automatic enrolment caroline inglis & irene bews
TRANSCRIPT
AUTOMATIC ENROLMENT
CAROLINE INGLIS & IRENE BEWS
www.abdn.ac.uk
WHAT IS AUTOMATIC ENROLMENT?
• Millions of people are not saving enough to have the income they are likely to need in retirement.
• Life expectancy in the UK is increasing and at the same time people are saving less into pensions.
• The Pensions Act 2008 – reforms aimed at enabling and encouraging more people to build up a private pension to supplement their State Pension.
• This is the first time that employers have been required by law to contribute to their workers’ pension.
www.abdn.ac.uk
WHAT IS AUTOMATIC ENROLMENT?
• From 1 May 2013 the University will begin enrolling automatically all eligible staff into our existing schemes:
• UASLAS for Grades 1-4
• Employee contribution = 7.05%
• Employer contribution = 17.7%
• USS for Grades 5-9
• Employee contribution = 6.5%
• Employer contribution = 16%
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WHO WILL BE ENROLLED AUTOMATICALLY?
You will be enrolled automatically into UASLAS or USS if you:
• Are aged 22 or over
• Are under state pension age
• Earn more than £9,440 a year (this figure may change each April)
• Work or work usually in the UK, and
• Are not already in a qualifying pension scheme
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NEXT STEPS
• The University will write to everyone confirming their individual status with regard to automatic enrolment.
• If you are a current scheme member you do not need to take any action.
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NEXT STEPS
• If you are not in a scheme and eligible you will be
enrolled automatically on 1 May 2013 and will see pension contributions being deducted from your May 2013 payslip.
• If you meet the earnings criteria but are aged either below 22 or above the State Pension age you can opt-in to the pension but this will not be done automatically.
• If you do not meet the earnings criteria you can ask us to join the scheme.
Details on the benefits of the pension schemes can be found at
http://www.abdn.ac.uk/staffnet/working-here/pensions-208.php
www.abdn.ac.uk
OPTING OUT
You can opt out of automatic enrolment if you wish
• USS members
• Download an opt-out form at http://www.uss.co.uk/SchemeGuide/Auto-enrolment/Pages/Default.aspx or call 0151 227 4711
• USALAS members
• Download an opt-out form at http://www.abdn.ac.uk/staffnet/working-here/pensions-208.php or contact [email protected]
Return forms on or after 1 May 2013 to the Pensions Office, University Office
www.abdn.ac.uk
OPTING OUT
If you do not want any deductions made:
• Return your opt-out form BEFORE 15 MAY 2013
• If you opt-out after this date pension contributions will be taken but will be refunded the following month.
If you opt-out more than 3 months after being enrolled we cannot guarantee refunds of contributions paid.
QUESTIONS
Come Here.
Go Anywhere.
That’s the difference