FAQs
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"What are the differences between FAD and UFPLS?"
Both flexi-access drawdown (FAD) and uncrystallised funds pension lump sum (UFPLS) are ways of taking your pension savings a bit at a time.
"Can you accept contributions net or gross?"
When you set up your workplace pension with People’s Pension, you can choose to deduct your employees’ contributions from their wages either before or after tax.
"How much should my employer contribute?"
Your employer has to pay a minimum of 3% on what’s known as qualifying earnings into your pension savings.
"Can an employee aged under 22 change their auto-enrolment status?"
The auto-enrolment status for an employee under 22 is either 'Entitled' or 'Non Eligible', depending on their earnings.
"Can I transfer out to a Self-Invested Personal Pension (SIPP) or a Small Self-Administered Scheme (SSAS)?"
"What’s an earnings basis?"
The earnings basis describes the type of earnings used when pension contributions are worked out.
"How much will I get when I retire?"
It’s possible to get an estimate of how much you’ll get from a workplace pension. You may hear this referred to as a ‘pension projection’.
"If I leave the UK can I continue paying into my pension?"
Yes, you can receive tax relief on contributions up to £3,600 a year for 5 tax years after moving abroad.
"How can I make a complaint?"
If you think we’ve got something wrong, please let us know as soon as possible. We’ll do our best to put things right.