Saving for retirement is a big issue for Usdaw members. State retirement benefits alone will not guarantee us a decent standard of living in retirement. That is why Usdaw supports auto-enrolment.
In the past, workers generally had to make an active decision whether or not to join the company pension scheme. Under the reforms workers now have to be entered into a workplace pension scheme automatically (auto-enrolment).
Each employer has a start date by which they must have begun auto-enrolment, which is based on how many people they employ. The process started with the biggest employers – now we are at Stage 2 of auto-enrolment, the smaller and medium sized companies are now starting to enrol their employees and we need to make sure that our members do not lose out by not taking advantage of their pension rights.
As auto-enrolment is a rolling programme, the larger companies will also be starting to re-enrol those employees who opted out three years ago. You may need to be aware of this.
Want to learn more about auto-enrolment? Watch our video guide:
Want to find out more about pensions? Sign up for the Home Study Course.