Workplace pension, stakeholder pension, company pension and group personal pensions are just some of the terms we have all had to try to get used to in recent years as successive governments have tried and largely failed to get to grips with the fact that we are all living longer and we all need money to survive our “extra” retirement years.
Check out Talis Retirement Countdown
We have been bribed with quite generous tax breaks for some time but that has not really worked because not enough saved enough. So now we are all to be auto enrolled into workplace pensions. What this means is that employers are, or will soon be, obliged to enrol employees into a pension if it does not already have something better in place.
If you work for a larger employer you may already have been auto enrolled. The largest companies started in October 2012, larger to medium sized companies have to auto enrol now, while smaller companies have until mid 2016 to sort their workplace pensions.
You, your employer and the tax man will all have to pay into your workplace pension – unless you opt out. As it is effectively free money, unless you are flat broke, it is almost certainly in your best interests to join.
If you are an employer and you need to set up a workplace pension – we can help. If you are an employee and need some advice on joining a workplace pension our number is at the top of this page – do please give us a call or fill in the contact form above…