A workplace pension is a way of saving for your retirement that’s arranged by your employer.
Some workplace pensions are called ‘occupational’, ‘works’, ‘company’ or ‘work-based’ pensions.
If you change jobs
Your workplace pension still belongs to you. If you don’t carry on paying into the scheme, the money will remain invested and you’ll get a pension when you reach the scheme’s pension age.
You can join another workplace scheme if you get a new job.
If you do, you may be able to:
Ask your pension providers about your options.
If you move jobs but pay into an old pension, you may not get some of that pension’s benefits – check if they’re only available to current workers.
If you worked at your job for less than 2 years before leaving, you may be able to get a refund on what you’ve contributed. Check with your employer or the pension scheme provider.
You can find out more details about Workplace Pensions here
It is very important that all employers should know their Staging Date – that is the date when Automatic Enrolment to the Workplace Pension Scheme commences at your workplace.
If you do not know it, it can be easily found – all you need to know in advance is your PAYE reference number, an example of which would be 943/WZ5121A, to be found on any of your correspondence from the Pensions Regulator.
Click here to find your Staging Date
The total number of employers fined for failing to comply with their workplace pensions duties reached 169 by the end of 2014, according to figures released by The Pensions Regulator
The total represents a small number compared to the tens of thousands of businesses which have now complied with their automatic enrolment duties.
A significant number of the notices issued in this period were to employers who had missed their deadline to submit their declaration.
The Pensions Regulator’s Director of automatic enrolment, Charles Counsell, said,
“My message to all employers is that failing to declare within five months of your staging date means you risk being fined, which is why we recommend you start your automatic enrolment planning and preparation 12 months before staging.”
Our next newsletter is almost ready for the printer, so should be in the post very soon.
In this issue you can read more about
New Minimum Wage Rates from October 2015
Spotlight on the role of the Treasurer
Planning for Automatic Enrolment for Workplace Pensions
News of workshops and training in the Autumn
The law on workplace pensions has changed. Every employer with at least one member of staff must automatically enrol those who are eligible into a workplace pension scheme and contribute towards it.
The pensions regulator will send a series of communications about these new legal duties, so you need to nominate a member of staff to be the contact person by 30th April 2015.
Go to www.tpr.gov.uk/letter for all the details
If you fail to comply with your duties you could be fined and/or prosecuted