Workplace pension

Pensions are a tax-efficient way of saving money for your future self, once you decide to retire and enjoy your time. It’s like an unbreakable piggy bank on your desk, in which you – and your employer – put money in every month to save until it’s time to break it. And until then, this […]

Article written by Matt Coppin, Wealth Management Adviser. There are situations in which the UK’s complex tax system leaves employees paying very different percentages of the tax burden. We have highlighted below three common examples: The personal allowance 60% tax trap if you are earning £125,140 Most people have a tax-free personal allowance of £12,570,

It is important that people are aware of the type of workplace pension pot they’re saving in because a defined contribution pension scheme is different to a defined benefit one. A defined benefit pension guarantees a stable retirement income for life and it’s based on: the employee’s final salary or an average salary throughout their career how

Having a retirement plan in place before the time comes is wise for your peace of mind. To do that, you need to know exactly what you’re entitled to in terms of pension money. To begin with, there are three types of pensions: State Pension Workplace pension Personal pension. As of 2022/23, the State Pension

A defined contribution pension is a type of private pension used in a workplace pension or a personal one. Private pensions can be defined benefit or defined contribution pension plans. The amount an employee will get on their retirement in a defined benefit pension is based on their salary whereas the pension income one gets

Employers pay into your pension the set minimum contributions required by law, or more if they wish so. This requirement is set by the Government for any workplace pension. Your pension contributions depend on your pension plan’s earnings basis, and are based on: your qualifying earnings. Or your pensionable earnings. If employers don’t calculate contributions based

Under the Pension Act 2008, employers are required to auto-enrol their employees to a workplace pension scheme. The measures in the Act aim to encourage employees to save into a pension scheme which will supplement the State Pension. The Pensions Regulator has announced in a press release that they will carry out official checks on employers that

By obtaining tax relief, Getting tax relief means that you will get income tax back on your pension contributions. When you receive tax relief on your pension, some of the money that you would have paid in goes into your pension pot instead. This allows your pension pot to grow more effectively, providing greater financial security for

Yes! You contribute both to the State Pension – if your earnings are above the NI threshold – and your workplace pension, if you’re enrolled in one. They are two completely different pension schemes. The State Pension is provided by the Government and a workplace pension is provided by your employer. You are auto-enrolled in