Government introduces automatic enrolment into work pension schemes
22 March 2013
As you may have seen from advertisements in the national press and on television recently, the Government has introduced a statutory change to make it easier for people to save for their retirement. It requires all employers to enrol their workers into a qualifying workplace scheme if they are not already in one. The Government’s view is that many workers fail to take up valuable pension benefits because they do not make an application to join their employer's scheme. Automatic enrolment is intended to overcome this.
From 1 September 2013, SOAS will be required to automatically pension enrol those School employees who are not currently members of either of the School-approved pension schemes (USS or SAUL). This statutory change does not affect existing School employees who are members of either USS or SAUL.
Over the next few months HR will be contacting those colleagues who are not members of either scheme to set out the pension auto-enrolment changes affecting them in more detail. A dedicated pensions web page will be set up within the HR web-pages, providing general information regarding pensions auto enrolment.
General advice regarding auto enrolment can be found on the Government’s auto enrolment website.
For further information, contact:
Payroll and Pensions Manager, Marie Stacey on email@example.com.