FAQs
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"Can employers claim the contributions they pay into pensions back as a tax-deductible expense? "
Yes - contributions to a registered pension scheme by an employer are allowable as a deduction in their trade profits for tax purposes.
"How do I add or change my Direct Debit details?"
To change your Direct Debit details, please download and complete a new Direct Debit mandate. One can be found in the ‘view documents’ section in Online Services.
"If my employer went bust, what will happen to my pension?"
Pension savings within defined benefit schemes are generally protected by the Pension Protection Fund.
"Can I pay further contributions after taking a flexible lump sum?"
Yes, however, the annual allowance is a limit to the total amount of money you can save into your pension arrangements across all of the different schemes you belong to and receive tax relief on.
"What is the maximum employer’s contribution?"
There’s no maximum employer contribution – employers can pay any amount of pension contributions for their employees.
"If I take a flexible lump sum, how am I taxed?"
With this option you spread your tax-free lump sum across all withdrawals you take from your pension savings.
"What's my business/company type?"
During sign up, we ask for an employer’s business/company type. Your business might be one of the following: Private Limited or Public Limited Company
"Will taking my pension affect my State Pension?"
Your State Pension is based on your National Insurance contribution history and is separate from any of your private pensions.
"Does the employer have to contribute if the employee opts out?"
Where an employee is auto-enrolled but the employee doesn’t want to contribute, the employee can opt out of the pension scheme.