Contractor Pensions

[lucyclarityumbrella]

Of have things change and brollys are offering better pension offerings?

Not sure what others do, but we do

[lucyclarityumbrella]

I think my contribution is relatively low at the moment but can you tell me whether they, as my employer, are bound to contribute to my pension also? My gross pay is around £1258 weekly and given expenses etc taken into account my take home is around £920-940 on average. Is there a way to secure a decent contribution whilst minimising the reduction in my take home pay?
Thanks

First of all..... expenses???? Oh dear please tell me they are not tax relief on expenses? Your take home should be around £784, so if this comes back and bites you, the pension might be the least of your worries!

As for the contribution, both parts come from the contract rate before your taxable salary is calculated. For us auto enrolment is 3% Employers and 3% Employees, but our contractors can up the Employee contribution as they wish as long as we net NMW. As I said before the best way to look at this is to ascertain what figure you need in your bank account every week / month and then see what this would look like as a pension contribution.

HTHs

[northernladuk]

yes I would agree with this, I have contacted my brolly and their pension provider and they are of little help. I was hoping to withdraw my pension an set it up with a SIPP in HL if that is possible.

You are going to have to speak to your brolly I am afraid. They are your employer and handle your pension so first step is to speak them and see what is possible first.

Your contract with them should lay out the terms of pension plan and who pays what. You could have a read of that but I'd just go speak to them.