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For auto enrolment you shouldn’t need to sign anything - the point of it that they must enrol you and you can then choose to 'opt out'. As it’s a legal requirement, your permission isn’t required (like deducting tax/NI).
And they should have a default contribution rate on which you are enrolled. The minimum contribution is 8% of Qualifying Earnings (effectively the earnings on which you pay NI). At least 3% QE must be paid by the employer. The letter you received should tell you the rates, and the pay to which they are applied (eg we apply the rates to Basic Pay, with a check that the 8% minimum is met).
If your contributions are expressed as a percentage and it’s a relief at source arrangement (personal pension/SIPP) then the deduction should be net of BR tax (ie if it works out at £100, £80 should be deducted and the £20 tax relief claimed by the scheme makes up the difference. You then claim any further tax relief through self assessment.
Do you mean if they only pay in the bare minimum or are you saying it’s a poorly performing investment when compared to alternatives?
The former, as the majority of folk will only pay the bare minimum.
as sweeping statements go that’s a cracker.
But likely true for a vast swath of the population.
Using Aviva’s retirement calculator, if you are a 26-year-old earning the average salary in the UK (£30,420 per year according to the ONS) and you paid 8% of your salary into your pension, at a retirement age of 66 your savings would generate an income of around £7,000 per year based on your estimated life expectancy.
Add on the State Pension and you're basically halving your income - along with the reduction in folk owning their houses, how would you pay the rent, without getting benefits?
In the last year I have joined the Police and enrolled in the pension scheme, this is the Care 2015 scheme.
I currently have a SIPP pension which has circa £30k in it would, it be beneficial to transfer this into the Police pension scheme ?
XPS who operate the Devon and Cornwall Police Pension can’t give advice 🫤
I currently have a SIPP pension which has circa £30k in it would, it be beneficial to transfer this into the Police pension scheme ?
Well you'd have to look at what benefit £30k would actually buy you and then try to guess how many changes to the pension scheme governments will make over the time between now and when you retire and then try and guess how well your SIPP would perform outside that and the compare the two completely made up numbers and come to a decision.
Unless £30k buys you an amazing benefit, like 10 years of contributions, no one can really know whether it's a good idea or not as so much will change before you retire...
XPS who operate the Devon and Cornwall Police Pension can’t give advice
I can understand why, it's a nightmare as if, 30 years down the line, circumstances change they could end up being sued for miss-advising you. Pension transfers are a nightmare subject....
It's a good idea, many people had no private pension, and if you know better you can opt out.
How good the particular scheme is, is another matter, but it's still an investment of sorts over and above the national pension, which will probably be bankrupt within the nest couple of decades.