Auto-enrolment and current employees

All TSB people will be automatically enrolled in the Scheme on 1 April 2014 or the first day of their employment with TSB (unless your employment contract states otherwise).

However, if you opt out of the Scheme in the future, you may be automatically re-enrolled under certain circumstances.

Every three years from April 2014, legislation requires that we automatically enrol all eligible employees into the Scheme. We will write to you at your home address to tell you if this happens. An eligible employee is anyone who:

  • is employed by TSB;
  • ordinarily works in the UK;
  • is aged between 22 and State Pension Age;
  • earns more than £10,000 (2014/15 tax year) a year including bonus, overtime etc; and
  • is not currently in the Scheme, or has previously opted out.

If you have registered for fixed or enhanced protection from the Lifetime Allowance (LTA) charge, joining a pension scheme invalidates this protection.

Under AE legislation, TSB must enrol you in the Scheme. However, if you opt out within one month of being enrolled, HMRC will treat you as if you had never joined a pension scheme. You will retain your protection.

You may have to opt out more than once during your career to retain your protection. TSB must automatically enrol all eligible employees into the Scheme every third anniversary, from April 2014, to comply with AE legislation. We will write to you to confirm when this is happening so that you can make a suitable decision about opting out within the relevant time limits.

Take action

To avoid losing your protection and incurring a tax charge you must opt out within one month of being enrolled. For more details see Opting out.

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