We have some important pension news for all of our workers. The following will arrive in letter format soon. 26th September 2013 The Recruitment Shop’s pension scheme - A change in the law that affects you Dear Colleague To help people save more for their retirement, the government requires employers to enrol their workers into a workplace pension scheme. This applies to those workers who aren’t already in one, and who • earn over £9,440 a year (£182 a week) • are aged 22 or over; and • are under State Pension age. We are enrolling these workers into our workplace pension scheme on 1st November 2013 Why is this happening? The government’s aim is to get more people to have another income, on top of the State Pension, when they come to retire. The full basic State Pension in 2013-14 is £110.15 a week for a single person. Employers are enrolling their workers automatically into a scheme to make it easier for people to start saving. How it will affect you on 1st November 2013 If on that date you are aged 22 or over, under State Pension age, work or usually work in the UK, and earn more than £9,440 a year (£182.00 a week): We will enrol you into our pension scheme on 1st November 2013. You don’t have to do anything – it will happen automatically. • You can choose to opt out of the scheme if you want to, but if you stay in you will have your own pension which you get when you retire • The Recruitment Shop and you will pay into it every week; • The government will also contribute through tax relief; • Your pension belongs to you, even if you leave us in the future; • You have the right to join the scheme before 1st November 2013 if you want to. We will write to you nearer the time with further information on the pension scheme. If on that date you are aged under 22 years, or over State Pension age (but under 75), or earn more than £5,668 (£109.00 a week) but not more than £9,440 a year (£182.00 a week We will not be automatically enrolling you into the pension scheme. This is because you do not meet the criteria set by the government (see first paragraph of this letter). However, you have the right to join the scheme if you want to. Both you and The Recruitment shop would pay into it. If on that date you are under 75 and earn £5,668 or less a year (£109.00 or less a week We will not be automatically enrolling you into our workplace pension scheme. This is because you do not meet the criteria set by the government (see first paragraph of this letter). However, if you ask us to do so, we will enrol you into a pension scheme. We would not contribute to this pension as you do not earn over £5,668 a year. (This is the earnings level set by the government. Employers only have to contribute to worker’s pensions if they earn over this amount). What to do if you want to join a pension scheme now If you want to join a pension scheme now, contact The Recruitment Shop in writing by sending a letter, which has to be signed by you. Or if sending it electronically, it has to contain the phrase “I confirm I personally submitted this notice to join a workplace pension scheme The Recruitment Shop 30 High Street, Thornton Heath, Surrey, CR7 8LE You will then be sent further information and confirmation you are being enrolled. Where to go for further information You may have questions about workplace pensions and saving for your retirement. More information on pensions and saving for later life can be found on: https://gov.uk/workplace-pensions Yours sincerely Debbie Lehane Director --------------------------------------------------------------------------- We have, as allowed by law, postponed your automatic enrolment into our pension scheme until 1st February 2014. This is three months after the date we were first required by law to carry out your automatic enrolment. During this period, you have the right to join the workplace pension scheme if you want. If you want to do this, follow the instructions in the What to do if you want to join a pension scheme now section of this letter. The rest of this page contains some additional information for you if you will NOT be automatically enrolled due to age or earnings Q: I am younger than 22: if I don’t join the pension scheme now, what happens when I reach 22? A: If you are earning more than the minimum (currently £9,440 a year, £182.00 a week) when you reach 22, you will be automatically enrolled into our workplace pension scheme. We will write to you again, nearer to your 22nd birthday, to give you all the information you need. You can choose to opt out of the scheme if you want to, but if you stay in you will have your own pension which you get when you retire. The Recruitment Shop and you will pay into it every week. Q: I don’t earn more than £9,440 a year (£182.00 a week), if I earn more in the future, what will happen? A: If you earn more than the minimum (currently £182.00 a week, you will be automatically enrolled into our workplace pension scheme, so long as you are aged 22 or over, are under State Pension age, and work or usually work in the UK. If this happens, we will write to you again to give you all the information you need. You can opt out of the scheme if you want to, but if you stay in you will have your own pension which you get when you retire. The Recruitment Shop and you will pay into it every week. The money in your pension will belong to you, even if you leave us in the future. If you are aged under 22 or over State Pension age when you earn more than £787 a month then you will not be automatically enrolled, but you will have the right to join our workplace pension scheme if you want. A: If you start to earn more than £109.00 a week but not more than £182.00 a week, you will not be automatically enrolled but you will have the right to join our workplace pension scheme if you want. The Recruitment Shop and you will pay into it every month. The money in your pension will belong to you, even if you leave us in the future.
Posted on: Thu, 26 Sep 2013 17:40:17 +0000
Trending Topics
Recently Viewed Topics
© 2015