UK Pension at Work

Minimum 3% under auto-enrolment in 2026, on qualifying earnings between the lower and upper bands. Combined with your minimum 5% (4% net + 1% tax relief), the floor is 8% total. Many employers contribute above the minimum — 5-10% is common in finance, tech, and large corporates.

Yes. You can opt out within 30 days for a full refund of your contributions. After 30 days, you can stop contributing but the money already in stays invested. You'll be auto-re-enrolled every 3 years — you have to opt out again. Opting out usually costs you more in lost employer contributions than you save in take-home pay.

Use the gov.uk Pension Tracing Service (free) — it gives you the contact details of the scheme. Or contact each former employer's HR. Most candidates have 3-5 small pots scattered across previous employers; consolidating them into a SIPP or current scheme often makes sense if the total exceeds £10k.

Currently 55, rising to 57 from April 2028. You can take 25% tax-free, the rest as taxable income (drawdown), an annuity, or a mix. Accessing before the minimum age triggers a 55% tax penalty unless you have a protected lower retirement age (very rare).

It stays yours. You can leave it where it is (deferred), transfer it to your new employer's scheme, or move it to a personal pension or SIPP. There's no rush. Don't transfer in a panic during your final week. Wait three months, get advice if the pot is over £30k, then decide calmly.