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When will first deductions come for auto pensions

stinktankcynic
stinktankcynic Posts: 151 Forumite
in Auto-enrolment
For a firm with 300 employees, in which month will the first payment cons of pension .. Under auto-enrolled scheme take place?

Comments

  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    Combo Breaker First Post
    If the employer had 250-349 employees at 1 April 2012, auto-enrolment starts on 1 Feb 2014 see http://www.thepensionsregulator.gov.uk/employers/staging-date-timeline.aspx

    However, on that date, your employer can choose to use a waiting period called "postponement" and this can be up to 3 months. So the first contribution could be deducted in the pay period that covers 1 Feb 2014 or could be up to three months later.
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • choppa21
    choppa21 Posts: 5 Forumite
    Debt_Free_Chick wrote: »
    However, on that date, your employer can choose to use a waiting period called "postponement" and this can be up to 3 months. So the first contribution could be deducted in the pay period that covers 1 Feb 2014 or could be up to three months later.

    This is true - however if your employer decides to use postponement they must still notify you they are doing so on 1 Feb 2014 and if you then decide you dont want to postpone, your employer will have to enrol you into a qualifying scheme on that date.
    I am an Independant Financial Adviser - everything said in this post is my own view and should not be taken as specific advice. In order to give solid financial advice all of the facts must be known, this can not be done over a forum based discussion.
  • JoeCrystal
    JoeCrystal Posts: 3,013 Forumite
    Name Dropper First Anniversary First Post
    choppa21 wrote: »
    This is true - however if your employer decides to use postponement they must still notify you they are doing so on 1 Feb 2014 and if you then decide you dont want to postpone, your employer will have to enrol you into a qualifying scheme on that date.

    Ah? Really? I know my employer is going to defer by full three months so we can fully understand the rules and to prepare for the changes.

    But it looks like I can still join right from the start... Excellent. :p I would not want to lose whatever little I get from my employer.

    Cheers,
    Joe
  • jtr2803
    jtr2803 Posts: 3,232 Forumite
    choppa21 wrote: »
    This is true - however if your employer decides to use postponement they must still notify you they are doing so on 1 Feb 2014 and if you then decide you dont want to postpone, your employer will have to enrol you into a qualifying scheme on that date.

    Absolutely correct. You can opt in as soon as the staging date arrives, your employer may also make contributions on your behalf depending on whether you are assessed as being an eligible job holder, non eligible job holder or an entitled worker.

    Very happily married on 10th April 2013 :D
    Spero Meliora
    Trying to find a cure for Maldivesitis :rotfl:
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