Workplace Pension FAQs
About Workplace Pensions
The government has introduced legislation designed to help people save more for their retirement. It requires all employers to enrol their workers into a workplace pension scheme, if they are not already in a qualifying one.
Benefits of Workplace Pension for Workers
You put in £60 + Employer puts in £45 + Tax relief £15 = £120 going into your pension pot.
The above statement is based on a worker receiving a monthly pensionable pay of £1,500; a 4% contribution from the worker; a 3% contribution from the employer and 1% in tax relief.
Important: The government has set minimum levels for what has to be paid in by the employer.