What are your pension options as an umbrella employee?
To help people save more for retirement, the Government requires employers to automatically enrol their eligible workers into a pension scheme. This is known as automatic enrolment. This means that we at Parasol are obliged to automatically enrol all employees into a pension scheme. We’ve chosen NEST to provide our auto-enrolment scheme.
As a Parasol employee you will be automatically enrolled into a pension scheme, if you meet the below criteria:
- you are aged between 22 and State Pension Age;
- earning over £10,000 a year (£833 a month/£192 a week)*;
- working, or ordinarily working, in the UK; and
- not already an active member of the auto-enrolment pension scheme.
*Please note that these amounts are subject to change by the Government (usually in April each year) so please refer to www.gov.uk for the most up to date amounts.
Join our Scottish Widows group pension scheme: We are also pleased to offer all employees the opportunity to join our voluntary Group Personal Pension scheme with Scottish Widows. If any employee does so within the 3 month postponement period and they pay the minimum required contributions, an employee will not be required to be auto-enrolled into the NEST pension scheme.
Please note: the minimum required contributions will be the same for both pension schemes.
Existing Pension Provider: If you already have a private pension before joining Parasol, we can make contributions into your existing pension scheme provided the scheme is able to accept employer’s contributions. You will benefit from a reduction in employees NI and PAYE tax. We will also pass on the savings in employer’s national insurance.
If you’d like to find out more about the pension options available to you as a Parasol employee then please contact our employee support team on 01925 644 860.
As an employee of Parasol if we don’t hear from you, then you will be automatically enrolled into the NEST pension scheme if you meet the criteria mentioned above.