Staff Handbook - Policies and Procedures

In order to meet its automatic enrolment duties, your employer has chosen The Peoples Pension for its workplace pension scheme Who will contribute to my pension? You contribute directly from your pay, your employer will contribute and you may also receive tax relief. So, for example, if you are a basic-rate taxpayer and you contribute £8 a month to your pension: You contribute £8 per month You get tax relief £2 per month Your employer contributes £10 per month Going into your personal account each month £20 per month How are contributions calculated? Within the automatic enrolment regulations, the Government has set the minimum amounts that have to be contributed by your employer and in total. Your pension contributions are usually based on a percentage of your ‘qualifying earnings’. Your qualifying earnings are the band of earnings on which minimum contributions must be paid by you and your employer. For the current tax year (2015/16), it is the band between the Lower Earnings Limit (£5,824) and the Upper Earnings Limit (£42,385). In order to meet the Government’s minimum contribution standards, you and/or your employer will need to increase the minimum amounts being paid into your personal account over the next few years as

follows: Timing

Percentage of your qualifying earnings to be contributed by YOU including tax relief

Minimum percentage of your qualifying earnings to be contributed by your EMPLOYER

Minimum percentage of your qualifying earnings to be contributed in TOTAL

Until 30 Sept 2017

1%

1%

2%

01 Oct 2017 – 30 Sept 2018

3%

2%

5%

01 Oct 2018 onwards

5%

3%

8%

Registered Office: Unit 2A Longrock Industrial Estate, Penzance, Cornwall. TR20 8HX Company Reg. No. 04124350 This is a controlled document VAT Reg. No. 684598666 UTR No. 24386 09541 Staff Handbook Issue 23 24.06.2024 How do I opt out? You will receive a pack form The People’s Pension containing the information you will need. You must wait for your pack. If you want to opt out, you can do this by either: • Telephone: please call The People’s Pension on 0300 330 1280 . Do I have to stay enrolled? You don’t have to stay enrolled if you don’t want to. You can ‘opt out’ if you wish. You should think carefully before opting out, as it may affect how much money you have when you retire. There is a limited timeframe in which you can opt out of The People’s Pension and receive a refund of the contributions you’ve made. This is called the ‘opt out period’. The last date you can opt out is shown in your covering letter.