Pensions / Employers

Former Member · May 2009

Ok, I know nothing about pensions and will contact someone when given chance but I hope someone on here may be able o clear things up,

I want to join a pension scheme to save for the future, I was told that as my employer has more than 5 people (well over into the hundreds) it has to offer a pension scheme? is this correct?

I got told they have to offer you a stake holders pension unless

they offer you a company (occupational) pension
they offer an alternative personal pension scheme and have to contribute at least 3% of your pay

Can someone explain these to me? do i have the right to a pension through my employers? or can they say no? I would love some help on this and will look around thesite.org main site when i get chance,

thanks

Former Member · May 2009

Yes your employer has to offer you a pension scheme if they have more then 5 employees but they dont' legally have to pay anything into it.

Your best bet is probably to start with the HR department and ask them and go from there - getting independant advice is good as well but you would need to know in advance what your company offer so that you can compare the different options.

Also at least two of the places i have worked have offered a independant financial advisor to help with decisions around pensions and another couple have subscribed to those help line things where you can call up and get advice so you might not even have to pay for it.

Soph001 · May 2009

Wyetry's right about the 5 employees thing. For loads of really clear official advice, I thought you might like to go to the FSA guide to pensions.
'Types of Pensions', the link on the left, will help you differentiate between stakeholder and personal pensions, and more.

Hope this helps!

Pensions / Employers

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