What is auto-enrolment?
In October 2011, the government introduced pension auto-enrolment (AE) legislation to encourage people to save for their retirement. This means that UK employers must enrol anyone who is an eligible employee into a qualifying scheme.
The Scheme will be a qualifying scheme. This means that it will meet or exceed the government’s standards for retirement provision – including the level of contributions paid.
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 a member of the Scheme, or has previously opted out.