Pension Changes

[Hammer10]

No problem

[oliver]

Does anyone know what the national ins percentage is going up to on the new tesco pension format,i haven't gone on the pension website yet.? Thankyou

[oliver]

I've been told we have to pay more nat ins under the new format.

[antico]

Oliver you will pay 12% and that's because you can no longer opt out due to changes put in place by government to achieve the new state pension.

[oliver]

Antico thank you I appreciated your reply, so were we saving on tax and NI before?  I'll let colleges know. 

[antico]

Correct ; old scheme opt out we paid less N I .  new scheme no opt out allowed therefore we revert to 12%.

[oliver]

Thankyou for that,getting up to 7.5 off tesco but now we have to pay 12% more than b4 that doesnt seem worth doing ,but i havent dared do the pension calulator yet to br honest,

[antico]

Oliver  you will not be paying an extra 12% just the difference between the old payment and the 12% .

[oliver]

Thank you Antico.

[Hoo-rah!]

Does anyone know if our pension contributions will be deducted before or after our tax/national insurance deductions? With the current pension, a percentage of our wages is put into our pension and then the tax/national insurance is calculated. I just wondered if with the new pension, they'll deduct tax/national insurance first and then take the pension percentage from our wages.

[lackofinterest]

Oliver you will pay 12% and that's because you can no longer opt out due to changes put in place by government to achieve the new state pension.

you can opt out but only AFTER you've been automatically opted in

[Digimon]

If you don't want the new pension, and intend opting out after being automatically opted in, you need to get your skates on.

In the past you could opt out anytime within a two year threshold and get your contributions back. You now have just one month to do so before all contributions are locked in until your retirement. 

[redcar renegade]

The new pension you have 30 days to opt out or you don't get anything back believe you can get form from personnel department of the colleague room website

[viperex]

Hi new member been at working nights for 4 months and in this months wage slip was charged £40  smart pension builder how do i opt out as i never opted in ? registered on the colleague forum but it says need a enrollment number which i dont have

[Duracell]

As I understand it, you don't opt in you have to opt out, so they haven't done anything wrong as you didn't opt out and as such automatically started the scheme.

However that would be in normal circumstance, the scheme you have paid 1 months contribution to is now closed to contributions after this months pay.

It would be reasonable to agrue what is the point of enrolling you in a scheme that is pretty much a waste of your time and money, I can't see what sort of benefit you would gain from a pension that is frozen with a £40 contribution.

I would think it reasonable for anyone to expect not to be enrolled in a scheme that only has 1 month before its closure and to direct the focus to the new scheme.

I can't believe they enrolled you in the old scheme.

[lucgeo]

Forgive me if this has already been covered. I was looking at the pension booklet and noticed that if I increased my contribution then my beneficeries would receive 5x my pay but if I stayed at the basic contributed by Tesco then it would only be 1x my pay 

[viperex]

As I understand it, you don't opt in you have to opt out, so they haven't done anything wrong as you didn't opt out and as such automatically started the scheme.

However that would be in normal circumstance, the scheme you have paid 1 months contribution to is now closed to contributions after this months pay.

It would be reasonable to agrue what is the point of enrolling you in a scheme that is pretty much a waste of your time and money, I can't see what sort of benefit you would gain from a pension that is frozen with a £40 contribution.

I would think it reasonable for anyone to expect not to be enrolled in a scheme that only has 1 month before its closure and to direct the focus to the new scheme.

I can't believe they enrolled you in the old scheme.

so what can i do now as i dont want them to take money out and the collegueroom seems some pages are under construction and i dont have a enrollment number

[mexicopete]

As I understand it, you don't opt in you have to opt out, so they haven't done anything wrong as you didn't opt out and as such automatically started the scheme.

However that would be in normal circumstance, the scheme you have paid 1 months contribution to is now closed to contributions after this months pay.

It would be reasonable to agrue what is the point of enrolling you in a scheme that is pretty much a waste of your time and money, I can't see what sort of benefit you would gain from a pension that is frozen with a £40 contribution.

I would think it reasonable for anyone to expect not to be enrolled in a scheme that only has 1 month before its closure and to direct the focus to the new scheme.

I can't believe they enrolled you in the old scheme.

They have done this with quite a few new starters in our store, some of them are just eighteen years of age, you can ring the pension dept. and they will cancel the pension and refund the pension payments on the next available pay date. Just another case of Tesco and common sense being at odds as per usual.

[viperex]

As I understand it, you don't opt in you have to opt out, so they haven't done anything wrong as you didn't opt out and as such automatically started the scheme.

However that would be in normal circumstance, the scheme you have paid 1 months contribution to is now closed to contributions after this months pay.

It would be reasonable to agrue what is the point of enrolling you in a scheme that is pretty much a waste of your time and money, I can't see what sort of benefit you would gain from a pension that is frozen with a £40 contribution.

I would think it reasonable for anyone to expect not to be enrolled in a scheme that only has 1 month before its closure and to direct the focus to the new scheme.

I can't believe they enrolled you in the old scheme.

They have done this with quite a few new starters in our store, some of them are just eighteen years of age, you can ring the pension dept. and they will cancel the pension and refund the pension payments on the next available pay date. Just another case of Tesco and common sense being at odds as per usual.

You wont happen to have the number m8 plz

[mexicopete]

@viperex the telephone number for the pensions department is 03450701113 calls charged at local rate.

[silver surfer]

Hi new member been at working nights for 4 months and in this months wage slip was charged £40  smart pension builder how do i opt out as i never opted in ? registered on the colleague forum but it says need a enrollment number which i dont have

If you had a pension deduction on Nov 20th pay that payment would be into the scheme that is closing this weekend. You would have been auto enrolled into the scheme after 3 months service or if you had opted out for more than 3 years or if you have recently 22 years of age.

DURACELL - If the original poster met one of the above conditions they would automatically have been enrolled by law. Tesco would have no other option to but to enrol him in the old scheme. Your comment about not believing that they did is irrelevant. We can all blame Tesco for decisions they have made but on this one their hands are tied.

"They have done this with quite a few new starters in our store, some of them are just eighteen years of age, you can ring the pension dept. and they will cancel the pension and refund the pension payments on the next available pay date. Just another case of Tesco and common sense being at odds as per usual."


MEXICOPETE - Sorry this is not entirely true either. As the DB scheme is closed phoning the Pension dept is pointless - they cannot opt you out from a scheme that is now closed. However what will happen now is that a closing statement will be sent to each member in January telling them how much their pension is worth along with the options they have. As VIPEREX has less than 2 years in the scheme he will have the option to have a refund of the one months contribution he paid. He will need to return the declaration form that will be included with his closing statement. It will then take up to 8 weeks for the refund to be paid back in his wages. These statements are unlikely to land before the Jan 15th pay day so a refund is unlikely before February at the earliest - it is possible he might not get his hands the money until  March. Again I have to point out that this has nothing to do with a lack of common sense at Tesco it the procedure under pensions law. I don't understand why your new starters under 22 years of age would have been auto enrolled. They only way that would happen would be if the Personnel/HR had inputted there details incorrectly.

"Forgive me if this has already been covered. I was looking at the pension booklet and noticed that if I increased my contribution then my beneficeries would receive 5x my pay but if I stayed at the basic contributed by Tesco then it would only be 1x my pa"



LUCGEO

The pension booklet does not say that. I think you have misread it. If you are an active contributing member of the new scheme at any percentage then there is a 5 x salary life assurance payout for death in service. If you have opted out or are not yet enrolled this drops to 1 times your salary.

[mexicopete]

Six eighteen year olds enrolled during the past year, that's quite a lot of incorrect inputting is it not silver surfer  Typical Tesco in my honest opinion. All of them had to reclaim the money from the company.

[lucgeo]

Ah silver surfer yes thank you.

I have just re read it, perhaps it would have been better if they had just said if you opt out then it's 1x pay?

[Duracell]

Silver surfer

DURACELL - If the original poster met one of the above conditions they would automatically have been enrolled by law. Tesco would have no other option to but to enrol him in the old scheme. Your comment about not believing that they did is irrelevant. We can all blame Tesco for decisions they have made but on this one their hands are tied.

I see your point I do.
Perhaps they are now being extra vigilant considering the current situation with the SFO and the DPA.

At least this particular nonsense has a bit of a safety net for the individual concerned, an option to refund.

On the plus side what was the in service death benefit on the scheme in question? At least they have that for one month for £40.

[Red Rock]

Duracell,

Just a thought, the amount of time you spend on here typing Articles which could be entered into The Guardian.  Do you have a regular gainful employment?  Just wondering.