Part Time Work and Your Pension!
Although traditionally women have represented the majority of
part-time workers in the UK, there are large groups of other
workers who for a variety of reasons only work part-time.
Whatever your reasons for working part-time, it is important
that you have all the facts you need about how part-time work
could affect your pension. Even though you may only be working
part-time it is important that you consider your pension and
seek professional advice as and when you may require it. In and
amongst this consideration about your pension you need to bear
in mind that even though you are only working part-time you are
still entitled to the same pension rights as a full-time worker.
Traditionally workers simply did not have rights, let alone
pension rights. However, as time has gone by the social
attitudes have brought about a change in legislation as regards
workers' rights. It has taken a while for these worker's rights
to be passed over to those working part-time as well as the full
timers but the law is certainly now more behind the rights of
all workers than ever before. In the past, many part-timers
missed out on the company pension scheme or they would not
receive the employer's part of the contribution to their
pension.
The most significant change to part-time workers and their
pension rights occurred in the UK in 2001 when the House of
Lords ruled that part-time workers who could justifiably claim
they had been discriminated against could make claims for
pension rights dating back to 1976. These regulations were put
in place to ensure that part-timers have exactly the same
working rights and conditions as full-time workers. It is
thought that the legislation has affected part-time workers
within the education and health sectors the most. As many
part-time workers are women (as the primary carer of their
family unit) these regulations might also correspond to the
sexual discrimination regulations and you should mention this to
any professional you seek advice from.
This means that if you do not have access to the company pension
and your colleagues working full-time do, then you could be
entitled to a considerable pay-out from your company. In order
to make the claim for the lost pension pay you have to have been
working for the company for at least six months. If you are a
part-time worker and you believe that this pension
discrimination may apply to you, then you would be well-advised
to seek professional advice from a financial adviser.