Changes to the Workplace Pension (Auto Enrolment Pension)

What’s changing?

Effective from 6th April 2018, the minimum amount paid into your Workplace Pension, both by us and by you, will increase. This is a legislative change involving millions of people and all employers across the country. This is not something that is applicable to Parasol only. The table below shows what the base contributions are, what they will increase to and when.

What’s the benefit of having a Workplace Pension?

The Workplace Pension is a simple way to help you save for your future so that you have more money to continue doing the things you enjoy when you reach retirement. The earlier you start to save, the more money you’ll have when you do retire as your money will have had time to grow.

What do you do if you want to opt out of the Workplace Pension?

The legislation doesn’t allow you to opt out before you have been automatically enrolled. Parasol will automatically enrol you into the scheme once you become an eligible employee. It is at that point that you will be given full details about the opt-out process.

You can find out everything you need to know about Workplace Pensions here.