Auto enrolment in a minute
Feb 27, 2024
Right kids, gather round. Auntie Penny here. Time for a history lesson. 📚
The year is 2008, a global recession hits due to the credit crunch, the UK suffers its first earthquake in 52 years, Katy Perry kisses a girl… AND SHE LIKED IT. 🙊
But, most crucially of all, in 2008 the UK government passed a law making it compulsory for all companies to automatically enrol their employees into a workplace pension scheme. Once enrolled, a small % of the employee’s salary would go into their pension, and the employer would add some more on top. Companies were given some time to get started depending on how big they were, but by 2018 the new law applied to every employer in the UK.
There are a couple of other rules worth mentioning: companies only need to enrol employees who are 22 or older, and are earning at least £10,000. This all means that if you’ve worked for a UK company in the last several years, were over the age of 22, and were paid at least £10,000 per year, then you were probably automatically enrolled into their workplace pension scheme. Somewhere, there’s a pot of money with your name on just sat there… all alone… missing you 😔.
Auto-enrolment is a fantastic law, but scattered pensions were an unforeseen problem. We built Penny to solve this problem for you, automatically. With Penny, you can bring all your old pensions into one place, and view them in a stunning app. You can have complete control over your pensions; watching them grow, adding to them and one day tucking in to all that juicy dosh 🤑 .
Class dismissed. 🤓