What are the automatic enrolment criteria?
The Co-op will automatically enrol you into Pace DC if you:
- are not already a member of Pace;
- earn more than £769 in a four-weekly pay period (£10,000 a year) in 2016/2017;
- are age 22 or older; and
- are under the State Pension Age.
Can I opt out before I am automatically enrolled?
No, this is not allowed under the legal requirements which the Co-op must meet.
Do I have to wait three months to be automatically enrolled after meeting the criteria?
If you don’t want to wait, you can choose to join Pace DC during this three month period if you wish. Find out more about joining in the ‘Joining Pace DC’ section.
Can I take money out of Pace DC if I need to?
Currently, it is not possible to take money out of Pace DC until you are aged 55 (unless you opt out and are eligible to receive a refund of contributions). This requirement applies to most workplace pension schemes.
If I opt out, could I be enrolled back into Pace DC in the future?
Yes, the Co-op must enrol its eligible employees back into Pace DC every three years from when it introduced automatic enrolment (November 2012). If you are enrolled back into Pace DC, you can still choose to opt out again.
Are all businesses affected by automatic enrolment?
Yes, all UK businesses need to automatically enrol their eligible employees. This requirement is being introduced in phases between October 2012 and April 2017, with the largest employers starting first. The phased introduction means that large businesses began automatically enrolling employees into their pension scheme during 2012 and 2013, followed by smaller businesses.
The Co-op started automatically enrolling employees from November 2012.