What are the benefits of an auto enrolment pension?

The benefits include automatic enrolment into a pension scheme, contributions from your employer, tax relief on your contributions, and the ability to build a substantial retirement fund over time.

What happens to my auto enrolment pension if I change jobs?

Your pension savings remain with you even if you change jobs. You can leave your pension in the old scheme, transfer it to your new employer’s scheme, or consolidate it with other pension savings.

How can I maximize the benefits of my auto enrolment pension?

To maximize the benefits, consider contributing more than the minimum required amount, understanding the investment options available within your pension scheme, and seeking professional financial advice to make informed decisions about your retirement savings.

Should I seek independent financial advice?

Yes, it is highly recommended to seek independent financial advice to understand your auto enrolment pension fully and make the most of your retirement savings. An adviser can help you navigate the complexities and provide personalized recommendations based on your financial situation.

Compare The Top Auto Enrolment Deals

Enter your details so an advisor can contact you

Full Name

Contact Number

Additional Number

Postcode

What Age Bracket Are You In?

Approximate Pension Pot Value?

What Type Of Advice Do You Need?

How Can We Help You?

Please enter a minimum of 25 characters

Affiliate

Processed

Response

Form Source URL

IP Address

By requesting this service you agree to be contacted by email, SMS or telephone by an FCA authorised pension provider and agree to our [terms of use](/terms-and-conditions/) and [privacy policy](/privacy-policy/).

By requesting this service you agree to be contacted by email, SMS or telephone by an FCA authorised pension provider and agree to our terms of use and privacy policy.

Validation

What is an Auto Enrolment Pension?

Auto enrolment pensions are workplace pension schemes designed to help employees save for retirement. Introduced by the UK government, this initiative requires employers to automatically enrol eligible workers into a pension scheme and make contributions on their behalf. This ensures that more people have access to a pension and can build a secure financial future. Auto enrolment pensions are regulated by the Financial Conduct Authority (FCA) and The Pensions Regulator, ensuring consumer protection and oversight.

Key Features and Benefits

Automatic Enrolment: Eligible employees are automatically enrolled into their workplace pension scheme.
Employer Contributions: Employers must contribute to their employees' pension pots.
Employee Contributions: Employees also contribute to their pension, with the option to increase their contribution level.
Tax Relief: Employee contributions are eligible for tax relief, boosting the overall pension savings.
Portability: Pension savings remain with the employee even if they change jobs.

Factors to Consider

Eligibility

Auto enrolment applies to employees who are aged between 22 and the state pension age, earn over £10,000 a year, and work in the UK. If you do not meet these criteria, you can still ask your employer to enrol you into a pension scheme, and they may be required to contribute.

Contributions

Understanding the contribution levels is crucial. The minimum contribution is set by the government and is currently a total of 8% of your qualifying earnings, with at least 3% contributed by your employer. Employees can choose to contribute more to increase their retirement savings.

Opting Out

Employees have the right to opt out of the auto enrolment pension scheme if they choose. If you opt out within a month of being enrolled, you will receive a full refund of any contributions made. However, opting out means you will miss out on employer contributions and tax relief benefits.

Impact on Retirement Savings

Auto enrolment significantly impacts your retirement savings by providing a structured way to save with contributions from both you and your employer, along with tax relief. Over time, these contributions can accumulate into a substantial retirement fund.

Advice

Seeking professional advice is essential when managing your auto enrolment pension. An adviser can provide personalised recommendations based on your financial situation and retirement goals. They can help you understand the pros and cons and make informed decisions about your pension contributions.

Next Steps

Understanding and managing your auto enrolment pension is crucial for securing your financial future. Getting expert advice can help you make the most of your pension savings. By understanding your specific needs and circumstances, an adviser can guide you through the process and help you optimize your retirement savings.

Interested in learning more about your auto enrolment pension and how to maximize its benefits? Speak to a knowledgeable adviser who can provide personalized advice and support.

Get Expert Auto Enrolment Pension Advice Now

Frequently Asked Questions

Auto enrolment requires employers to automatically enrol eligible employees into a workplace pension scheme. Both the employer and employee contribute to the pension, and the employee receives tax relief on their contributions.

Why Use Us?

Unbiased & Impartial - We search every pension provider in the UK. We're an independent website with no affiliation to any pension provider and therefore we don't promote any "special offers" from specific providers.

Whole of Market - We search the whole of the pension market including exclusive quotes and rates sometimes available to pension brokers.

How It Works

Complete our simple form
Our partner, Unbiased, will connect you with one pension adviser perfectly suited to meet your needs. Expect an email with their details.
You'll receive a no-obligation pension quote
Your assigned broker will then contact you to schedule your first meeting.

What People Say

"He has kept me posted every step of the way and explained everything fully. There were no hidden costs. I would definitely recommend and will not hesitate to use them in the future"

"Very satisfied with the service received ! The advisor was excellent handling our pension and was very helpful with all questions we had and changing our term twice! Thanks again!"