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Changes to Pensions Law

About workplace pensions The government has made changes to pensions law to get people saving for retirement. The changes mean that most workers will be given access to a workplace pension scheme by 2018. 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 it works A percentage of your pay is put into the pension scheme automatically every payday. In most cases, an employer and the government also add money into the pension scheme. The money is used to pay you an income for the rest of an employees life when they start getting a pension. Employees can usually take some of the workplace pension as a tax-free lump sum when they retire. If the amount of money that an employee has saved is quite small, then they may be able to take it all as a lump sum. 25% is tax free but employees have to pay Income Tax on the rest. The earliest age at which a person can take money out is 55 – unless they’re seriously ill. Workplace pensions and the State Pension Today the maximum basic State Pension a person receives is £113.10 per week for a single person. The money each person gets from a workplace or other pension could make it much easier for them financially when they’re retired. ‘Auto 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

An employee may not see any changes if they’re already in a workplace pension scheme. The workplace pension scheme will usually carry on as normal. Please contact us to discuss your workplace pension options. Contact Us

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