Changes to Workplace Pensions – Auto Enrolment
Published: 2 October 2012
From October new legislation comes into force which places certain pension obligations on employers.
From October new legislation comes into force which places certain pension obligations on employers. You may have seen the TV advert and press articles about this. All employers are being given a date from which they must automatically enrol specific groups of their workers into a pension scheme. The date is determined by the size of the employer, with larger employers being required to start this process from October. For the University, the effective date is 1 April 2013.
Employees and atypical workers who are not already members of one of the University’s pension schemes will be “auto enrolled” into a workplace pension provided they are aged between 22 and state pension age (currently 65) and have earnings above the statutory limit, currently £8,105 per annum (or £675 per month). Individuals will still have the option to opt out of a workplace pension, however, the new rules require that they will be auto enrolled back in every three years.
Those who do not meet these criteria will be able to elect to join a workplace pension.
We will be writing to everyone between now and April with more detailed information about how these changes might affect you as an individual but in the meantime any queries should be referred to Lynne Cameron, e-mail lynne.cameron@glasgow.ac.uk telephone 0141 330 5366.
First published: 2 October 2012
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