Workplace pensions set to launch
30 Sep 2012
We all know that we need to plan and save for our retirement. However, millions of people in the UK may not be saving enough to provide for their later years.
The State Pension (currently up to £107.45 a week for a single person) provides a foundation for your retirement, but you may want more.
From 1 October 2012, the Government is introducing a new way for people to build up a pension pot. A new law will require all employers to begin automatic enrolment of eligible workers into a workplace pension scheme if they are not already in one.
If you are already a member of a pension scheme (USS, UMSS, GMPF or NHS), you won’t be affected by this change - so you won’t need to do anything.
If the University enrols you automatically in a pension scheme in response to the new law, both you and the University will pay into your pension - and the Government will help too, by giving you tax relief on your contribution.
To find out more about what enrolment into a workplace pension means for you, and the benefits of staying enrolled, visit: