To help people save more for their retirement, the government requires employers to enrol their workers into a workplace pension scheme. This is known as ‘auto-enrolment’.
This applies to those workers who meet all of the following requirements:
- They are not already a member of a BAM pension scheme.
- They earn over £10,000 a year (£833 a month).
- They are aged 22 or over.
- They are under State Pension age.
If you meet all of these criteria we will enrol you into one of our pension schemes after approximately three months of employment.
Why is this happening?
The government’s aim is to get more people to have another income, on top of the State Pension, when they come to retire. The new State Pension in 2023-24 is £203.85 a week for a single person.
Employers are required to enrol their workers automatically into a scheme in order to make it easier for people to start saving.
How and when will it affect me?
Once you have completed approximately three months of employment, we will assess you to see if you meet the automatic enrolment criteria. If you are NOT already in one of our pension schemes when you are assessed, what happens will depend on how old you are and how much you are earning at that time.
If you have already joined one of our pension schemes, then you will NOT be automatically enrolled. The BAM pension schemes are qualifying pension schemes, which mean they meet or exceed the government’s required standards