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Pension schemes

 

Since October 2012, it is a mandatory requirement that companies register their employees in a private Pension Scheme. The employer, the Government and the employee will jointly pay this contribution, which differs from National Insurance (public pension), on a monthly basis.

According to the 2008 Pension Act, UK companies are required by law to join an employee pension scheme and contribute to the workforce retirement if they have employees who have reached a certain age and earn over a specific amount.

If the company decides not to join a Pension Schemes, because the employee does not meet the requirements, it is obliged to contribute anyway, in case the latter still request to the company to do so.

The only exception is when an employee earns less than a certain amount, usually interns or apprentice. In that circumstance, if the employee wants to subscribe to a Pension Scheme, he/she will be obligated to pay the full amount him/herself.

For further details and information, please do not hesitate to contact us.

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