Automatic enrolment into workplace pensions

Over the past year, starting from October 2012, many workers who don’t already have pension arrangements are being automatically enrolled into a workplace pension to help them save for their retirement. Employers will gradually enrol all eligible workers into workplace pensions between 2012 and 2018.

Workplace pensions and the State Pension
Today the maximum basic State Pension you can get is £110.15 per week for a single person. The money you get from a workplace or other pension could make it much easier for you financially when you’re retired.

What is new – ‘Auto enrolment’
A new law means that every employer must automatically enrol workers into a workplace pension scheme if they:
– are aged between 22 and State Pension age
– earn more than £9,440 a year
– work in the UK

When will this apply to you?
When you will be enrolled depends on the size of the organisation you work for. Very large employers are doing it now. Other employers will follow sometime after this, over several years. Your employer will give you the exact date nearer the time.

Find out more about your own workplace pension and get FREE advice on any of your queries on: query@taxundo.com

 
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