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Workplace Pensions - Pension Law is Changing‎

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  • Workplace Pensions - Pension Law is Changing‎

    Have put this information here as it will apply to all employers with at least one member of staff. It will affect all people on Direct Payments who employ
    PAs etc. I can not find out at present if the Local Authority will be responsible for making this extra expense part of the Direct Payment package, will update if I get to know something definite.
    My example is I have to nominate a contact eg accountant, payroll provider, who will then be sent all communications on this matter. I have to register by June 30th 2015 and my staging date will be 1st October 2016

    Workplace pensions - employers' obligations

    All employers will have to provide workers with a workplace pension scheme by law over the next few years. This is called ‘automatic enrolment’.

    1. About workplace pensions

    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.
    How they work

    A percentage of your pay is put into the pension scheme automatically every payday.
    In most cases, your employer also adds money into the pension scheme for you, and you get tax relief from the government.
    When you can take your pension pot depends on your pension scheme’s rules - it’s usually 55 at the earliest.

    What you’ll get and how you can take it depends on the type of scheme your employer offers you. You can usually take 25% of the money tax free.
    If the amount of money in your pension pot is quite small, you may be able totake it all as a lump sum - 25% would be tax free but you’d pay Income Tax on the rest.
    Workplace pensions and the State Pension

    You can get money from a workplace or other pension on top of the State Pension.
    Today the maximum basic State Pension you can get is 115.95 per week for a single person.
    ‘Automatic enrolment’

    A new law means that every employer must automatically enrol workers into a workplace pension scheme if they:
    • are aged between 22 and State Pension age
    • earn more than 10,000 a year
    • work in the UK

    This is called ‘automatic enrolment’.
    Use the Pensions Regulator staging date calculator to check if the new law applies to you and when you’ll be enrolled. The calculator is for employers but also works for employees.

    You may not see any changes if you’re already in a workplace pension scheme. But if your employer doesn’t already contribute to your pension, they will have to start when they ‘automatically enrol’ every worker.

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