Podcast Employment Advice in 5 Minutes | Episode 06 Employment and Pensions
Welcome to the E&P Services Podcast Episode 06.
We take a dive into responsibilities around pensions.
The questions:
- Am I automatically placed into a workplace pension scheme and what pension provider do you use?
- How much do I as a member contribute and how much do you contribute as an Employer?
- Can I ‘opt out’ of the pension scheme and if so, do I get a refund of any contributions made?
- Am I able to transfer other pension pots I have to Nest and bring my savings together?
- Can I access my account online?
Listen
Transcript
Jim [00:00:00] Welcome to the E&P services employment advice in five minutes podcast, E&P Services and employment and payroll company based in Liverpool and servicing businesses all over the UK. I’m your host, Jim Kinloch, and with me is the founder and owner of E&P services, David Du-Feu. Episode six Employment and Pensions. Right, David? This is the first question. Am I automatically placed into a workplace pension scheme? And what pension provider do you use?
David [00:00:32] Hi, Jim. Uh, yes. As a employee, you are automatically placed into a workplace pension with ourselves. And we use the provider Nest.
Jim [00:00:43] Nest. Right. Question two how much do I as a member contribute and how much do you contribute as an employer?
David [00:00:53] So employees or members will contribute 5%. And we as the employer will contribute contribute 3%. So that’s the standard. So 8% in total.
Jim [00:01:04] Okay. That’s very clear. Question three can I opt out of the pension scheme. And if so, do I get a refund of my contributions made?
David [00:01:16] Yes. You can opt out of the pension scheme if you wish to. Um, in terms of refunds, only if you were to opt out within the first 30 days of being enrolled. You will only get a refund if it’s within that time period.
David [00:01:33] After that time, you can opt out. However, you wouldn’t get a refund of anything you’ve contributed to date. It would just be left in your pension pot for further notice.
Jim [00:01:44] Okey doke. So now question 4 am I able to transfer other pension pots I have to Nest and bring my savings together?
David [00:01:56] Yes, you certainly can transfer other pots that you have. And I do know that Nest offer that facility. And as you say, it’s an ideal opportunity for people to bring savings together should they wish to.
Jim [00:02:08] Excellent. And our last question. Question five. Can I access my account online?
David [00:02:15] Yes, you most certainly can. They have a system in place where you can get online access at a time to suit you.
Jim [00:02:23] Great. David Du-Feu for E&P Services Limited, thank you for your insights around employment in the UK. Uh, if you wish to contact David you can visit the website epservicesukltd.co.uk. Everything discussed in this podcast was correct at time of recording. E&P Services are not employment lawyers and advise you to confer with a qualified employment lawyer.
[image credit: Vitaly Gariev, unsplash.com]
