Auto Pension Enrolment

What is Auto enrolment?

You may have heard about changes to pensions at work. The changes mean that all employers will have to offer their workers a chance to join a pension scheme.

ARM Personnel will automatically put our Agency Workers into a scheme after you have worked 12 weeks, this is called automatic enrolment.

Will I be automatically enrolled?

You’ll be automatically enrolled if you’re:

  • at least 22 and under State Pension age

  • working or ordinarily working in the UK

  • Earning in excess of £9,440 a year.

If you’re not automatically enrolled you can speak to ARM Personnel and request to be enrolled, you must be aged over 16 and below age 75. Everyone who is automatically enrolled will be entitled to contributions to their retirement pot from their employer. If you ask ARM to enrol you in the scheme you’ll be entitled to contributions from your employer if you earn are over £5,668 a year.

What scheme will I automatically enrol with?

Prosperity is the auto pension enrolment scheme that ARM Personnel will use for their Agency workers. It’s been set up as an easy and low-cost way to put money aside for when you’re older. ARM Personnel will let you know if you’re being automatically enrolled into Prosperity.

If you are you’ll get a chance to opt out and if you join you can have a say about what happens to your money. If you’re not being automatically enrolled, ARM Personnel will still give you information about joining the scheme if you want to. Prosperity understand that pensions can seem confusing. That’s why they don’t use jargon and take the time to make sure information about your retirement funds are easy to understand.

How can I manage my payments?

Once you’re a member of Prosperity you can switch on your online account. You can also let Prosperity know your email address so Prosperity can send you news and information by email. This helps Prosperity keep costs low so more money goes towards your retirement. You can log into your online account whenever you want and see exactly what’s being paid into your retirement pot. You can also use it to let Prosperity know about any updates to your personal details, change how much you want to contribute or tell them when you want to take your money out.

What if I don’t won’t to be in a pension scheme?

Being automatically enrolled doesn’t mean you don’t have a choice. If you’re automatically enrolled you can choose to opt out of the scheme within one month of enrolment. If you opt out, any money you’ve contributed with this employer will be refunded, but you should think carefully before you opt out. Opting out means you’ll lose out on employer contributions and tax relief that would have gone into your retirement pot.

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