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AUTOMATIC ENROLMENT

Discover the importance of automatic enrolment for pensions, who is eligible, employer contributions, opting out, and next steps in retirement planning.

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AUTOMATIC ENROLMENT

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  1. AUTOMATIC ENROLMENT CAROLINE INGLIS & IRENE BEWS

  2. 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.

  3. 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%

  4. 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

  5. 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.

  6. 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

  7. 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 university.opt-out@equiniti.com Return forms on or after 1 May 2013 to the Pensions Office, University Office

  8. 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.

  9. QUESTIONS

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