Covid 19 and pensions
Nannies and employers have been asking about how covid-19 effects their pensions, please see below info from Payroll For Nannies Payroll for Nannies
Impact of Covid-19 on pensions.
Advice for employers and employees
We are currently looking into the impact of Covid-19 and auto-enrolment pensions payments and contributions. We list below the latest press release from NEST the largest provider of auto-enrolment pensions schemes.
As and when we find out more we will update you.
Where your clients nanny is worried about their financial situation and they are auto-enrolled onto a payroll pension scheme, they do have the option of opting out should they wish to preserve cash. This will save them 5% contributions and it should also be remembered that once the Covid-19 situation is over they can always opt-back in.
If Payroll for Nannies look after their auto-enrolled pension scheme we will take care of this all for them and their nanny. If the nanny opt out and then opt back in we will receive notification from the pension scheme provider.
It should be noted that there is no refund available of contributions already made by the nanny or their employer into the scheme unless the nanny enrolled within the last 30 days and opts out prior to the 30 day time limit. In this situation a refund of contributions will come back to the nanny in their next payslip.