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Pensions

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Pensions

Pensions

The employer is required to contribute towards a pension scheme for full time paid employees over the age of 18 and under 65.

The employer is required to contribute towards a pension scheme in respect of each full time paid employee who is 18 years of age or over and is under 65 on the annual renewal date of the scheme.

(15.1) The total yearly contribution is £440.00.

(15.2) This sum will be paid in quarterly payments of £110 payable for employees in employment on four dates throughout the year, namely 1st March, 1st June, 1st September and 1st December.

Arrangements are available for any employee to set up a personal stakeholder pension and this can be used for the purpose of contracting out of the State Earnings Related Pension Scheme (SERPS). For any employee qualifying for an employer’s contribution for the first time after 1st June 2001, a 9 month waiting period will apply.

(15.3) Where trainers have begun making the legally required contributions to employees under an auto enrolment pension scheme, they will be deemed to be meeting their obligation in paragraph 15 – 15.2.

An employer’s contribution of 2% under auto enrolment is recommended.