PENSIONS AUTO-ENROLMENT Overview The Government has introduced Workplace Pensions Reform regulations known as auto enrolment effective from 1 October 2012 (for large employers) to encourage more people into pension savings. The new legislation says that all employers must automatically enrol their employees in a qualifying workplace pension scheme if they: • are not already in one; • are at least 22 years old; • are below State Pension Age; • earn more than £9,440 a year (in financial year 2013/14); and • work or ordinarily work in the UK (under their contract). This category of employee is called an Eligible Job Holder. Other employees with earnings in excess of £5,668 and below £9,440 can elect to join. SOAS will have to auto enrol all its qualifying employees with effect from 1 September 2013. You have the right to join SAUL or USS before 1 September 2013 (please see the Opting-In Section below). The to its employees School’s commitment As part of the required compliance with the auto enrolment legislation, the School is School’s committed to providing access to a pension scheme if you are below age 75 and work for SOAS. The School must by law continue to maintain your membership of a pension scheme that meets the and if your membership of the scheme ends (and it Government’s standards is not because of something you do or fail to do), the School must by law put you into another scheme that meets the Government standards. At SOAS, the following pension schemes are approved by the School: Superannuation Arrangements of the University of London (SAUL) Universities Superannuation Scheme (USS) Both SAUL and USS are qualifying pension schemes for auto enrolment which means that they meet or exceed the Government’s new standards. Benefits of being in either of the approved Pension Schemes School’s All new employees at SOAS are automatically entered into either SAUL or USS as appropriate assuming their employment qualified them. At present they, of course, have the right to opt-out or not join by notifying the Payroll & Pensions Team.
PENSIONS AUTO-ENROLMENT Overview The Government has introduced Workplace Pensions Reform regulations known as auto enrolment effective from 1 October 2012 (for large employers) to encourage more people into pension savings. The new legislation says that all employers must automatically enrol their employees in a qualifying workplace pension scheme if they: • are not already in one; • are at least 22 years old; • are below State Pension Age; • earn more than £9,440 a year (in financial year 2013/14); and • work or ordinarily work in the UK (under their contract). This category of employee is called an Eligible Job Holder. Other employees with earnings in excess of £5,668 and below £9,440 can elect to join. SOAS will have to auto enrol all its qualifying employees with effect from 1 September 2013. You have the right to join SAUL or USS before 1 September 2013 (please see the Opting-In Section below). The School’s commitment to its employees As part of the School’s required compliance with the auto enrolment legislation, the School is committed to providing access to a pension scheme if you are below age 75 and work for SOAS. The School must by law continue to maintain your membership of a pension scheme that meets the Government’s standards and if your membership of the scheme ends (and it is not because of something you do or fail to do), the School must by law put you into another scheme that meets the Government standards. At SOAS, the following pension schemes are approved by the School: Superannuation Arrangements of the University of London (SAUL) Universities Superannuation Scheme (USS) Both SAUL and USS are qualifying pension schemes for auto enrolment which means that they meet or exceed the Government’s new standards. Benefits of being in either of the School’s approved Pension Schemes All new employees at SOAS are automatically entered into either SAUL or USS as appropriate assuming their employment qualified them. At present they, of course, have the right to opt-out or not join by notifying the Payroll & Pensions Team.
file85215.docx