Pension - Auto Enrolment
Workplace pension law has changed.
To encourage more people to save for their retirement, all employers will enrol their workers into a workplace pension if they’re not already in one. The aim is to help more people have another income, on top of the State Pension, when they retire.
The government is therefore getting employers to enrol eligible workers automatically into a pension at work so it is easier for people to start saving. So what does this mean for DSU staff?
Well, subject to eligibility criteria all new DSU staff members will be automatically enrolled into the workplace pension scheme called NEST. This will be with effect from your first month's pay and if you choose to stay in the scheme (i.e. you don't choose to opt out) DSU will also contribute. During your first six months of employment you will contribute 1% and DSU will also contribute 1%. After six months, if you wish to continue to contribute to your pension and would like to contribute more, as long as you contribute a minimum of 3% DSU will increase their contribution to 5%.
Staff can opt out of the scheme if they wish to and the opportunity to do so will be within the first 30 days from when your first payment is made.
If staff have any questions relating to the either the NEST scheme or for those staff members who may be part of the original DSU schemes including SUSS and AEGON, please liaise with either Paula Heneghan or Lisa Hackett.