About auto enrolment
Auto enrolment is a government initiative designed to help people save for their retirement. This means that BOC must enrol you into a suitable pension plan if you meet certain criteria.
How does it work?
- All employees are assessed for eligibility based on their earnings and age.
- If you’re enrolled, you and/or BOC will pay into your pension pot on a regular basis to help you save for your future.
- Your contributions are taken automatically from your pay and once you’ve been enrolled you can look at paying in more if you want to.
- You’ll get a communication confirming that you’ve been enrolled and how much you and/or BOC will contribute and if those contributions will increase in the future.
For lots of people, paying into their company pension plan is a great way to save for later in life. However, it may not be right for everyone. If it isn’t the right thing for you, you can opt out of the plan. Your communication will explain how to do this.