Workplace Pensions - We're all in
Millions of workers are being automatically enrolled into a workplace pension by their employer. Once you’re enrolled, not only will you pay in to it but so will your boss and the government.
Example John puts in £40, his employer puts in £30, the government adds £10 tax relief.
A total of £80 will be paid into John’s pension.
This is to make it easier for you to start saving. You can opt out if you want to, but that means losing out on employer and government contributions – and if you stay in you’ll have your own pension that you get when you retire.
Every employer must automatically enrol workers into a workplace pension scheme who:
- are not already in one
- are aged between 22 and State Pension age
- earn more than £10,000 a year
- work in the UK
Get more information by reading the guide.
If you’re an employer, you need to act now to prepare. Visit The Pensions Regulator website.