1 Joining a pension scheme
Who can save in a pension?
Anyone can save in a pension scheme. Whether you are employed, self-employed or not working, you can pay money into a pension for your retirement.
To save into a pension you will need to choose a suitable scheme and apply to be enrolled before you can start putting money in. Different pension schemes vary, for example in terms of charges and how your money is invested so it’s a good idea to compare.
If you are a UK worker your employer may automatically enrol you into a pension scheme
Under the Pensions Reforms which started from October 2012 you may have new workplace pension rights. This could mean that on a certain date set by the government, your employer will automatically enrol you into a pension scheme. The scheme will be one chosen by your employer and will have to meet certain government criteria.
You will not need to do anything; this will be arranged by your employer on your behalf.
Whether your employer has a duty to enrol you will depend on several factors such as your age and how much you earn.
To find out more about new workplace pension rights and whether you qualify click here.
Find out about joining BCF