New Auto enrolment pension scheme

vickers209

Don't see a thread for this new scheme

I use to work for a company that I was enrolled in a pension scheme that I contributed 6% and it was matched by my previous employer,

The company was sold to new owners and our contracts was transferred via tupe,

Due to loophole in tupe pensions are not covered and the new company don't have to match contributions

My wages have been accruing the 6% Each week without a new pension plan in place I've recently pushed and asked what the money accrued has gone

Now they want me to join a bog standard scheme that they will not contribute to and doesn't include any benefits like the previous compays scheme namely life assurance,

I've been looking into this and am i right in saying if I join this I wont get the benifit of the employer compulsory contributions thats due to start under the auto enrolment scheme?

All be it only at 1.5% for first few years but I don't want to let them off with no contributes at all for me while others in the company with no pension will be automatically enrolled with contributions matched,

Any suggestions welcome

Buddy Bubs

Yes, you'd be correct on your last point there if they are not contributing to your pension you will lose out on their auto enrolment contribution obligations.

However, to complicate things, its not 100% certain that you'd be better off long run in the new auto enrolment pension even with their contributions, investment returns, choice of funds, age of drawdown, tax relief is different etc...there can be a lot going on with a long term retirement plan.

Henry Ford III

Are pension contributions being deducted from your income and not being paid over to a pension scheme?

If so that's a nasty situation and I'd be of the view that the employer is in breach of the Pensions Act?