Details of the Old Benefits section
If you are already in a qualifying pension arrangement (BBC Pension Scheme, LifePlan, and the Group Personal Pension Scheme (GPPS) your membership will continue unchanged.
What is Pension automatic enrolment?
The BBC must automatically enrol certain members of its workforce (including some freelancers and artists) into a workplace pension arrangement and the BBC will need to make a contribution towards it. The timing of when an employer has to automatically enrol workers depends upon the size of the employer. For the BBC it is 1 February 2013, although the BBC will be able to postpone automatic enrolment for a period of three months to 1 May 2013.
Workers known as ‘eligible jobholders’ will need to be automatically enrolled into a pension arrangement that meets a number of conditions and this is known as a qualifying scheme. Eligible jobholders may choose to ‘opt out’ of the arrangement, but only after they have been automatically enrolled by the BBC.
You will meet the criteria of being an ‘eligible jobholders’ if you:
- earn more than the minimum earnings threshold;
- are aged between 22 and State pension age; and
- ordinarily work in the UK.
When is this happening?
For the BBC this is 1 February 2013, although the BBC will be allowed to postpone automatic enrolment for a period of up to three months to 1 May 2013.
Why is the Government introducing automatic enrolment?
People are living longer. You could be retired for thirty years and you need to think about how you will fund your retirement.
The State pension is a foundation for your retirement. But if you want to have more when you retire, you may want to consider contributing to a workplace pension. The full basic State pension in 2012/13 is £107.45 per week for a single person.
More information can be found on the myPension site of Gateway
The Government has introduced a new law designed to help people save for retirement"