Pension Problems



Pension disputes are something you will want to avoid as they can be a long difficult process to go through. The best way to prevent any pension problems is to ensure you have and understand all the information for what you are paying into.

 

The law now states that all employers must automatically enrol their workers who earn more than 10k a year and are aged between 22 and state pension age into a Workplace Pension Scheme.

 

Many employees don’t even realise they are paying into a workplace pension even worse what it means to them.

 

If this is you your employer should tell you what the workplace pension means to you, and that you have the right to opt out if you choose.

 

Those who are not automatically enrolled must be informed about their employers’ workplace pension scheme and how they can join it.

 

This information needs to be given to employees prior to the end of the month in which they choose to join or are automatically enrolled in the workplace pension scheme.

 

Information that should be given:

 

  • The name of the pension scheme

 

  • Who the trustees are

 

  • How to transfer other pensions in

 

  • How you can build up benefits

 

  • How much notice you need to give if you want to leave the scheme

 

  • If you can rejoin at a later date are there any conditions

 

  • The normal retirement date of the scheme

 

  • Employee and employer contribution rates

 

  • Information on how to pay more in

 

  • If the pension scheme is contracted out or registered with HMRC

 

  • How you can get the details of what you have paid in and the benefits you have built up

 

  • If your dependants benefits are payable and the conditions for payment if they are

 

  • What the procedures are if you have a complaint

 

If the workplace pension you are in is a defined contribution scheme it must inform you of your investment choices which include investment charges. Most providers usually give their members a guide which contains information like this, if not make sure you request and receive this info

 

The value of pensions can fall as well as rise. You may get back less than you invested.