Three R’s Teacher Recruitment and Workplace Pensions
Automatic enrolment is a legislation which means that all employers must enrol their workers into a workplace pension scheme automatically. This affected Three R’s Ltd from 1st May 2014.
A workplace pension is a way of saving for your retirement that’s arranged by your employer. Your employer and the government also add money into the pension scheme for you. The money is then used to pay you an income for the rest of your life when you retire.
Who does this affect?
This legislation affects all UK workers who are not already in a qualifying pension scheme, who are aged between 22 years old and State Pension Age, and who earn more than the current annual gross salary advised by the government.
Why should I pay into a pension?
Most of us are living longer and are not saving enough to have the income we’d like in retirement. The state pension is a foundation for your retirement, but you may want more. Saving into a workplace pension means you can continue to enjoy the things you like when you retire.
When you pay into your pension, your employer and the government will too. As your employer will automatically enrol eligible workers into a workplace pension, it’s a hassle-free way of saving while you earn.
Starting to make pension contributions sooner makes saving more manageable – saving smaller amounts over a longer time period has less impact on your current lifestyle. Starting sooner also means your pension will be bigger – the earlier you start, the more time your money has to grow.
If I don’t meet the criteria, can I still join a pension scheme?
Even if you’re not being automatically enrolled into a workplace pension, you can still ask to join. You might also be eligible to get a contribution from your employer and the government too.
What happens next?
We will enrol you into our pension scheme (Nest) if and when you meet all of the following criteria:
- You earn over the current weekly amount advised by the government.
- You are aged 22 or over and
- You are under state pension age.
You can opt out of the pension scheme if you want to, but if you stay in you will have your own personal pension when you retire. Your pension will belong to you, even if you leave us in the future.
Both you and we will pay contributions into it every pay period, and the government will also contribute through tax relief.
If you decide that you don’t want to put money aside for your retirement just yet, you have the right to opt out. You must do this within your one-month opt-out period, which starts three days after you’ve been enrolled into NEST. Your welcome pack should arrive around this time and will include information on how to opt out and the date your opt-out period ends.
You can’t opt out until you’ve been enrolled and have received your NEST ID. You’ll find this in the letter NEST sends to you.
Once you’ve received your NEST ID there are several ways to opt out. You can:
- opt out online at https://www.nestpensions.org.uk/optingout
- call NEST’s automated telephone line
- request a paper opt-out form from NEST and then fill it in and send it back to us.
You’ll find more detail about opting out in your welcome pack.
Don’t contact NEST to opt out before you’ve been automatically enrolled as they won’t have set up your account yet and you won’t be able to opt out.
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