Your employer, no matter their size, needs to automatically enrol you into a pension scheme
Automatic enrolment or auto enrolment began in October 2012 and means that all employers, no matter the size, will need to automatically enrol eligible workers into a pension scheme and make contributions towards it.
As a society we’re living longer, healthier lives, and as such the relationship between those in work, and those retired, is changing dramatically.
In 1901 there were 10 people in employment for every 1 retired. This reduced to 4 to 1 in 2005, and is anticipated to reduce to 2 to 1 by 2050.
And yet in 2012, only 1 in 3 private sector workers were in a pension scheme, and the trend has been downwards for the past 40 years.
The combination of this change and the fact that millions in employment are dramatically under-saving for their retirement, will cause a serious problem, hence the introduction of these reforms.
What do I need to do?
Nothing, zero, zilch.
Your employer will bring you up to speed and make you aware of your options.