Workplace pensions Workplace pensions are set up automatically by your employer when you start working for them – this is called auto-enrolment. Usually, when you pay into this pension from your salary, your employer does too. There are two types of Workplace pensions: ...
Need help understanding pension basics? This guide from Prudential offers advice on what a pension is, how pensions work and more.
Participating in a workplace pension plan is generally a good thing. It pays for employees to contribute at a level that maximizes the matching contributions that the employer makes on their behalf. Employees should pay attention to the investment options rather than simply accepting the default ...
If, for example, you move to a new job, it doesn’t mean that you lose the workplace pension you had with your previous employer. Most schemes will allow you to leave your money invested, or transfer your existing workplace pension into your new company’s pension plan or into a person...
How does personal pension tax relief work? The contributions you make into a personal pension are eligible for tax relief. That means your pension provider can claim 20% from the government as basic-rate income tax relief and add it to your pension pot. So if you pay in £80 yourself,...
The good news is that you can boost your pension pot by making the most of your workplace pension or a personal pension plan. How easy this will be depends on how far you are from retirement and what you have saved already. The first thing to do is to check the value of any ...
Contact your former employer, if it was a Workplace pension Use a pension tracing service Workplace pensions can often be with a different provider for each job you hold, meaning you could build up several pots over your working life. If you’re struggling to contact a previous employer, pe...
Some employers offer retirement plans, such as 401(k), 403(b), and pension plans.2 These plans help you save for retirement with pre-tax or post-tax contributions. Employers may match a percentage of your contributions, which can provide a boost to your retirement savings over time.2 Time...
You both agree that for the future, the employee will be paid cash remuneration of £35,000 a year, and you will pay an additional £5,000 to their workplace pension scheme. The employee has sacrificed £5,000 of annual salary to receive the benefit of an increased £5,000 emplo...
The DC pension has sent me a Maturity Pack. Obviously loads of options. I don’t need the money at the moment but is it worth leaving it in my old workplace pension. How does anyone know? Forget COPE. It's a source of endless confusion and only used to work out the starting level...