Automatic Enrolment places an obligation on employers to enrol eligible workers into a workplace pension scheme if they meet certain criteria.
A worker is eligible and must be enrolled if they:
• are not already in a qualifying workplace pension scheme;
• earn over £10,000 a year (£833 a month);
• are aged 22 or over; and
• are under the State Pension age.
Once enrolled, workers retain the right to opt-out of the pension scheme and cease any contributions.
All employers need to re-enrol their eligible employees who are not in their workplace pension scheme at three yearly intervals from the date they started automatic enrolment. This is called triennial re-enrolment.
BAE Systems’ next re-enrolment date is 1 April 2022 and we are now assessing our employees who are not pension scheme members to determine those eligible workers who must be re-enrolled. There are certain exemptions to who must be re-enrolled, for example any eligible workers who have opted out within the 12 months prior to the pension scheme re-enrolment date don’t need to be re-enrolled on this occasion, however they will need to be considered at the next re-enrolment date in 2025. Additionally any employee who has given their notice of resignation or retirement won’t need to be re-enrolled.
If we believe, based on your current circumstances, you are an eligible worker we may need to enrol you into the BAE Systems Pension Scheme - DC Retirement Plan and we will be writing to you by the end of February. Then in April once we have assessed your situation, if we do need to enrol you, we will notify you in writing and provide more details.
In the meantime, if you have any questions about the re-enrolment process please refer to the Automatic Enrolment FAQs on the pensions website. If you require more information about the BAE Systems Pension Scheme - DC Retirement Plan please visit the Standard Life website.