Joining a workplace pension

All employers must provide a workplace pension scheme. This is called 바카라 사이트榓utomatic enrolment바카라 사이트�. Your employer must automatically enrol you into a pension scheme and make contributions to your pension if all of the following apply: 测辞耻바카라 사이트檙别 classed as a 바카라 사이트榳orker바카라 사이트� 测辞耻바카라 사이트檙别 aged between 22 and State Pension age you earn at least 拢10,000 per year you usually (바카라 사이트榦rdinarily바카라 사이트�) work in the UK (read the detailed guidance if 测辞耻바카라 사이트檙别 not sure) When your employer does not have to automatically enrol you Your employer usually does not have to automatically enrol you if you do not meet the previous criteria or if any of the following apply: you바카라 사이트檝e already given notice to your employer that 测辞耻바카라 사이트檙别 leaving your job, or they바카라 사이트檝e given you notice you have evidence of your lifetime allowance protection (for example, a certificate from HMRC ) you바카라 사이트檝e already taken a pension that meets the automatic enrolment rules and your employer arranged it you get a one-off payment from a workplace pension scheme that바카라 사이트檚 closed (a 바카라 사이트榳inding up lump sum바카라 사이트�), and then leave and rejoin the same job within 12 months of getting the payment more than 12 months before your staging date, you left (바카라 사이트榦pted out바카라 사이트�) of a pension arranged through your employer 测辞耻바카라 사이트檙别 from an EU member state and in an EU cross-border pension scheme 测辞耻바카라 사이트檙别 in a limited liability partnership 测辞耻바카라 사이트檙别 classed as a 바카라 사이트榙irector바카라 사이트� without an employment contract and employ at least one other person in your company You can usually still join their pension if you want to. Your employer cannot refuse. If your income is low Your employer does not have to contribute to your pension if you earn these amounts or less: 拢520 a month 拢120 a week 拢480 over 4 weeks What happens when 测辞耻바카라 사이트檙别 automatically enrolled Your employer must write to you when you바카라 사이트檝e been automatically enrolled into their workplace pension scheme. They must tell you: the date they added you to the pension scheme the type of pension scheme and who runs it how much they바카라 사이트檒l contribute and how much you바카라 사이트檒l have to pay in how to leave the scheme, if you want to how tax relief applies to you Delaying your enrolment date Your employer can delay the date they must enrol you into a pension scheme by up to 3 months. In some cases they may be able to delay longer if they바카라 사이트檝e chosen either: a 바카라 사이트榙efined benefit바카라 사이트� pension a 바카라 사이트榟ybrid바카라 사이트� pension (a mixture of defined benefit and defined contribution pensions ) that allows you to take a defined benefit pension Your employer must: tell you about the delay in writing let you join in the meantime if you ask to What your employer cannot do Your employer cannot: unfairly dismiss or discriminate against you for being in a workplace pension scheme encourage or force you to opt out

What you, your employer and the government pay

The amount you and your employer pay towards the pension depends on: what type of workplace pension scheme 测辞耻바카라 사이트檙别 in whether you바카라 사이트檝e been automatically enrolled in a workplace pension or you바카라 사이트檝e joined one voluntarily (바카라 사이트榦pted in바카라 사이트�) Example You바카라 사이트檙e in a defined contribution pension scheme. Each payday: you put in 拢40 your employer puts in 拢30 you get 拢10 tax relief A total of 拢80 goes into your pension. Use MoneyHelper바카라 사이트檚 contributions calculator to work out how much you and your employer will put in. Tax relief The government will usually add money to your workplace pension in the form of tax relief if both of the following apply: you pay Income Tax you pay into a personal pension or workplace pension Even if you do not pay Income Tax, you바카라 사이트檒l still get an additional payment if your pension scheme uses 바카라 사이트榬elief at source바카라 사이트� to add money to your pension pot. If you바카라 사이트檝e been automatically enrolled You and your employer must pay a percentage of your earnings into your workplace pension scheme. How much you pay and what counts as earnings depend on the pension scheme your employer has chosen. Ask your employer about your pension scheme rules. In most automatic enrolment schemes, you바카라 사이트檒l make contributions based on your total earnings between 拢6,240 and 拢50,270 a year before tax.聽Your total earnings include: salary or wages bonuses and commission overtime statutory sick pay statutory maternity, paternity or adoption pay Workplace pension contributions The minimum your employer pays You pay Total minimum contribution From April 2019 3% 5% 8% These amounts could be higher for you or your employer because of your pension scheme rules. They바카라 사이트檙e higher for most defined benefit pension schemes. In some schemes, your employer has the option to pay in more than the legal minimum. In these schemes, you can pay in less as long as your employer puts in enough to meet the total minimum contribution. If you바카라 사이트檝e voluntarily enrolled in a workplace pension Your employer must contribute the minimum amount if you earn more than: 拢520 a month 拢120 a week 拢480 over 4 weeks They do not have to contribute anything if you earn these amounts or less. How your take-home pay changes Joining a workplace pension scheme means that your take-home income will be reduced. But this may: mean 测辞耻바카라 사이트檙别 entitled to tax credits or an increase in the amount of tax credits you get (although you may not get this until the next tax year) mean 测辞耻바카라 사이트檙别 entitled to an income-related benefit or an increase in the amount of benefit you get reduce the amount of student loan repayments you need to make Payments using salary sacrifice You and your employer may agree to use 바카라 사이트榮alary sacrifice바카라 사이트� (sometimes known as a 바카라 사이트楽MART바카라 사이트� scheme). If you do this, you give up part of your salary and your employer pays this straight into your pension. In some cases, this will mean you and your employer pay less tax and National Insurance. Ask your employer if they use salary sacrifice.

Protection for your pension

How your pension is protected depends on the type of scheme . Defined contribution pension schemes If your employer goes bust Defined contribution pensions are usually run by pension providers, not employers. You will not lose your pension pot if your employer goes bust. If your pension provider goes bust If the pension provider was authorised by the Financial Conduct Authority and cannot pay you, you can get compensation from the Financial Services Compensation Scheme ( FSCS ) . Trust-based schemes Some defined contribution schemes are run by a trust appointed by the employer. These are called 바카라 사이트榯rust-based schemes바카라 사이트�. You바카라 사이트檒l still get your pension if your employer goes out of business. But you might not get as much because the scheme바카라 사이트檚 running costs will be paid by members바카라 사이트� pension pots instead of the employer. Defined benefit pension schemes Your employer is responsible for making sure there바카라 사이트檚 enough money in a defined benefit pension to pay each member the promised amount. Your employer cannot touch the money in your pension if they바카라 사이트檙e in financial trouble. You바카라 사이트檙e usually protected by the Pension Protection Fund if your employer goes bust and cannot pay your pension. The Pension Protection Fund usually pays: 100% compensation if you바카라 사이트檝e reached the scheme바카라 사이트檚 pension age 90% compensation if 测辞耻바카라 사이트檙别 below the scheme바카라 사이트檚 pension age Fraud, theft or bad management If there바카라 사이트檚 a shortfall in your company바카라 사이트檚 pension fund because of fraud or theft, you may be eligible for compensation from the Fraud Compensation Fund . If you want to make a complaint about the way your workplace pension scheme is run, read guidance from MoneyHelper to find out who to contact .

Managing your pension

Your pension provider will send you a statement each year to tell you how much is in your pension pot. You can also ask them for an estimate of how much you바카라 사이트檒l get when you start taking your pension pot. What you see on your payslip You do not need to do anything to get tax relief at the basic tax rate on your pension contributions. There are 2 types of arrangements: net pay relief at source Check with your employer or pension provider which arrangement your workplace pension uses. This determines what you바카라 사이트檒l see on your payslip. 바카라 사이트楴et pay바카라 사이트� Your employer takes your contribution from your pay before it바카라 사이트檚 taxed. You only pay tax on what바카라 사이트檚 left. This means you get full tax relief, no matter if you pay tax at the basic, higher or additional tax rate . The amount you바카라 사이트檒l see on your payslip is your contribution plus the tax relief. You will not get tax relief if you do not pay tax, for example because you earn less than the tax threshold. 바카라 사이트楻elief at source바카라 사이트� Your employer takes your pension contribution after taking tax and National Insurance from your pay. However much you earn, your pension provider then adds tax relief to your pension pot at the basic tax rate . With 바카라 사이트榬elief at source바카라 사이트�, the amount you see on your payslip is only your contributions, not the tax relief. You may be able to claim money back if: you pay higher or additional rate Income Tax you pay higher or top rate Income Tax in Scotland Tracing lost pensions The Pension Tracing Service could help you find pensions you바카라 사이트檝e paid into but lost track of. Nominate someone to get your pension if you die You may be able to nominate (choose) someone to get your pension if you die before reaching the scheme바카라 사이트檚 pension age. You can do this when you first join the pension or by writing to your provider. Ask your pension provider if you can nominate someone and what they바카라 사이트檇 get if you die, for example regular payments or lump sums. Check your scheme바카라 사이트檚 rules about: who you can nominate - some payments can only go to a dependant, for example your husband, wife, civil partner or child under 23 whether anything can change what the person gets, for example when and how you start taking your pension pot, or the age you die You can change your nomination at any time. It바카라 사이트檚 important to keep your nominee바카라 사이트檚 details up to date. Sometimes the pension provider can pay the money to someone else, for example if the person you nominated cannot be found or has died. Taking your pension Most pension schemes set an age when you can take your pension, usually between 60 and 65. In some circumstances you can take your pension early . The earliest is usually 55. Some companies offer to help you get money out of your pension before 测辞耻바카라 사이트檙别 55. Taking your pension early in this way could mean you pay tax of up to 55% . If the amount of money in your pension pot is quite small, you may be able to take it all as a lump sum. You can take 25% of it tax free , but you바카라 사이트檒l pay Income Tax on the rest. How you get money from your pension depends on the type of scheme 测辞耻바카라 사이트檙别 in. Defined contribution pension schemes You바카라 사이트檒l need to decide how to take your money if 测辞耻바카라 사이트檙别 in a defined contribution pension scheme. Defined benefit pension schemes You may be able to take some money as a tax free lump sum if 测辞耻바카라 사이트檙别 in a defined benefit pension scheme - check with your pension provider. You바카라 사이트檒l get the rest as a guaranteed amount each year.

Changing jobs and taking leave

If you change jobs Your workplace pension still belongs to you. If you do not carry on paying into the scheme, the money will remain invested and you바카라 사이트檒l get a pension when you reach the scheme바카라 사이트檚 pension age. You can join another workplace pension scheme if you get a new job. If you do, you might be able to: carry on making contributions to your old pension combine the old and new pension schemes Ask your pension providers about your options. If you move jobs but pay into an old pension, you may not get some of that pension바카라 사이트檚 benefits - check if they바카라 사이트檙e only available to current workers. If you worked at your job for less than 2 years before you left If you were in a defined benefit pension scheme for less than 2 years, you might be able to either: get a refund on what you contributed transfer the value of its benefits to another scheme (a 바카라 사이트榗ash sum transfer바카라 사이트�) This depends on the type of defined benefit scheme and its rules. Check with your employer or the pension scheme provider. Paid leave During paid leave, you and your employer carry on making pension contributions. The amount you contribute is based on your actual pay during this time, but your employer pays contributions based on the salary you would have received if you were not on leave. Maternity and other parental leave You and your employer will continue to make pension contributions if 测辞耻바카라 사이트檙别 getting paid during maternity leave . If 测辞耻바카라 사이트檙别 not getting paid, your employer still has to make pension contributions in the first 26 weeks of your leave ( 바카라 사이트極rdinary Maternity Leave바카라 사이트� ). They have to carry on making contributions afterwards if it바카라 사이트檚 in your contract. Check your employer바카라 사이트檚 maternity policy. Unpaid leave You may be able to make contributions if you want to - check with your employer or the pension scheme provider. If you become self-employed or stop working You may be able to carry on contributing to your workplace pension - ask the scheme provider. You could use the National Employment Saving Trust (NEST) - a workplace pension scheme that working self-employed people or sole directors of limited companies can use. You could set up a personal or stakeholder pension . You can get help with your workplace pension options .

If you want to leave your workplace pension scheme

What you do if you want to leave a workplace pension depends on whether you바카라 사이트檝e been 바카라 사이트榓utomatically enrolled바카라 사이트� in it or not. If you have not been automatically enrolled Check with your employer - they바카라 사이트檒l tell you what to do. If you바카라 사이트檝e been automatically enrolled Your employer will have sent you a letter telling you that you바카라 사이트檝e been added to the scheme. You can leave (called 바카라 사이트榦pting out바카라 사이트�) if you want to. If you opt out within a month of your employer adding you to the scheme, you바카라 사이트檒l get back any money you바카라 사이트檝e already paid in. You may not be able to get your payments refunded if you opt out later - they바카라 사이트檒l usually stay in your pension until you retire. You can opt out by contacting your pension provider. Your employer must tell you how to do this. Reducing your payments You may be able to reduce the amount you contribute to your workplace pension for a short time. Check with both your employer and your pension provider to see if you can do this and how long you can do it for. Opting back in You can do this at any time by writing to your employer. They do not have to accept you back into their workplace scheme if you바카라 사이트檝e opted in and then opted out in the past 12 months. Rejoining the scheme automatically Your employer will automatically re-enrol you in the scheme. They must do this either every 3 years (from the date you first enrolled), or they can choose to do it sooner. They바카라 사이트檒l write to you when they do this. When you do not rejoin automatically If you no longer qualify for the scheme, you will not be automatically re-enrolled. If you chose to leave the scheme in the 12 months before the date you would have been re-enrolled, your employer does not have to automatically re-enrol you. But they can choose to re-enrol you.

For questions about the specific terms of your workplace pension scheme, talk to your pension provider or your employer. You can get free, impartial information about your workplace pension options from: MoneyHelper Pension Wise if 测辞耻바카라 사이트檙别 in a defined contribution pension scheme You can get advice about workplace pensions from a financial adviser . You바카라 사이트檒l usually have to pay for the advice. Employers should contact The Pensions Regulator . Problems with being 바카라 사이트榓utomatically enrolled바카라 사이트� Contact The Pensions Regulator if you have concerns about the way your employer is dealing with automatic enrolment. You can also contact MoneyHelper , who may be able to help you. If 测辞耻바카라 사이트檙别 already paying into a personal pension Check whether it바카라 사이트檚 better for you to: carry on with just your personal pension stop paying into your personal pension and join your workplace pension keep paying into both If 测辞耻바카라 사이트檙别 saving large amounts in pensions You may have to pay a tax charge if your total savings in workplace pensions and any other personal pension scheme go above your annual allowance of 拢60,000. If you start taking your pension pot, your annual allowance could drop to as low as 拢10,000. If your pension scheme is closing This can happen if your employer decides they do not want to use a scheme anymore or they can no longer pay their contributions. Money Helper has information about what happens if your pension scheme is winding up . If you바카라 사이트檝e been automatically enrolled, your employer cannot close a pension scheme without automatically enrolling you into another one. If 测辞耻바카라 사이트檙别 getting a divorce You and your spouse or partner will have to tell the court the value of each of your pension pots. You then have different options to work out what happens to your pension when you get a divorce.

Workplace pensions

About workplace pensions

A workplace pension is a way of saving for your retirement that바카라 사이트檚 arranged by your employer.

Some workplace pensions are called 바카라 사이트榦ccupational바카라 사이트�, 바카라 사이트榳orks바카라 사이트�, 바카라 사이트榗ompany바카라 사이트� or 바카라 사이트榳ork-based바카라 사이트� pensions.

How they work

A percentage of your pay is put into the pension scheme automatically every payday.

In most cases, your employer also adds money into the pension scheme for you. You may also get tax relief from the government.

View a printable version of the whole guide

Step 1 Check when you can retire
and Check how much pension you could get
1. Find out how much State Pension you could get (your forecast)
You may also be paying into a:
- You are currently viewing: workplace pension
- personal pension
1. Find out if you바카라 사이트檒l pay tax on your pension
2. Find contact details for a lost pension
Step 2 Increase your pension
You might be able to increase the amount you get if you delay your pension.
1. Find out about delaying your pension
You might be able to pay voluntary contributions to fill in gaps in your National Insurance record (such as, from when you were not working or claiming benefits).
1. Check if you can pay voluntary National Insurance contributions
For advice about increasing your workplace or private pension, speak to a financial adviser.
Step 3 Check what other financial support you could get
Check what financial help you could get if you:
You can also get free bus travel if you:
- apply for a bus pass
Step 4 Decide when to retire
1. Get advice on planning your pension and deciding when to retire

Workplace pensions

About workplace pensions

How they work

Step 1 Check when you can retire

and Check how much pension you could get

Step 2 Increase your pension

Step 3 Check what other financial support you could get

Step 4 Decide when to retire

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Workplace pensions

About workplace pensions

How they work

Part of Plan your retirement income: step by step

Step 1: Check when you can retire

and Check how much pension you could get

Step 2: Increase your pension

Step 3: Check what other financial support you could get

Step 4: Decide when to retire

Is this page useful?

Help us improve 바카라 사이트

Help us improve 바카라 사이트

Step 1 Check when you can retire

Step 2 Increase your pension

Step 3 Check what other financial support you could get

Step 4 Decide when to retire