Craig McConnon - Are You Making the Most of Your Pension Scheme?


From 1 October 2017 any new start up business must enrol employees into a workplace pension scheme immediately. This comes at the same time that HMRC advises that there is approximately nine million people contributing to personal pensions in the 2015/16 year. The good news is that this is the highest records to date with more people having a good amount to retire on in the future.

But what are your options? Are you working for a company that just opened or are you a sole proprietor that is self-employed, but also want to ensure you have a future income when it's time to put down the tools and enjoying your later years?

Auto enrolment has been taking off since it was introduced some years ago. This ensures that employees are automatically enrolled into their workplace pension schemes, ensuring their futures are taken care of. Both employer and employee contribute to this pension scheme. This scheme has made over £24 billion in the 2015/16 tax year.

Unfortunately not all employees are entitled to enrolment, which causes confusion with people thinking that they have a pension with the company when they don't. The minimum threshold for enrolment is earning £10,000 per annum, if you earn less than that you are not entitled to join the scheme.

Over sixty five million people live I the United Kingdom, so these numbers should be seeing signs of improvement.

There is an option for those who are self-employed, enabling you to also enjoy the benefits of saving for your retirement. If you don't have an employer, it's time to start saving, in fact out of those self-employed less and less are contributing to pension plans to secure their future finances. In 2011/12 there were more than five hundred thousand self-employed people with pension plans, today there are closer to three hundred and fifty thousand people.

Self-employed numbers have been increasing though, but what it does show is that there are more self-employed who simply don't have the money to put away each month. Anyone who is self-employed will benefit fro getting in touch with PWS Dubai to find out how we can help you with the right pension plan that you can afford to secure your financial future and enable you to live comfortably when it's time to relax and put your feet up.

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