At Enable Independent, IFA’s in Bishop’s Stortford we have been making sure that we keep ahead of the biggest shake up we have seen to the Pension scheme for decades.
So what does it mean to you? Basically the government have made it compulsory for all employers to enroll their employees into a qualifying workplace scheme, as before it was voluntary, and workers who did not subscribe to the schemes have been missing out on pension benefits.
Employers now (since October 2012) will have to automatically enroll workers on a qualifying workplace pension scheme, if you are at last 22 years old, below the state pension age, earning more than £8,105 per year and if you work in the UK. Although if you do not come under one of these categories, you can still ask your employer to enroll you onto the scheme. However the duties will be introduced gradually over the next five years, and will be based on the size of the company as well.
If you already in a final salary scheme and meets the minimum standards the you will be able to continue to build up benefits with in the scheme as usual.
So what happens if you have previously opted out of a company pension scheme?
If you have opted out of a company pension scheme you can rejoin when ever you like, as long as you fit into one of the categories we have listed above.
In our next blog entry we will be discussing how much will be paid into your pension pot? But in the meantime if you have any other questions regarding the new changes to pensions, then please give our team a call and one of our IFA’s will be more than happy to have an informal chat with you, so give us a call on 01279 755950.
This information is purely intended as guidance and
therefore if you require any specific advice please Enable Independent directly
for independent financial advice.
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