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IAB auto enrolment blog: Pension scheme presentation

Following the IAB’s decision to stage early in 2015, a senior employee benefits consultant from LEBC visited the office to meet with all staff and to explain further about auto-enrolment and the pension scheme which had been selected.

For the majority, auto-enrolment is a completely new concept so it was important that this was explained in detail so that everyone understood the changes to workplace pensions and how this would affect them.

The consultant explained clearly the scheme which had been selected and also clarified about auto-enrolment contributions and what we would be required to contribute to the scheme in addition to our employer.  A number of other aspects were also introduced to us including salary sacrifice.

The consultant was also able to answer any questions we had and was able to clarify how the new scheme would work in relation to any existing pension schemes which people were already part of.

Colleagues see auto-enrolment as an excellent way to begin planning now to save for retirement and everyone understood what would be required of them, as well as what we would need to do should we choose to opt out of the pension scheme.

The majority of staff knew very little about auto-enrolment but after the meeting everyone agreed they had found the session particularly useful and they now have a much better understanding of the process.

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