Thinking about your pension and retirement is something many of us put off. Contractors can be amongst the worst culprits when it comes to putting off anything that can potentially wait until tomorrow, next week or next year! However it is something we should all be thinking about and reviewing on a regular basis as our circumstances change.
If you are currently registered umbrella with us then you will be auto-enrolled in a pension scheme after a period of three months. We have a legal requirement to enrol our employees once they have worked for us for this period and this happens automatically for all our umbrella employees unless they have opted out of the scheme.
The media is always talking about the gap between what we should be investing for the future and what we are currently setting aside for our retirements. Most of us know we should be thinking about it but often things we need in the short term take priority.
Depending on your circumstances you may wish to invest more in a pension or look at alternative pension arrangements. For some contractors investing more in a pension scheme can have tax benefits so it is definitely something worth considering and keeping in mind for the future if your earnings increase.
If you would like more information about auto-enrolment call one of our team on 01244 500195 or for more information on our scheme provider NEST visit www.nestpensions.org.uk.
