From April 2014 Key Stage Teacher Supply will be enrolling all qualifying Supply Staff onto a workplace pension scheme. This is a significant change in government policy to help workers achieve a reasonable pension that might otherwise not be attainable under the current state pension scheme due to the fact that people are living longer therefore claiming a pension for longer than previous generations.
Who does it cover?
Any job holder who has worked more than 1 week, and aged between 22 and state pension age earning between £5,668 and £41,450 per annum. Because of the nature of temporary work, your enrolment may be deferred up to 3 months, after that time you must be enrolled on a scheme.
Who will be the Key Stage Teacher Supply pension provider?
We are going to use the government sponsored NEST Scheme www.nestpensions.org.uk
How much do I contribute?
Initially the minimum contribution will be 2% that is 1% from you and 1% from Key Stage rising over time to 8% in 2018 of which Key Stage will contribute 3%. Your contribution will be eligible for tax relief.
Can I opt out of the scheme?
Key Stage cannot give advice on your pension or discuss opt-out. You may decide to opt out, but initially you will have to be enrolled by law then if you decide to opt out, you can ask for an opt-out form from NEST. You can also discuss any questions with NEST or the pensions advisory service www.pensionadvisoryservice.org.uk
What if I work for different agencies?
You may over your working life have numerous pension scheme pots as different agencies and employers will use different pension providers.
Nearer our Staging Date we will be contacting you with access to all the information we have on the scheme