Automatic pension

A question about : Automatic pension

Hiya

I plan on joining my work pension scheme sometime between sept 2013-jan 2014 and they are aware of this. Does this goverment scheme on the news today mean I will be forced to put into a pension before then? I am unable to afford at the moment which is one of the reasons I am not in one. It is worrying that I may be forced into a scheme before then when I cannot afford it and am trying to clear some debts to make for a better life for my young family.

Thanks!

Best answers:

• Even once it is mandatory for employers to provide a pension scheme, it will still be possible for employees to opt out. Just make sure you pay attention to any announcements your employer makes about pension schemes, and fill in the paperwork to opt out if you need to.
• As Zelazny says, also it will be possible for you to opt in later.
  But this is not an endorsement that opting out of a pension if things are difficult is a good idea.
• No I know. I have never put into one due to not being in a stable job and not being able to afford it but from sept 2012-jan 2014 I will be able to start putting something into a pension and plan on taking my employer one I put approx Ј40 and they put approx Ј70 pm into it.
  Thanks
• Depending on the number of employees in the company, your employer may be compelled by law to enroll you. You can opt out within the first month and get back any money that was deducted from pay for this. If you do it quickly you may be able to do it before the deduction is made. The auto-enrollment rules also let you opt in again whenever you like.
• There are probably less than 20 people in the company. I work in a doctors surgery. When approx can I be expected to be 'enrolled' into this? Also when I do join the pension would it still be on the basis of I pay a certain % and my employer pays another % (at the moment is almost double what I put in)
  Thanks
• Hula
  For companies with fewer than 58 employees auto-enrollment won't start until January 2015, so you should be fine.
• Ah okay fantastic thank you! So I can take charge of my situation and start it next year when finances allow! Brill. Thanks again.