10 Questions
What is the minimum amount that 'pensionable pay' can be in Set 1?
Basic pay
When can an employer use Set 2 to define 'pensionable pay'?
When the average pay is 85% or more
What happens when a jobholder chooses to opt-out of a pension scheme?
They are considered to have never been a member of the scheme
What is the right of an entitled worker?
To join a pension scheme, but not necessarily an automatic enrolment scheme
What happens when a jobholder chooses to contribute at a lower rate than required by legislation?
The scheme is no longer qualifying for them
What is the right of an eligible jobholder who has previously opted out?
To opt back in to the pension scheme
What is the minimum amount of earnings that must be pensionable?
All earnings
When must a jobholder be re-enrolled into a qualifying automatic enrolment scheme?
On the re-enrolment date
What is the definition of 'opting out' in the context of pension schemes?
Undoing active membership of a pension scheme
Who has the right to opt in to a pension scheme?
Only non-eligible jobholders
Test your understanding of the changes in pension schemes, including the shift from defined benefit to defined contribution plans, and the impact of working patterns on retirement savings. Explore the incentives and disincentives that influence saving for retirement.
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