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Is it possible to pay more into Workplace Pension?

Will it be possible to pay more into the workplace pension? And if we did pay more voluntary, is it then possible to reduce the payments if needed? Thanks

Comments

  • Lokolo
    Lokolo Posts: 20,861
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    It's dependant on the employer. Mine allows me to change it once a year.
  • NEST_Representative
    NEST_Representative Posts: 8 Organisation Representative
    ice_babe wrote: »
    Will it be possible to pay more into the workplace pension? And if we did pay more voluntary, is it then possible to reduce the payments if needed? Thanks


    Your pension arrangement will be set by your employer (subject to legal minimums). If you want to pay more over and above the amount your employer requires you to pay in, you can ask them to increase your contributions through payroll. If they agree to this, then you will be able to reduce these voluntary additional contributions when you need to.


    Alternatively, if your pension scheme is NEST, you can pay more into your pot directly if you want to. You can make direct contributions on a regular or a one-off basis as and when you want to (there is a limit of £4,400 that can be put into your NEST pot each year though so you can't contribute more than that.) If you do this, you can also cease and recommence these contributions as often as you like.
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    I am the official representative of NEST. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com"
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