What Does Auto-enrolment in Pensions Mean
Over the next few weeks you’ll be hearing a lot about automatic enrolment and pensions that will see up to 12 million employees put into pension schemes for the very first time. First to have to comply will be the biggest employers. They will have to automatically enrol eligible employees into a pension scheme, pay contributions on their behalf and deduct contributions from their pay.
Because automatic enrolment is so new and quite a dramatic change it is going to be BIG news The media will be asking should you opt in or out, and are the various schemes good value.
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The government’s pensions automatic enrolment policy going to cause controversy . In the past individuals have had to opt into schemes if they wanted to take part now they will be automatically enrolled unless they opt out. Not being proactive will now mean you get a pensiont. Personally I think that is a good thing.
NOW Pensions are just one such provider of pension that employers might sign up to. They have very clear information on their site to explain in more detail what this all means.
So what does auto enrolment mean for you? Will it change things? Are you already opting in to a pension or will this now be something to consider?
Will you opt out?