Giant Umbrella pension auto enrollment

[sharky]

It seems my Umbrella (Giant) as put in place pension auto enrollment with NEST think it had to by Law after April 2016 so OK if had to be done i already have a pension running for some years so may Opt out of NEST if i can.

But it seems a wee bit of miss selling is going on with this its tell all users that the nice and generous umbrella company is contributing 2% to your pension on top of the 1% you pay in sounds too good.

At giant, we would like to help you plan for your future. 90 days after you start your employment with giant, you will be automatically enrolled in a workplace pension scheme.

This pension scheme is with NEST and initially you will contribute 1% of pensionable earnings with giant contributing a further 2%.

on reading the pay slip under Retained fees
Employers Pension Contributions £X.XX its being put as deduction on top of the normal fees so in fact end user will contribute 3% not 1%

I am OK with keeping within employment laws but why the need to be economical with the truth and make out its contributing something when its actuality not.

would be happier if it was up front and say the Gov is making us do this you will not lose out as its all going in your own pension fund giant is not taking any additional fees for this setup.

[lucyclarityumbrella]

Seems odd that the pension staging date was April 2016 given their size Our pension scheme staging date was November 2013!

[suebfg]

Yes and if you opt out of NEST, Giant's position is that you aren't entitled to a refund of their employer's pension contribution! It isn't their contribution at all - smoke and mirrors.

[DallasDad]

Yes the 3% all comes out of your pocket it is just that as your employer they use 2% of your income to cover their legal obligation under the scheme.
Where else would they get the money from?

You are entitled to opt out, that should have been asked upfront.

Don't bother with their alternate scheme either via Curtis banks, their pet IFAs charges are too high imho.

[lucyclarityumbrella]

Yes and if you opt out of NEST, Giant's position is that you aren't entitled to a refund of their employer's pension contribution! It isn't their contribution at all - smoke and mirrors.

that's shocking - if our contractors choose to opt out it then that would come back to them from the contract rate.