Contributions from you and your employer will be paid into this pot- which stays the same even when you change jobs
(PRWEB UK) 2 August 2012
Cost is a well-established online comparison service, highly respected for sourcing its online consumers the best deals on their insurance, monetary, travel and utility requirements. The comparison gurus also produce an array of informative advice on these issues. The latest of which concerns on the new automatic-enrolment pension scheme, focusing on what young people should know about the plan.
Cost’s Chief of Finance gives her thoughts on the new pension policy:
“The new auto-enrolment pension scheme will be a positive step towards helping young people save for their futures. With an ongoing difficult economic period, the nation has had a more relaxed attitude to saving; this new pension policy should help re-focus our attitude towards saving.”
- Employers have to automatically enrol workers who:
- Are at least 22 years old;
- Are below state pension age;
- Earn more than £8,105 a year;
- Work in the UK (under their contract);
- Are not currently in a qualifying workplace pension scheme
- If you join a money purchase (defined contribution) scheme, you will have an individual http:// pension ‘pot’ to be opened when you retire. Contributions from you and your employer will be paid into this pot- which stays the same even when you change jobs.
- If you do not want to participate in the pension scheme any longer, you can opt out at any time. However there is a certain period where refunds can be made; after this period, refunds cannot be made but the contributions made will remain in your pension’s pot.
- What happens now? You don’t need to worry about doing anything for the time being. Your employer will write to you when it is time to start automatically enrolling their workers in the scheme with all the relevant details about the next stages of the process.
The Cost team are also dedicated to keeping their consumers up to date with the latest news in their industry.
Based in Essex, Cost is one of the UK’s leading price comparison sites. Allowing their online customers access to companies offering a range of insurance, financial and travel services, the firm specialise in providing a personal experience. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.