My firm does not currently offer a workplace pension scheme, but I hear there are going to be new rules introduced from 2012 which will ensure that they pay into a pension on my behalf. However I already have a pension scheme at the moment so I was wondering how this would be affected. I currently pay £60 per month into a personal pension, which is around about 3% of my salary. The pension plan has done fairly well so I don’t particularly want to change it or stop paying in, but I was wondering what my options would be. Ideally I’d like my company to pay 3% into a pension plan for me and I continue to pay 3% into my existing plan, and if my company would agree to make that payment into my existing pension plan.
If my company refuses to pay into my existing pension then it can pay into its own plan but the problem would be if I continue to pay into my plan but don’t want to pay into their plan I would have to ‘opt out’ of the auto-enrolment. This would mean that my company are not legally obliged to pay into the pensions either.
If believe I have this right but if anyone else has thoughts on this I’d be happy to hear them
Tags: Options, Pension Plan, Pension Scheme, Pensions, Personal Pension, Salary