As the population grows older most of us can look forward to around 20 years in retirement. This is good news. But what if you haven't saved up for your retirement?
Millions of us are not saving enough to have the income we would like in retirement. The State Pension is a foundation for your retirement, but you may want more. Today, the full basic State Pension is £110.15 a week for a single person.
If you are in work and you haven't started a pension, there's good news. The government has created a new initiative to help you build up a pension through your workplace. All employers, including PayStream, are required to enrol eligible workers into a workplace pension scheme if they are not already in one. And the best news is that when you pay into your pension, the government will too.
The setting-up of your pension is all done by PayStream. We will write to tell you when you will be enrolled, or if you’re not being automatically enrolled, we’ll tell you how you can start saving in a workplace pension.
You can choose to opt out of the scheme if you want to, but if you stay in you will have your own pension which you get when you retire.
When this will happen?
When exactly an employer enrols their workers depends on their size. Very large employers did it first, in late 2012 and early 2013. Other employers are following sometime after this, over several years. Here at PayStream, we will enrol you into our workplace pension scheme from end of October 2013 if you are PayStream My Max employee and we have chosen NEST as our pension provider.
If you are an employee of PayStream My Max 2 or PayStream My Max 3 you will have a later date and will be enrolled in 2014. We will be writing to you nearer the time to let you know when this will happen. Page 1 of your payslip will show you which PayStream My Max company you are employed by if you are unsure.
To find out more about what enrolment into a workplace pension means for you, visit www.gov.uk/workplacepensions. You can also contact our Compliance Team at firstname.lastname@example.org or visit our website article 'The basic facts of pension auto enrolment' for more information.
If you'd like to know more about NEST you can visit their website at www.nestpensions.org.uk.