The UK Government is making saving into a workplace pension easy – you don’t have to do anything. Once you’re enrolled by your employer, not only will you pay into the scheme, but so will your boss and you may also get tax relief. Over one million people in Scotland are now benefiting from a workplace pension: read more below.
Millions of workers across the UK are being automatically enrolled into a workplace pension by their employer. Workplace pensions are different to the State Pension. Saving into a workplace pension is easy – you don’t have to do anything. Once you’re enrolled by your employer, not only will you pay into the scheme, but so will your boss and you may also get tax relief from the UK Government.
Pensions can take many forms and you may have previously been invited to join a defined contribution or personal pension by your employer. Find out more about the different types of pension. Your employer will need to enrol you into a workplace pension scheme if you:
You can opt out if you want to, but that means losing out on employer and government contributions – and if you stay in, you’ll have your own pension that you receive when you retire.
The video below provides more information on automatic enrolment in workplace pensions:
Get help understanding your State Pension.
If you’re aged 50 or over you can get free impartial guidance on your defined pension options from Pension Wise.
Find out more about UK Government support at work.