A workplace pension is a way of saving for your retirement that’s arranged by your employer. Some businesses refer to these as occupational, work, or company pensions.
A percentage of your pay is put into the pension scheme automatically every payday. In most cases, your employer also adds money into the pension scheme for you.
What is Workplace Pension Auto Enrolment?
By October 2018 every employer must provide a Workplace Pension scheme to their staff and make contribution to their pension if they:
- Are aged between 22 and State Pension age.
- Earn more than £10,000 a year.
- Work in the UK.
This is called automatic enrolment.