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If I auto-enrol employees on a sacrifice basis, will allowing them to revert to higher cash pay on opting out create a tax charge?

No. HM Revenues & Customs has clarified that employees who opt-out of salary sacrifice or out of pension savings will not be penalised. Their employment contract will be amended as a consequence of them reverting to higher cash. http://www.hmrc.gov.uk/

Posted 5 years ago at 14:38 by Common Questions

careerz 360 answered at 09:34 10-04-2018

you are right

Can I auto-enrol using my employment contracts

Yes, you can do this. If you change contracts for existing employees, you will need to go through an employee consultation exercise. You could, instead, change the contracts for new employees only. There are a few pitfalls: for example, only employees who satisfy the 'jobholder' criterion are entitled to an opt-out window, and ...

Posted 5 years ago at 14:39 by Common Questions

Is everyone being enrolled into a workplace pension?

Starting from October 2012 (very large employers first), every employer has to enrol into a workplace pension, workers who: are not already in a qualifying workplace pension scheme; are aged 22 or over; are under State Pension age; earn more than a minimum amount (£9,440.00 a year in 2013-14); and work or usually work in the ...

Posted 5 years ago at 14:30 by Common Questions

When will I be enrolled?

If you meet the criteria above (Q1), the timing of when your employer will enrol you into a workplace pension depends on their size. Very large employers are doing it first, in late 2012 and early 2013. Other employers will follow sometime after this, over several years. Your employer will give you the exact date nearer the ...

Posted 5 years ago at 14:31 by Common Questions

What if I don’t meet the criteria to be enrolled?

If you don’t meet the criteria above when your employer starts enrolling workers, you will not be automatically enrolled into a workplace pension. However, you may be able to join the pension scheme if you want, if you’re not already a member. Your employer will let you know (so long as you’re 16 or over, and under 75).

Posted 5 years ago at 14:31 by Common Questions

Why is this happening?

The aim is to help more people have another income, on top of the State Pension, when they retire. The State Pension is a foundation for your retirement. If you want to have more, you need to save during your working life. Otherwise, you may reach retirement facing a significant fall in your standard of living. The full basic ...

Posted 5 years ago at 14:32 by Common Questions

Who will pay into my workplace pension

You will pay into it. Your employer will pay into it too. They have to do this if you earn more than a certain amount (£5,668.00 a year in 2013-14). Plus most people will get a contribution from the government in the form of tax relief. This means some of your money that would have gone to the government as tax, goes into your ...

Posted 5 years ago at 14:32 by Common Questions

How much will I get from my workplace pension when I retire?

It’s possible to get an idea of how much you will get from your workplace pension by getting a ‘pension estimate’ (also sometimes known as a ‘pension projection’). You can get this from whoever runs your pension scheme.They may also have an online calculator that can help you work out the income you may get when you ...

Posted 5 years ago at 14:33 by Common Questions

Will it be enough?

Being in a workplace pension means you’ve taken an important step towards giving yourself the lifestyle you would like in later life. You may want to start thinking about the things you will need money for in retirement such as paying bills, transport and buying food, and the things you may also want to do

Posted 5 years ago at 14:33 by Common Questions

What if I move jobs?

You may be automatically enrolled into a new workplace pension. This will depend on the size of your new employer, when you move, and if you meet the criteria listed in question one. Very large employers will automatically enrol all new workers who meet the criteria from late 2012/early 2013 onwards. Smaller employers will ...

Posted 5 years ago at 14:33 by Common Questions

careerz 360 answered at 09:32 10-04-2018

exactly, you right .

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