What is automatic enrolment?

The UK Government introduced automatic enrolment to help more people save for retirement. This means we must automatically put some of your pay into the Mercer Master Trust – IMI Retirement Savings Plan (the Plan) if you meet the following criteria:

• You are aged over 22 but under State Pension age;
• You are earning more than £10,000 a year with IMI; and
• You work, or usually work, in the UK.

If you do not choose to join the Plan when you first join IMI, you will be automatically enrolled within three months of your employment with IMI commencing. You don’t have to wait to be automatically enrolled to join the Plan. You can join at any time by completing the joining form.

What happens if I am automatically enrolled?

You will commence paying contributions of 5% of your basic salary from your monthly pay. Your contributions will go into your own pension pot in the Mercer Master Trust – IMI Retirement Savings Plan, which is administered by Scottish Widows. IMI will also pay 5% into your pension pot each month. You can pay higher contributions if you wish, and IMI will match contributions up to 8%. You can increase your contributions at any time by making a change on your Optimize account.

IMI operates a salary sacrifice arrangement for members of the Plan called Smart Pay. You will automatically be included in this arrangement when you commence contributions, unless the rules of Smart Pay prevent you from doing so. You can find further details of Smart Pay here.

Can I leave (opt out) the Plan?

Yes, you can leave the Plan, but not until you’ve been automatically enrolled first. Once you have joined the Plan, you will receive a joiner letter from Scottish Widows. This includes useful information about the Plan and how you can ask to leave, which is known as opting out.

You must opt-out directly with Scottish Widows and not via HR or Payroll. You must opt out within the first month of being automatically enrolled if you wish to receive a refund of your contribution. Your letter from Scottish Widows will explain the action that you need to take and the deadline that this must be completed by. If you opt out after one month of being enrolled, your contributions will be retained in the Plan until you are eligible to access your savings (typically from age 55).

Every three years, IMI are required to assess any employees who have left the Plan and re-enrol them if they are eligible. If you are re-enrolled, you may opt out again if you wish. We will write to you at the triennial re-enrolment period to inform you if you are to be automatically re-enrolled.

What happens if I do not meet the automatic enrolment criteria now, but I do in the future?

We are required to monitor your circumstances and if you meet the criteria in the future, and you haven’t already opted out, you will be automatically enrolled at that point.

Can I still join if I do not meet the criteria for automatic enrolment?

If you do not meet the joining criteria, you can still join the Plan by completing the joining form. The sooner you join, the more money you will build up for your future – and don’t forget IMI matches contributions up to 8%.