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.

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