Workplace Pensions (Auto-enrolment)

Workplace Pensions (Auto-enrolment)

 

Your employer is required by law to assess all UK employees ("UK workers"), who are not already in a "qualifying pension scheme", to check if they have to be automatically enrolled into a workplace pension. This is known as "auto-enrolment". If an employee meets the test for auto-enrolment, the process is mandatory.

The current test covers all UK workers aged between 22 and State Pension Age, currently not in a qualifying pension scheme (e.g the Carillion Pension Plan), and earning more than £10,000 per annum (or equivalent).

If you do not join any other Plan offered by your employer, you will not be contributing to a qualifying pension scheme, and your employer will assess you, and if you meet the precribed criteria, auto-enrol you into the Carillion Workplace Pension Plan. The Plan is managed by  independent Trustees and administered by AEGON (previously named BlackRock Life - the former email and website links have been retained for an interim period).

Contribution Rates

Your employer will only pay the statutory minimum contributions to the Carillion Workplace Pension Plan, currently 2% of "qualifying band earnings" (for 2018-2019 the qualifying band earnings are £6,032-£46,350 per annum).

If you are auto-enrolled or you are an existing member, you will currently contribute 3% of qualifying band earnings before any tax relief (if your earnings are below your personal tax allowance you will not receive any tax relief).

These rates may be significantly lower than the rates under the Plan you were originally offered, but chose not to join.

Assessment for Auto-Enrolment

AEGON carry out the mandatory assessment each payroll period and advise employees direct whether they will be auto-enrolled into the Carillion Workplace Pension Plan.

Opting-out of the Plan

Employees do have the right to opt-out of the Carillion Workplace Pension Plan if they wish to do so, although they should consider carefully how they may be affected later in life, if they are not joining another Carillion pension arrangement and saving towards their retirement (with the benefit of employer contributions).

Any request to opt-out has to be addressed direct to the Plan Manager, AEGON. Neither HR or your employer can process an opt-out request on your behalf. Employees can only qualify for a refund of their own contributions if they opt out within 30 days of being advised of being auto-enrolled. Refunds of contributions are not permitted by law after the 30 day period has expired.

Member Queries

Any queries regarding membership of the Carillion Workplace Pension Plan, and your benefits and options under the Plan if you are auto-enrolled, should be made direct to AEGON.

If you do not meet the test for auto-enrolment, you can still "opt-in" to the Plan if you wish. Any enquiries should be made to AEGON direct.

AEGON may be contacted by telephone at 01733 353 464 or by email to blackrock.pensionsuk@blackrock.com or in writing to:

BlackRock Retirement Service Centre

PO Box 17486

Edinburgh

EH12 1NU

Members of the Carillion Workplace Pension Plan will also be provided with login details to a secure member site where they can view their own details and the value of their savings:

https://www.blackrock.co.uk/targetplan

If you have lost or not received your log in details, please contact BlackRock.

 Current Status of the Plan

The Carillion Workplace Pension Plan is established under a Trust and is legally separate from Carillion plc and the Carillion group of companies. This means that the assets of the Plan are not available to creditors of the group in liquidation. Members have separate accounts under the Plan and their existing savings accounts are not directly affected by the group being placed into liquidation (except that future contributions will cease as employees leave employment).

Whilst the liquidation process proceeds, employees will continue to be assessed for auto-enrolment (as required by law) and contributions are still being paid as normal for active members of the Plan.

The Plan is managed by independent Trustees (not part of the Carillion group). These arrangements continue to apply and are not affected by the liquidation process.

 

Control Version: 3 May 2018