{"id":1073,"date":"2021-07-29T13:43:25","date_gmt":"2021-07-29T12:43:25","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=1073"},"modified":"2021-07-29T13:43:25","modified_gmt":"2021-07-29T12:43:25","slug":"multi-jobbers-take-heed","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2021\/07\/29\/multi-jobbers-take-heed\/","title":{"rendered":"Multi-jobbers take heed"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Workers with more than one job,\nearning lower salaries, are at risk of a poorer retirement, as they miss out on\nemployer pension contributions, a new study has found<sup>1<\/sup>.<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Under the auto enrolment scheme,\nemployers are required to set up a pension and make contributions on their\nemployees\u2019 behalf, unless an employee decides to opt out. Employees need to\nearn at least \u00a310,000 a year to be automatically enrolled. This is where the\nissue faced by multi-jobbers becomes clear, as no matter how much someone earns\nin total, they are excluded from auto enrolment where the individual job pays\nless than \u00a310,000 p.a. This has been estimated to affect more than four million\npeople in the UK.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Threshold confusion<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Many workers are unaware that\nproviding they have qualifying earnings above \u00a36,240, they can choose to opt\ninto their company\u2019s pension scheme, with the employer legally required to\ncontribute at a rate of 3% of their salary. Those earning under \u00a36,240 can\nstill opt into their company pension, but their employer is not required to\ncontribute.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Worryingly, the study found that\naround one in 20 multi-jobbers, with at least one job paying under the \u00a310,000\nthreshold, say they have been refused entry into a company pension by their\nbosses.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>1<\/sup>Scottish\nWidows, 2021<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong><em>The value of investments and\nincome from them may go down. You may not get back the original amount\ninvested. A pension is a long-term investment. The fund value may fluctuate and\ncan go down. Your eventual income may depend on the size of the fund at\nretirement, future interest rates and tax legislation.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Workers with more than one job, earning lower salaries, are at risk of a poorer retirement, as they miss out on employer pension contributions, a new study has found1. Under the auto enrolment scheme, employers are required to set up a pension and make contributions on their employees\u2019 behalf, unless an employee decides to opt [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":1074,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,89,88],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/1073"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=1073"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/1073\/revisions"}],"predecessor-version":[{"id":1075,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/1073\/revisions\/1075"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/1074"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=1073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=1073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=1073"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=1073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}