You may have seen information in the media advising that the Government introduced new pension rules from 5th October 2012.
The changes will be phased in over 6 years and will start to affect ubu staff in October 2013. We will be providing you with regular information to keep you informed well in advance of this date. So please remember to read all of the ulink messages issued and regularly check your personal emails.
What do the changes mean for you?
You will be automatically enrolled into a pension scheme if you meet the conditions below:
You are aged over 22 years and
You are under state pension age
You earn at least 9440 pounds per annum (2013/14 rates)
How will you know if this affects you?
You need to ensure that you regularly check for ulink and email communications.
You will be automatically enrolled and advised at the time. If you do not meet the above conditions in October 2013 but will in the future, you will be enrolled at that time.
Are contributions compulsory?
Once enrolled you will have pension deductions made from your salary and will need to immediately opt out if you do not wish to be enrolled. Procedures will be advised to you nearer the time.
What should you do now?
You do not need to do anything at present, however you should ensure that we hold up to date details of your home address and personal email address at all times.
Watch this advert for further info: http://www.nowpensions.com/what-we-offer/auto-enrolment/for-employees/