Please note: The Auto-enrolment sub-board is now closed. If you have a question around pensions, please post in the Pensions, Annuities and Retirement Planning board.
Work Place Pension
wilsonj1966
Posts: 1 Newbie
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?
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?
0
Comments
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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.Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0
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