GET HELP WITH PENSIONS: Always talk to your pension provider (or employer). They can provide help on the specific terms of personal pension schemes.
But, there are other ways to get free and impartial advice on workplace pensions. You can get help and information about your company pension options by contacting:
- The Money Advice Service about pensions and retirement.
- The Pensions Advisory Service (TPAS).
- Pension Wise (for people enrolled in a defined contribution pension).
Note: An independent financial adviser can give impartial workplace pension advice. But, they usually charge for their time.
You can also contact the DWP Workplace Pension Information Line. They will respond to general questions and problems with occupational pensions.
DWP Workplace Pension Information Line
Telephone (English): 0800 731 0372
Telephone (Welsh): 0800 731 0382
Textphone: 0800 731 0392
Monday to Friday: 8am to 6pm
Check telephone charges to 0800 numbers.
Note: This information line is for workers. Employers should contact The Pensions Regulator instead.
Problems with ‘Automatic Enrollment’
The Pensions Regulator can usually help with any concerns about the way your employer deals with automatic enrolment. You can also contact ‘The Pensions Advisory Service’ for free and impartial advice.
Paying into a Personal Pension
The best advice for those who are already paying into a personal pension is to check whether it is the best option. In some cases it may be better to:
- Continue paying into your personal pension.
- Stop paying into your personal pension and join your work-based pension.
- Continue paying into both schemes.
Saving Large Amounts in a Pension
Paying large amounts into a workplace pension may mean you have to pay a tax charge. This could happen if your total savings and any other personal pension scheme go above:
- Your lifetime allowance threshold of £1,073,100 million.
- Your annual allowance (as a rule the lowest of £40,000 or 100% of your annual income).
Note:The annual allowance can drop to £4,000 when you start taking money from your pension pot.
When a Pension Scheme is Closing
What happens if your employer closes a pension scheme? What is they cannot pay their contributions any longer? The money you paid in already is dependent on the particular type of pension scheme you joined.
Note: The law on workplace pensions and employers’ obligations has changed. Once employees have automatic enrollment, their employer cannot close the pension scheme. The exception would be if they enrolled them into another works pension scheme.
Workplace Pension and getting Divorced
As a rule, you both have different pension scheme options if you are getting a divorce. Those who get divorced will need to work out what happens to the pension. But, you and your spouse (or partner) will need to inform the court about the value of each of your pension pots.
ALSO IN THIS SECTION
About Workplace Pensions: An overview of workplace, work-based, occupational, or company pensions.
Joining a Workplace Pension Scheme: All employers must now provide an occupational works pension scheme.
Payments and Contributions: Check what you, your employer, and the government pay into the pot.
Workplace Pension Protection: The type of scheme you have determines how a pension gets protected.
Workplace Pension Management: The role of a pension provider and how they manage pension pots.
Changing Jobs: Find out what happens to your company pension if you change jobs or take leave.
Opting Out: Check your rights and the correct process for ‘opting out’ leaving a workplace pension.