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.
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.
When you join umbrella.co.uk, after 12 weeks, you will be auto enrolled into the NEST pension scheme, which is the provider we use. This means that all contributions to your pension will be made on your behalf. You will receive a pack from NEST with contains the information you need to opt out if you wish.
Contributing to the Pension Scheme
As your employer, we will contribute 2% of your basic pay a week to your pension.
You will pay 2.4% of your basic pay to the pension and the Government will add another 0.6% 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.
There is no option to opt out until you are enrolled. Once you have been enrolled and have received your pension plan information from NEST, 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 NEST when they write to you
If you require more information you can contact us on 01625 546610.