Have they told you they will auto-enrol you or delay auto-enroling you for three months? They still have to enrol you and contribute if you ask to be enrolled.

Here is the link for seasonal and temporary staff for example: https://www.thepensionsregulator.gov.uk/en/employers/new-employers/im-an-employer-who-has-to-provide-a-pension/work-out-who-to-put-into-a-pension/employing-seasonal-or-temporary-staff

***

Using postponement

If you know that any of your staff will be working for you for less than three months, you can choose to delay working out who to put into a pension scheme. This is known as postponement. Within six weeks from the date after postponement starts, you must write to staff individually to tell them what you are doing and how automatic enrolment applies to them.

During any staff member's period of postponement, you won't need to put them into a pension scheme unless they expressly ask to be put into one. (my edit)

***

I usually tell our temps at work to request to be enrolled right away, specifically not to wait three months for their employer to do it for them. 

So, if you have been working for a company since March, why have they not already written to you about the pension scheme? This is mainly why I said at the start of this post: Did you ask about it? It's worth finding out since you DO want to pay into a pension with the employer's contribution on top! 

Would this apply to me even if I'm temping for them from an agency?

Marcon

felinefancy said:

JoeCrystal said:

felinefancy said:

Evening..

I lost my job in December and started temping in March.  I have an ancient Scottish Widows private pension but apart from that, where else can I save money for a pension - obviously all previous company pensions are frozen.  Current company I'm temping for haven't offered me to join their company pension scheme.  Is it worth putting money into a new private pension, contributing to existing private pension or saving extra money in existing ISA/fixed term accounts?  

Thank you.

Did you ask? Have they told you they will auto-enrol you or delay auto-enroling you for three months? They still have to enrol you and contribute if you ask to be enrolled.

Here is the link for seasonal and temporary staff for example: https://www.thepensionsregulator.gov.uk/en/employers/new-employers/im-an-employer-who-has-to-provide-a-pension/work-out-who-to-put-into-a-pension/employing-seasonal-or-temporary-staff

***

Using postponement

If you know that any of your staff will be working for you for less than three months, you can choose to delay working out who to put into a pension scheme. This is known as postponement. Within six weeks from the date after postponement starts, you must write to staff individually to tell them what you are doing and how automatic enrolment applies to them.

During any staff member's period of postponement, you won't need to put them into a pension scheme unless they expressly ask to be put into one. (my edit)

***

I usually tell our temps at work to request to be enrolled right away, specifically not to wait three months for their employer to do it for them. 

So, if you have been working for a company since March, why have they not already written to you about the pension scheme? This is mainly why I said at the start of this post: Did you ask about it? It's worth finding out since you DO want to pay into a pension with the employer's contribution on top! 

Would this apply to me even if I'm temping for them from an agency?

https://www.gov.uk/agency-workers-your-rights/your-rights-as-a-temporary-agency-worker

JoeCrystal

felinefancy said:

Would this apply to me even if I'm temping for them from an agency?

In this case, employment agencies must automatically enrol all their agency workers into a pension scheme within three months of starting a contract. So it is asking whomever you are getting your payslip from that would be your first port of call. 

Grumpy_chap

Working through an Agency (such as Reed / Office Angels) on a Temporary contract, it is unusual that the "employer" (end client) would enrol the OP into their pension scheme.
The OP should expect to be enrolled into the pension scheme offered by the Agency.
This assumes that the OP is on a standard Temporary contract so becomes an employee of the Agency while doing this Temporary work - receiving PAYE payslips from the Agency.
It is different if the OP is outside IR35 or via an Umbrella Company (though the latter should still offer a pension).

Albermarle

penners324 said:

You're old pensions aren't frozen.

You can use (pay in) one of those. 

You should check all these pensions o see what fees there are and what they're invested in.

Unless they're all DB pensions 

As above- you may well be able to still contribute to some of these pensions, even though you left the employer some time ago.
You might also think about merging some of them by transferring them if possible. It is easier than it sounds and will help you keep track better.

There are two distinct types of pension and you need to be sure which sort each one is.

Defined Benefit ( DB) and Defined Contribution ( DC) 

Pension basics | Help with pension basics | MoneyHelper

felinefancy

Thank you all for the very useful advice, much appreciated.

slenderkitten

Unfortunately, when you first start a company they only enrol you after 3 months this is standard, I'm assume it's part of the law.  I've temped and had permanent jobs and it's always been 3 months, so I doubt you would be able to get on it earlier.  From what I understand you can add money into your existing pensions yourself, probably the best solution.