The features of Auto enrolment Pension Scheme
There are many kinds of schemes legislated by the government among them Auto enrolment is a unique plan tailor-made for the future benefits of employees.
Auto enrolment is a process of pension scheme whereby employees are directly transferred into the employee pension scheme by paying a nominal fee of 3%, deducted from their own salaries.
A worker who can qualify to be the part of this pension scheme needs to be 22 years of age with earnings above income tax personal allowance. Workers who have already invested in other pension plans can also join auto enrolment pension scheme.
The worker can choose to opt out of this scheme if he wishes during the notice period of opting out process of the pension scheme, he can avail the return of the investment he made for the scheme.
