All employers will have to provide workers with a workplace pension scheme by law over the next few years. The biggest employers started doing this in October 2012. This is called ‘automatic enrolment’.
All workers who meet the following are entitled to join:
- are aged between 22 and the State Pension age
- earn at least a minimum amount a year (varied regularly)
- work in the UK
Employers are required to make a contribution to the pension scheme for you and you must contribute too.
Members of company pension schemes are entitled to receive specified information about their company scheme. Trade unions, which are recognised by the employer, also have certain rights to information about the way the pension schemes are financed and administered.
The trustees of occupational pension schemes must give information about their scheme to members, prospective members and recognised trade unions. The requirements fall under main headings:
1) The constitution of the scheme.
2) Basic information about the scheme.
3) Detailed information – particularly regarding changes in scheme benefits.