How will new starters be treated?
As at present, all new employees in the relevant grades will automatically be enrolled into the relevant pension scheme from the date their employment commences. They will also be presumed to participate in PensionSMART unless they complete the opt-out form or we have identified that is detrimental to participate. This will be explained in more detail in their new-starter pack. If a new employee exercises their option to withdraw from the pension scheme within three months of being automatically enrolled into pension scheme membership, membership of PensionSMART will terminate immediately and their contractual salary will revert to its pre-PensionSMART value. The College will make a payment equivalent to the difference between their Pensionable Salary and Adjusted Salary for the appropriate period (maximum of 3 months). This compensation payment will be subject to tax and NIC. If a new employee decides to opt-out after completing three months service, the opt-out will be effective on t
