Following the change in the law in regard to Work Place Pensions, as of 1st May 2014 there is a Qualifying Pension Scheme provided for all eligible temporary staff, the provider being Now Pensions. Macildowie have implemented a 3 month postponement on the commencement of contributions in line with the current legislation, therefore all new staff will be automatically enrolled accordingly.
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Q. What is Auto-enrolment?
A. Auto-enrolment means that “eligible workers” will be automatically enrolled into the qualifying pension scheme without any active decision on their part.
Q. When does Auto-enrolment start?
A. For Macildowie the auto-enrolment date was 1st May 2014, however, we have implemented a 3 month postponement period in line with current legislation. During this period no contributions will be taken, however, eligible job holders do have the option to commence contributions before the end of this postponement should they wish to.
Q. What if I do not want to join the pension scheme?
A. The key feature of auto-enrolment is that if you are an eligible job holder we must by law automatically enrol you into a qualifying scheme, in this case, Now Pensions. Automatic-enrolment is compulsory, however, once auto-enrolled you do have the option to ‘opt-out’.
Q. How long do I have to opt-out?
A. Once auto-enrolled into a scheme you have one calendar month to opt-out from when membership was established. Both eligible & non-eligible job holders can opt-out and will be refunded with their contributions only if their have exercised their right within the permitted one month period. Should you decide to opt-out after this period you will have ceased membership, but you will not be eligible for a refund and your contributions will remain within your fund, however, no further contributions will be either taken from you or contributed by us as an employer. Entitled workers have no such right to opt-out, but can cease membership. In this case no refunds will be made by Now Pensions.
Q. If I opt-out can I opt back in again?
A. Yes you can, however, we are only required to arrange membership once in a 12 month period, so should you wish to be re-enrolled we will only arrange this after 12 months have elapsed from the initial enrolment. Should you opt-out and not ask for re-enrolment, you will automatically be re-enrolled at a later date, currently after a period of 3 years, at which point you can choose to stay in the scheme or exercise your right to opt-out again.
Q. What happens if I already have a pension?
A. You will still be automatically enrolled into the Now Pension scheme if you meet the eligibility criteria. As your employer we are legally obliged to enrol any eligible job holder. If you wish you are free to opt-out of the scheme.
Q. What if I move jobs?
A. Your contributions will remain in your Now Pension scheme and you will be automatically-enrolled into your new employer’s pension scheme.