Great news Becky. Sorry you have to deal with the car tax, cestina!
I've started 2017 with a promotion. Very good timing as the payrise
is swallowed up by
will cover the compulsory enrollment into a pension scheme
Congratulations on the promotion!
Regarding the pension, I've had to find out lots about pensions for work. (I work in a small charity preschool, charity meaning we are not out to make a profit for a private owner, the profits go back into the preschool to buy resources for the children. And pay the employer pension contributions...)
I think opting into your company's pension scheme is a good idea.
It is compulsory for a company to offer a pension scheme.
Employees will mainly fall into one of three categories:
Those who will be automatically enrolled and for whom the company will have to make contributions for;
Those who can opt in and if they do, the company will also have to make contributions for;
Those on very low earrings, who can still choose to opt in, but the company will not have to make contributions for.
(There was another category of people earning lots more than any of our staff ever will, and I think only part of their salary counts for pensions. Anyone falling into that category should probably talk to their financial advisor to make the best decisions.)
Anyway, what I really wanted to say is, if you do not want to pay into the company pension, you can opt out. If you do it before the first month's contributions, they may have to still do the first month's deductions but you will get them back. If you decide to opt out at anytime in the future, your contributions will stay in your pension account until you retire ( or start paying into them again).
And your employer should have found all this out to tell you.