Workplace Pensions: FAQs

This briefing paper answers FAQs constituents raise with their MPs about personal and workplace defined contribution (DC) pension arrangements (where you build up a pot of money that you can then use to provide an income in retirement).

It provides some general information in relation to these FAQs and signposts to more detailed sources of information and advice.

The FAQ cover issues including:

• Auto-enrolment: what it is? Why it was introduced? Which employers and workers are eligible for auto-enrolment? What help is available to employers? Does auto-enrolment apply to the self-employed? How much you and your employer need to contribute, and whether this will be enough for an adequate living standard in retirement.
• Pension flexibilities and options at retirement: How can pension pots now be taken? Who are the pension freedoms for? When do you have to take advice? How are people using the new options?
• Scams, complaints and disputes: What is the role of the Pensions Ombudsman and Financial Ombudsman? Help with finding a lost pension. What to do if you become a victim to pension scammers.

Please note that nothing in this paper should be considered as constituting legal advice. It is not intended to address the specific circumstances of a particular individual. A suitably qualified professional should be consulted if specific advice or information is required.

There are several statutory public bodies that provide good sources of advice:

Pension Wise, the Pensions Advisory Service and the Money and Pensions Service merged to become part of the Money and Pensions Service (MAPS). Currently, the services still have separate websites and different functions:

• The Pensions Advisory Service provides free independent and impartial help on all private pension matters.
• Pension Wise gives free and impartial guidance to consumers aged 50 or over to help them understand their options for personal or workplace pensions.
• The Money Advice Service offers free and impartial money advice: to help improve consumers’ finances and money management; to help consumers keep track of their finances and plan ahead; over the phone and online.