Pensions auto enrolment - how will it affect you on 1 August 2014

How will it affect you on 1 August 2014

1. If you are already in our pension scheme:

You will not be automatically enrolled as you are already in the pension 
We are pleased to confirm the scheme is a qualifying pension scheme, which means it meets or exceeds the government's new standards. 

A commitment from us 
If you are under 75, work or usually work in the UK, and earn over £5,772 a year (the amount set by the government for this): 

  • we must by law continue to maintain your membership of a scheme that meets certain government standards; and
  • if your membership of such a scheme ends (and it is not because of something you do or fail to do), we must by law put you into another scheme that meets government standards straightaway.

If you are NOT already in our workplace pension scheme on 1 August 2014, what happens depends on how old you are and how much you are earning on that date.

2. If on that date you are aged 22 or over, under State Pension age, work or usually work in the UK, and earn more than £10,000 a year (£833 a month or £192 per week):

We will enrol you into our pension scheme on 1 August 2014. You don't have to do anything – it will happen automatically. 

  • You can choose to opt out of the scheme if you want to, but if you stay in you will have your own pension which you get when you retire;
  • Hanson UK and you will pay into it every month;
  • The government will also contribute through tax relief;
  • Your pension belongs to you, even if you leave us in the future;
  • You have the right to join the scheme before 1 August 2014 if you want to

We will write to you nearer the time with further information on the pension scheme or click on the following link to understand the effect of being auto-enrolled. 

3. If on that date you are aged under 22 years, or over State Pension age (but under 75), or earn more than £5,772 (£481 a month or £111 per week) but not more than £10,000 a year (£833 a month or £192 per week):

We will not be automatically enrolling you into the pension scheme.

This is because you do not meet the criteria set by the government (as set out in the question in paragraph 2 above). However, you have the right to join the scheme if you want to. Both you and Hanson UK would pay into it. 

4. If on that date you are under 75 and earn £5,772 or less a year (£481 or less a month OR £111 or less a week):

We will not be automatically enrolling you into our workplace pension scheme. This is because you do not meet the criteria set by the government (as set out in the question in paragraph 2 above). However, if you ask us to do so, we will enrol you into a pension scheme. Both you and Hanson UK would pay into it.

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