Pension reform - Standard Life

1 Click here to beginPension reformCommunications guidePage 2 WelcomeAll employers are obliged to tell their employees how Pension reform will affect them. This means that by law, you need to send certain communications to your employees at certain times. We ve created a suite of communication timelines and letter templates to give you a clear picture of what you should communicate to your employees and when. Standard Life can issue these on your purpose of this guide is to help you decide which timeline and letter template(s) may be best suited for you and your different categories of employees. Our experience tells us that applying a waiting period could reduce your administration workload. That s why this guide our timelines and our templates include waiting periods.

2 Remember that you may need to reuse this guide in the future, for example if you employ new workers, or when an existing worker s eligibility status changes because of a change in their age or to think about General communication templates may be suitable if: You have limited administration resources You need to communicate to a large number of employees at your staging date You have a varied or unpredictable workforce, for example a high number of seasonal workers and want to fulfil your communication requirements at the same time You have a large population of employees under the age of 22 and want to fulfil your communication requirements at the same time You don t want to send numerous different communications or have to frequently re-issue informationWith the general communication templates, employees receive all the information you are obliged to tell them at once.

3 However, it can be a lot of information for your employees to read through and could make it more difficult for some to understand. Remember we can issue these on your behalf. If you want to skip straight to an overview of all your communication options, click here or go to page more information on Pension reform , go to Standard Life s website , or The Pensions Regulator s website information in this guide is correct at March 2014, but may change due to legislative updatesClick here to return to the beginningClick here or go to page 5 for an overview of all the optionsClick here or go to page 6 for Things to remember sectionThis guide reflects Standard Life s interpretation of Pension reform legislation. Remember you don t have to use our timelines or templates.

4 As the employer, you are responsible for making sure that all communications you provide to your employees contain all the information to meet your requirements under the Pension reform 30-3 month waiting periodonetwothreeStandard Life mandatoryEmployer mandatoryGroup 1 Eligible jobholdersEmployers need toautomatically enrol these employees into a QWPS ifthey are not already in t eligible for auto-enrolment. However, they can choose tojoin a QWPS and receiveemployer entitled to join a Pension scheme, but employer payments are already participatingin a 2 Non-eligible jobholdersGroup 3 Entitled workersGroup 4 Existing membersEnd of waiting period - assessment requiredNo further action requiredEligibleEmployee doesn t opt out - business as usualEmployee opts out - No need to re-assess each PRP*- No obligation to allow opt in for up to 12 months- Re-assess at triennial review dateRe-assess each PRP*>>Not eligiblePre-staging date/date of joiningRe-assess each PRP*>>Employee doesn t opt out - business as usualEmployee opts outOpt out period 1(one month from confirmation of membership sent)

5 Employeejoins- Confirmation of membership- How to opt outLorem ipsum dolor sit amet, consectetur adipiscing elit,sed diam nonumy eiusmodLorem ipsum dolor sit amet, consectetur adipiscing elit, r adipiscsed diam nonumy eiusmod tempor incidunt ut labore et dolore magna aliquam erat volupat Ut enim ad minim veniam, quis nostrud exercitation ullamLaboris nisi ut aliquip ex ea commodo consequat. Duis autem vel eum est irure dolor in reprehenderit in voluptate Velit esse molestaie consequat, vel illum dolore eu fugiat r adipisc nulla pariatur, At vero eos et accusam et iusto odog lieuwhio dignissum qui blandit praesent luptatum delenit aigue duos dolor et qui A - Auto-enrolment join - Waiting period from staging date/first date of employment - General communications1 Not applicable for entitled workers in trust based schemes.

6 * PRP means pay reference Life Assurance Limited is registered in Scotland (SC286833).Employee does nothingcommunicate before or within 2 months of staging datecommunicate within six weeks of staging dateEarly joiners Groups 2 and 3 Not eligible for auto-enrolmentGroup 1 Eligible for auto-enrolmentGroup 4 Existing membersGeneral communications 2 GROUPS 1 / 2 / 3- Existing member confirmationGROUP 4- Notice of waiting period- Date of assessment- Enrolment information- Right to join+Template 2 GeneralTemplate 8 Existing memberOptional waiting period 0-3 months?(if employee joins early, see early joiners)If no longer eligibleIf still eligible>>Re-assess each PRP*>>Re-assess each PRP*- Confirmation of membership- How to opt outLorem ipsum dolor sit amet, consectetur adipiscing elit,sed diam nonumy eiusmodLorem ipsum dolor sit amet, consectetur adipiscing elit, r adipiscsed diam nonumy eiusmod tempor incidunt ut labore et dolore magna aliquam erat volupat Ut enim ad minim veniam, quis nostrud exercitation ullamLaboris nisi ut aliquip ex ea commodo consequat.

7 Duis autem vel eum est irure dolor in reprehenderit in voluptate Velit esse molestaie consequat, vel illum dolore eu fugiat r adipisc nulla pariatur, At vero eos et accusam et iusto odog lieuwhio dignissum qui blandit praesent luptatum delenit aigue duos dolor et qui Confirmation of membership- How to opt outLorem ipsum dolor sit amet, consectetur adipiscing elit,sed diam nonumy eiusmodLorem ipsum dolor sit amet, consectetur adipiscing elit, r adipiscsed diam nonumy eiusmod tempor incidunt ut labore et dolore magna aliquam erat volupat Ut enim ad minim veniam, quis nostrud exercitation ullamLaboris nisi ut aliquip ex ea commodo consequat. Duis autem vel eum est irure dolor in reprehenderit in voluptate Velit esse molestaie consequat, vel illum dolore eu fugiat r adipisc nulla pariatur, At vero eos et accusam et iusto odog lieuwhio dignissum qui blandit praesent luptatum delenit aigue duos dolor et qui Confirmation of eligibility- Enrolment information- Right to opt out- Notice of waiting period (if applicable)Template 5 Eligible jobholdercommunicate within six weeks- Confirmation of membership- How to opt outEmployee doesn t opt out - business as usual- No need to re-assess each PRP*- No obligation to allow opt in for up to 12 months- Re-assess at triennial review dateEmployee opts out Opt out period (one month from confirmation of membership sent)

8 Lorem ipsum dolor sit amet, consectetur adipiscing elit,sed diam nonumy eiusmodLorem ipsum dolor sit amet, consectetur adipiscing elit, r adipiscsed diam nonumy eiusmod tempor incidunt ut labore et dolore magna aliquam erat volupat Ut enim ad minim veniam, quis nostrud exercitation ullamLaboris nisi ut aliquip ex ea commodo consequat. Duis autem vel eum est irure dolor in reprehenderit in voluptate Velit esse molestaie consequat, vel illum dolore eu fugiat r adipisc nulla pariatur, At vero eos et accusam et iusto odog lieuwhio dignissum qui blandit praesent luptatum delenit aigue duos dolor et qui Confirmation of membership- How to opt outLorem ipsum dolor sit amet, consectetur adipiscing elit,sed diam nonumy eiusmodLorem ipsum dolor sit amet, consectetur adipiscing elit, r adipiscsed diam nonumy eiusmod tempor incidunt ut labore et dolore magna aliquam erat volupat Ut enim ad minim veniam, quis nostrud exercitation ullamLaboris nisi ut aliquip ex ea commodo consequat.

9 Duis autem vel eum est irure dolor in reprehenderit in voluptate Velit esse molestaie consequat, vel illum dolore eu fugiat r adipisc nulla pariatur, At vero eos et accusam et iusto odog lieuwhio dignissum qui blandit praesent luptatum delenit aigue duos dolor et qui Confirmation of membership- How to opt outOpt out period (one month from confirmation of membership sent)Staging date or date of joiningYou ve selected that you are using auto-enrolment, applying a waiting period for all non Pension members and issuing a general template 2 (in conjunction with 5 & 8) Download template 2 (general communications)Download template 5 (eligible employee communications)Download template 8 (existing member communication)Use timeline Afor a clear picture of what regulatory communications you have to issue and here to download PDF of timeline ATimeline selectionClick here to return to the beginningClick here or go to page 5 for an overview of all the optionsClick here or go to page 6 for Things to remember sectionThis guide reflects Standard Life s interpretation of Pension reform legislation.

10 Remember you don t have to use our timelines or templates. As the employer, you are responsible for making sure that all communications you provide to your employees contain all the information to meet your requirements under the Pension reform 4 Standard Life mandatoryEmployer mandatoryGroup 1 Eligible jobholdersEmployers need toautomatically enrol these employees into a QWPS ifthey are not already in t eligible for auto-enrolment. However, they can choose tojoin a QWPS and receiveemployer entitled to join a Pension scheme, but employer payments are already participatingin a 2 Non-eligible jobholdersGroup 3 Entitled workersGroup 4 Existing membersTimeline B - Contract of employment join - Waiting periodPre-staging date/date of joining0-3 month waiting periodRe-assess each PRP*>>- No need to re-assess each PRP*- No obligation to allow opt in for up to 12 months- Re-assess at triennial review dateEligibleNoteligibleEmployee doesn t opt out - business as usualEmployee opts out Opt out period (one month from confirmation of membership sent)