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BobbyW
by BobbyW 29 June 2012  |  Comments 4 comments  |  Love Love  0 loves

Can anyone advise please - If you have an existing personal pension is your employer obliged to pay the amount they would be required to pay the NEST pension into your personal pension when this becomes compulsory? Or if you have an existing pension would you employer not be reqiured to offer anything new/contribute to your existing provision?

Thanks

Bobby W

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Comments (4)

  • MikeGG1
    Love rating 879
    MikeGG1 posted

    Bobby

    It will be a requirement for the employer to pay contributions to a pension scheme for you. They could set up their own scheme or pay into an existing scheme but it would be their choice.

    So the answer to your first question is NO. They don't have to pay into your scheme. They might prefer to but it wouldn't be compulsory.

    The answer to question 2 is that they must pay at least the minimum level of contributions. If they already pay that amount then they wouldn't need to pay anything more. If they don't pay the minimum already then they must pay the extra needed, but it is their choice as to where it would go.

    If they do set up a pension scheme for you then the charges could well be less than you are currently paying, so it could be advisable for you to transfer to it.

    Mike

    Posted on 29 June 2012 | Love Love  0 loves Report
  • BobbyW
    Love rating 10
    BobbyW posted

    Thanks Mike what would happen if I then leave the employer in the future? Could I take the new pension with me?

    Posted on 29 June 2012 | Love Love  0 loves Report
  • MikeGG1
    Love rating 879
    MikeGG1 posted

    Depending on the length of service within the scheme, after 3 months you would be offered a transfer value to take to another scheme. With 2 years service in the scheme you would be able to retain the pension where it is.

    Mike

    Posted on 29 June 2012 | Love Love  1 love Report
  • BobbyW
    Love rating 10
    BobbyW posted

    Thanks Mike

    Posted on 02 July 2012 | Love Love  0 loves Report

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