What is a workplace pension?

A workplace pension is a pension scheme arranged by, or on behalf of, an employer and helps eligible employees save for retirement. All businesses are now obliged by law to provide a suitable workplace pension scheme for eligible staff. This is the result of a Government initiative to help people who otherwise might not save enough money to live on when they retire.

A percentage of the employees’ salary is paid to a nominated scheme along with the employer contribution and builds a pot of money ready for retirement. Like employees, employers have to meet a minimum level of contributions for all enrolled scheme members.

Employees can opt out of workplace pensions if they want to, but that means losing out on the contributions employers would make and the tax relief they would get from the Government.

Speak to us about other types of workplace pensions and Auto Enrolment.

Allan Kinnaird DipFA
Independent Financial Advisor
DD: 0141 212 4592
Email: allan.kinnaird@kelvinsmithfp.co.uk

Jackie Fowler Chartered MCSI MLIBF
Independent Financial Advisor
DD: 0141 212 4583
Email: jackie.fowler@kelvinsmithfp.co.uk