As you will no doubt already be aware from recent news and media coverage, Auto enrolment into a pension scheme is a legislative change which will apply to every employer from their Auto-enrolment staging date. This Government reform is to help individuals save for the future and encourage employees to plan and save for their retirement.
Our auto-enrolment staging date is 1st April 2014 and legislation requires that we will have to automatically enrol all eligible jobholders who are not already currently members of a Pension Scheme. Employees will still have the right to opt-out, but this process has to be repeated every three years.
Most of our employees are already members of either the Teachers Pension Scheme of the Greater Manchester Pension Fund, and we will communicate with those employees who are not in either scheme prior to the 1st April 2014 to inform how this will affect them.