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Author: admin | Category: Auto Rate Calculator | Date: 24.03.2016

The largest firms in the UK have already started automatically enrolling their workers into a workplace pension, in the biggest shake-up of retirement saving in years, medium-sized firms are starting now, and the smaller businesses are to follow before the end of 2018.We take you through the ins and outs of auto-enrolment to make sure youa€™re prepared. What is auto-enrolment?The government has introduced a new law designed to help people save more for their retirement. If youa€™re aged 22 or above (but under State Pension age), earn more than A?10,000 a year (this figure may change at the beginning of each new tax year in April), and are not already in your employera€™s pension scheme, you will be enrolled.
This example is based on your employer making contributions on your full salary, which they may choose to do but don't have to.
The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. All eligible employees must be auto-enrolled on this date (or from an earlier voluntary date if approved by the Pensions Regulator, or from a later Deferral Date if you are using Postponement). There are many staging dates up to 2018 and to help employers discover theirs, the Pension Regulator has created a calculator which can be found here. Once you have found out your auto enrolment staging date, you can start to plan what you need to do.
This plan gives you some guidance on what you need to do for auto enrolment and is a useful reference. 7th CPC Multiplication Factor Clarification After the release of 7th CPC notification, there has been some confusion on the air about the multiplier percentage (%) which should be used to calculate the revised basic pay. It's sensible to consider the impact on your state pension if your work situation changes - you don't want to lose out by making careless and avoidable mistakes. For ages, I’ve been banging on about improving the effeciency of how we manage auto-enrolment. Millions of pensioners will see their spending power boosted to the highest level for 25 years.
A friend, a Director of NOW Pensions and a man whose integrity cannot be questions , has sent me this paper. The Greek government have set out plans to split the countrya??s imminent pension reform into two parts, Minister of Labour Giorgos Katrougalos has announced. Middle England is bracing itself for a stealth raid by the chancellor in Wednesday’s autumn statement. Women in their thirties are falling through the retirement savings gap, according to a new report.

It requires all employers to enroll their workers into a workplace pension scheme if theya€™re not already in one. He pays in the equivalent of 4 per cent of his salary into his workplace pension (A?40 a month).
The rules state that employer contributions are calculated on any salary you earn between A?5,772 and A?41,865, the thresholds for national insurance. This is the date set by the Pensions Regulator for auto-enrolment implementation for each band of employers across the UK. There will be lots of issues to deal with – from employee engagement, through to setting up a pension scheme and deducting contributions from your payroll system for each employee, each and every month.
Financial Services Register Number 447018.Registered in England & Wales, Company Number 04421583. George Osborne will announce next Wednesday that the basic state pension will rise to ?119.30 a week. This will mean that minimum contributions are taken directly from the employee's wages each month and invested into a pension scheme. So your best bet is to ask your employer what they're planning to do and then tap in your figures with the calculator on the Money Advice Service website.Where will my money be invested?A Workplace schemes will vary between employers, but they will provide you with information on what your money is being invested in.
Employees then have to actively opt out.The idea has been inspired by the similar and successful KiwiSaver operating in New Zealand. Very large employers a€“ with 120,000 or more workers will be the first to do this, starting from 1 October 2012. There will be a default option, which is usually low to medium risk, and which will place and change your investments according to your age - known as 'lifestyling'. Usually in the pensions world this means younger workers have their money invested into higher risk funds and as they get older - and nearer retirement - it is moved to safer, lower-risk investments.
Companies with fewer than 50 workers, for example, will not begin the process until June 2015. However, the architects of auto-enrolment are concerned that pushing new savers into high-risk funds could mean high volatile and losses in the first few years. Now many of us will spend at least 20 years in retirement, according to the official figures, fears are growing that we are not putting away enough money for old age.
Do I have to stay in the pension scheme?You can choose to opt out of the scheme if you want to, by informing whoever runs your employera€™s pension scheme.

The government, in the form of tax relief, pays the equivalent of 1 per cent of his gross salary (A?10 a month). Fifty years ago only one in 10 children could expect to live to be 100 years old - today that figure is one in four. Remember this is an active process a€“ you will be enrolled unless you specifically request to opt out.A Is it a good idea?
We also have an ageing population - by 2020 half the UK population will be 50 or older - meaning fewer future taxpayers to bankroll a greater number of pensioners.2.
Relying solely on that would mean living with a significant fall in income when you retire, so if you want to continue living in relative comfort, you need to make other provisions. Ia€™m too young to be worrying about a pensionIta€™s never too early to start saving a€“ the younger you are when you start paying into a pension, the more money you will have set aside, and the longer it will have to grow.A I can't afford to contribute If your salary is on the lower end of the scale to be auto-enrolled, it's important to remember that your contributions will be small. Participation in pension schemes has been declining, due in part to Labour's raid on pension schemes in 1997 but also because of a raft of pension mis-selling scandals and disappointment in stock market returns.
If you earn A?12,000 a year you will initially contribute A?4.29 a month, just over A?1 a week. The popularity of personal pensions has steadily fallen and even workplace pensions are being shunned. TOP TOOL: Are you saving enough for retirement?What are the benefits of auto-enrolment?Under the scheme, your employer will also make contributions to the pot a€“ which is essentially free money for you. And remember, you will also be getting tax relief and employer contributions too, so it all adds up. How much they contribute will vary from company to company, but it will be a minimum of 1 per cent.A Saving this way is also tax efficient as the government will contribute to your pension as well, through tax relief. My company already has a pension scheme and I don't take partYou will still be auto-enrolled into their workplace pension scheme, unless you actively choose to opt out when they write to you ahead of your enrolment.
This is when some of your money that would have gone to the government as income tax, goes into your pension instead.How will it work?

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