Do Locum Vets and Nurses get a Workplace Pension?

Written by Harry Marshall Reading time: 3 mins

Just in case you aren’t sure what a workplace pension is, here is a quick overview:

Workplace Pension: A workplace pension is a way of saving for your retirement that’s arranged by your employer. A percentage of your pay is put into the pension scheme automatically every payday. In most cases, your employer also adds money into the pension scheme for you. You may also get tax relief from the government.

Now that you’re up to speed on a workplace pension, let’s see if you’re eligible!

Do I get an Workplace Pension as a Locum Vet or Nurse?

If you are using a Limited Company, then you are not entitled to a workplace pension. You can set up a private pension and pay money into it as you wish, however, there will be no contributions from an employer.

As you are deemed to be an employee if you are using an umbrella or payroll, your employer (umbrella company), has to comply with all legal requirements for a workplace pension. This means that you will get a workplace pension, with contributions from the umbrella as long as you meet the following requirements.

How do I enroll in a workplace pension?

If you’re employed by an umbrella company, they must have a pension scheme in place. You will be automatically enrolled into the scheme as long as:

You are at least 22 years of age and below the state pension age (currently 66)

Earn more than £10,000 a year

Primarily work in the UK

Can I opt-out of a pension?

Absolutely – you can opt-out of the automatic enrollment by making your umbrella company aware that you would like to make your own arrangements for your pension.

How much will my employer contribute?

The percentage your employer will contribute depends on the umbrella company, however, the minimum is currently set at 3% of all qualifying earnings. The minimum employee contribution is currently 5%. Right now, that is all earnings via that umbrella company between  £6,240 and £50,270.

Some useful questions to ask when looking for an umbrella company are:

  • Who is your workplace pension provider?

  • What % do you contribute?

  • Are there any charges on the fund?

  • Are there any restrictions on the fund?

 

You may find these articles useful too:

Do Locum Vets and Nurses Get Sick Pay?

Do Locum Vets and Nurses Get Holiday Pay?

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