Automatic enrolment is pension legislation that requires your employer to automatically enrol you into a company pension scheme.
It is a legal requirement for you to be opted into the auto enrolment pension scheme and at Fiserv, we postpone this enrolment for the maximum of three months. This is to allow you to settle in to your new role and review your payslips so you can make an informed choice about your contributions.
Both you and Fiserv then make monthly payments into the scheme. These are invested for you to build up a pension pot that is then used to give you a regular income when you retire.
If you are automatically enrolled into a pension scheme you have the right to opt out of it. You can opt out within one month of your enrolment date or one month from receiving your enrolment notification. Please note that you must be opted in, before you can opt out or choose not to partake in the scheme.
If you opt out within this time, any contributions you have made will be returned to you.
Automatic Re-enrolment
Every three years, companies must carry out the automatic re-enrolment process to enter eligible job holders into qualifying workplace pension schemes. This includes anyone who may have chosen to opt out or who left the Plan after being a member.
How do I opt out?
Legal & General will advise you when you have been enrolled and at this point will give you the option to opt out of the Plan. You can also contact Legal & General directly:
Legal & General helpline:
0845 0708 686
You will also need to notify the Payroll team if you wish to opt out by emailing:
ukpayroll@firstdata.com
You can find out further information on the below link:
http://www.legalandgeneral.com/workplacebenefits/employees/learning-zone/automatic-enrolment/