Juggling work, kids, family and friends means saving for the future is often the last thing on your mind. That’s why a change is taking place that will affect millions of working people across the UK.
If you haven’t got one already, you’ll soon be getting a pension at work. Not only will your employer sort out all the details, they’ll also pay into it for you – that’s extra money to help you towards the retirement you want for you and your family.
So what do the changes to workplace pensions mean for you?
- in work?
- earning at least £9,440 (tax year 2013-14)?
- aged between 22 and State Pension age?
- not already a member of a pension scheme at work?
If you said “yes” to all these questions:
Great news: you’re going to benefit from a change in the law, which will make it easier to save for your future.
The change means your employer will have to enrol you into a workplace pension. Your boss will have to sort out the paperwork for you and pay into it. The government will also give you tax relief, which means the money you would have paid to them in income tax on your pension payments goes into your retirement pot instead.
If you said “yes” to some of these questions:
You won’t be enrolled into a pension at work, but you can still ask to join. If you earn more than £5,668 (tax year 2013-14) your employer will have to pay in too. Speak to your boss for more details.
When will this happen?
The change in the law started with the biggest companies first in October 2012. Use this workplace pensions tool to find out if you're likely to be affected.