Why have I been automatically enrolled?

The Government wants to make it easier for people to save for their retirement and the auto enrolment requirements aim to help them do this. Most people don’t save enough for their retirement and the Government has tried to overcome this problem by making it compulsory for your employer to automatically enrol you into a workplace pension scheme. Employers must also make payments into their employees’ pension pot. 

The company is legally required to automatically enrol you into a workplace pension plan if you meet certain criteria. The Experian Retirement Savings Plan has been designed to help you save for your future and prepare for retirement. 

Eligible employees will be automatically enrolled into the Plan at the end of the 'postponement' period. The company operates a 'postponement' period of 3 months for automatic enrolment so you will be enrolled into the Plan on the 1st of the month immediately before the end of the period, or on the date the period ends if that is the 1st of a month. This is when contributions will start to be paid into your pension pot each month.

For example, if you join the company on 1st September you will be automatically enrolled into the Plan on 1st December. If you join the company on 15th September your automatic enrolment date will also be 1st December. This is because your membership of the Plan must begin on 1st of a month but the 'postponement' period cannot exceed 3 months. If you are not eligible to be automatically enrolled, you have a legal right to join the Plan by ‘opting in’ at any time.

You also have a legal right to opt out of Plan membership. Before doing so, please take time to consider the impact this could have on your finances later in life.

To review your pension savings you can login to the secure Plan website. Click here to login and choose your contribution levels, pick the right investment options for you and update your personal details.