- Did you know that all employers now have to put their workers into a pension scheme if they earn over £10,000 per year, are aged 22 or over and are under state pension age. This is the law, because the government wants to get more people to have another income in addition to the state pension whey they retire.
- If you don’t want to join the scheme you need to op out. you can opt out in the one month period starting on the date that you were put into the pension scheme. If you opt out during this period any contributions to your pension you have already made will be refunded and you will not have become a member of the scheme on this occasion. If you want to stop making contributions after the end of this one month period you can. The contributions you have made already may be refunded depending on the pension scheme and how long you have been contributing.
- If you opt out of the scheme but change your mind in the future to rejoin, then contact your payroll manager.
- Anyone who opts out or stops making contributions will be automatically enrolled back into a pension scheme at a later date (usually every three years if they meet certain criteria). This because your circumstances may have changed and it may be the right time for you to start saving.
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