WE ALL NEED A LITTLE HELP WITH OUR FINANCES FROM TIME TO TIME AND NOT ALL FINANCIAL ADVISERS UNDERSTAND THE UNIQUE NEEDS OF CONTRACTORS AND FREELANCERS.

Contractor Pensions

From October 2012, all employers were required by law to offer a workplace pension

From October 2012, all employers were required by law to offer a workplace pension.  Different employers were given different start dates for enrolment of their employees in a pension scheme. 

Enrolment Date
As your employer, Umbrella.co.uk has to enrol you into our workplace pension scheme before November 2016. 

Contributing to the Pension Scheme
As your employer, we will contribute 2% of your basic pay a week to your pension. 

You will pay 0.8% of your basic pay to the pension and the Government will add another 0.2% through a reduction of your weekly tax payment.

We will deduct your pension contributions at source and make the payments to the pension provider on your behalf.

Opting Out
There is no option to opt out until you are enrolled.  Once you have been enrolled and have received your pension plan information from the providers, you then have the right to opt out at any time. If you opt out within 30 days you will get all your contributions back; after that they will stay in your pension pot.  You will be informed of the process for opting out by the pension provider when they write to you

More Information
If you require more information you can contact us on 01625 546610.