Workers to be automatically signed up to company pensions

[AAD News Feed]

Workers to be automatically signed up to company pensions

This is a duplicate of the Blog Entry made on 3rd July 2012 09:58.

About eight million workers will automatically be signed up to company pensions under new laws that come into force three months from today. For the...

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[5corpio]

Re: Workers to be automatically signed up to company pensions

The Latest Update on Automatic Pensions

Millions of workers face smaller pay rises because of new auto enrolment pension rules

Millions of workers face smaller pay rises because of a government plan to tackle Britain’s pensions crisis, an official report revealed yesterday. Four in ten bosses say they will slash - or even scrap - annual salary boosts when new rules force them to pay pension for every member of staff from this October, an employers pension report from the Department for Work and Pensions (DWP) said............Read on AAD Blog HERE: Workers to be automatically signed up to company pensions - allaboutFORUMS

[5corpio]

Re: Workers to be automatically signed up to company pensions

Pensions: Automatic enrolment system timetable revealed

Some 600,000 people are expected to be enrolled into a workplace pension by the end of the year under a new system that automatically diverts funds from their pay packet. The automatic enrolment scheme begins on 1 October and will mark one ....Read more here: Workers to be automatically signed up to company pensions - allaboutFORUMS

[SXGuy]

Re: Workers to be automatically signed up to company pensions

Just to point out, you can opt out of it, but you have to tell your employer!

[Never-In-Doubt]

Re: Workers to be automatically signed up to company pensions

I don't want a pension!!! Our house is our pension.

I'm a adult and will decide myself what to do.

Interfering twatty government.

[kilasuit]

Re: Workers to be automatically signed up to company pensions

I don't want a pension!!! Our house is our pension.

I'm a adult and will decide myself what to do.

Interfering twatty government.

But at least its an overall good change for peoples futures as opposed to a shit one

Granted you are an adult and know how to make good financial decisions but alot of people dont and dont want to think about it either.

[SXGuy]

Re: Workers to be automatically signed up to company pensions

its not an overall good change for us at all.

Your forced to pay in 1-2% initially, which increases to 3% of your wage by 2016.

By the time you reach retirement age, the goverment would have raped your pension fund, as they do every time with any pension fund, and it will be worth nothing.

This is all a rouge to get you to fund the governments dipping pot when they are short of cash, trust me, i know these things

Oh, and by the way, my clients who are employers can just about find the money to pay their staff, let alone have to find extra money to put in to a pension.

Its bad enough that they wish to reduce the time between employee pay is due and when you have to pay HMRC Tax and Ni, but now they have to find this as well? it does NOT work for small businesses, they never learn!!!

[The Tech Clerk]

Re: Workers to be automatically signed up to company pensions

They dipped into my pension pots, look at me now, worse off than those who did not bother, nothing added by companies since 1992 so pension pots only added by them for 3 years, retired now on, silly little pensions less smallest amount of tax because they are so low in funds, i..e. £23.00 per month after tax, £94 every 6 months after tax, £246 once a year after tax, Any body for a pension to live on//???

[5corpio]

Re: Workers to be automatically signed up to company pensions

Rip-off warning over Britain's 'auto-enrolment' pensions revolution

• Up to 11 million workers will be automatically signed up to schemes over the next five years

Workers who sign up to Britain’s pensions revolution could be the victims of ‘a mis-selling scandal on an unprecedented scale’, a damning report warns today. On October 1, new rules came into force meaning that, for the first time in history, all bosses must pay into a pension scheme for workers aged from 22 to state pension age who earn at least £8,105. Up to 11 million workers will be automatically signed up over the next five years, a process known as ‘auto-enrolment’. But today’s report by the Pensions Institute, part of Cass Business School, says bosses of smaller firms could enrol their staff into pension schemes set up decades ago, when charges were far higher, at up to 4 per cent, potentially halving the value of pensions.....Read more here: Rip-off warning over Britain's 'auto-enrolment' pensions revolution

[The Tech Clerk]

Re: Workers to be automatically signed up to company pensions

Well well funny that went through my mind having been a victim of the last Section 32 transfer scheme,

What happened you may ask, here goes:-

1. After 4 years the fund never increased by Insurance Company.

2. As it worked out I had to work an extra (Official) 5 years as the Company I had worked for started paying out Pensioners at the age 60 yrs Old.

3. Company Trustees on the issue mis-selling were Reccomended by Regulators Investigators to re-admit me into the scheme, == They Refused it seems they were entitled to do that.

4. The adviser ( A BANK) then had to make up the difference as per rule to the so called position I would of been in at the time. === a very low cash figure decade or more ago to a figure of just over £7,000 which had to be put into a Pension with another company, which now yields £24.45 per month after Tax.

5. One good thing was that the Insurance Company who bought the section 32 rights had to Guarantee a minimum pension rights, that gave me more than the figure the pension fund which had been static for some 15yrs, thank goodness, it seems somebody had guessed that a fault in that system and incorporated a rule, good for them. But the Pension never got to the predictions at outset, but the bottom prediction was well over estimated.


So beware all ye who go down this road.