Final salary (defined benefits) and defined contribution (pension 'pot' type schemes) pensions - what's the difference?
If you haven’t already joined your employer’s pension scheme, it’s worth thinking about – otherwise you could miss out on free money
According to official figures, approximately 12 million of us have signed up to a workplace pension – that’s around half the workforce. If your employer has a pension scheme and you haven’t already signed up to it, it’s worth making it a priority - especially if it's a final salary pension scheme. Even if it isn't, it could be well worth joining if your employer makes a contribution on your behalf.
If you've lost track of your pension there are ways you can find it - such as using the Pension Tracing Service
If you've lost track of a pension, perhaps because you only saved a relatively small amount in it or because the company you were employed by has been taken over, it's still possible to find it. There are companies that will find your pension for you for a fee, but you can also get details from a government service that doesn't charge a penny.
Automatic enrolment into a workplace pension: what information can you expect?
If you’re being automatically signed up for a workplace pension, what does your employer have to tell you and when?
Recently I was in one of my local shops when three of the shop assistants were in avid conversation. It turns out they were talking about pensions (who knew?!) and, in particular, whether they should stay in their employer’s automatic enrolment scheme (where you’re automatically signed up for a pension and have to opt out if you don’t want to pay into it) as they’d just been sent some information about it. So, what should you be told, and when?