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What is The Pearson Pension Plan?
The Pearson Pension Plan (the Plan) is one of the most important and valuable benefits offered to you as a Pearson employee. The Plan is a pension arrangement offered to you to help you plan a more comfortable future once you retire.

We are living a lot longer now and it is unlikely that the State Pension alone will be enough to allow us the kind of lifestyle we might want once we retire. Therefore the earlier we sign up to a pension plan the better the chance we have to afford the lifestyle we want. You could start right away by joining the Plan.

Although retirement might seem a long way off, it is important that you start thinking about it now. Saving a little and often - as early as you can - is the key. Being in the Plan means that when you contribute into your Pension Pot, so does Pearson. The Plan offers a range of additional benefits which are also worth considering.

Read on to find out how the Plan works and why it is worth joining now rather than later.


How the Plan works

There are two sections in the Plan open to new joiners. Both sections are defined contribution pensions. Defined contribution pensions build up a Pension Pot using the contributions you make and also those made by your employer, Pearson.

  • The Money Purchase 2003 (MP03) Section – if you meet the three point criteria as explained below you have the option to join this section which provides valuable benefits to you and your family.
  • The Auto Enrolment Section (AE) Section – if you meet the three point criteria as explained below, but do not join the Plan, you will be automatically enrolled into the AE Section as required by law.
  • If you do not meet the three point criteria you will not be automatically enrolled, however provided you are between ages 16 and 74, you may choose to join the AE Section.

1. The Money Purchase 2003 (MP03) Section - If you are a full or part time UK employee of Pearson, then you will be eligible to become a member of the MP03 Section as long as you:

  • are aged 22* years of age or over,
  • are under State Pension age, and
  • earn over £10,000 a year (approx. £833 a month).

Joining this section of the Plan means you benefit from the following

               

 

Complete the online MP03 application form here.



Once you have confirmation of your membership, you can check your contribution levels and start enjoying the benefits of being in the Plan. You can also download How to join the Plan for an overview on the benefits and how to join.

2. The Auto Enrolment Section (AE) Section

If you have not chosen to join the Plan, but meet the three point criteria, then by default you will be automatically enrolled into the AE Section of the Plan as required by law. You do have the option to opt out if you wish to do so, however, we are required to re-enrol you every three years. The benefits in this section are less generous than in the MP03 Section.

If you do not meet the three point criteria and are aged between 16 and 74, then you can choose to join this section of the Plan. You will be able to switch to the MP03 Section in future, if you meet the criteria as outlined above.

Check out the How to join the Plan leaflet to see if you are eligible to join the MP03 Section of the Plan. If you do not meet the criteria you may still be able to join the AE Section.

*If you were a UK employee of Pearson on 31 August 2013, you may be able to join before age 22. Contact the pension team if you think this may apply to you.


Why is it worth it?

Being part of The Pearson Pension Plan offers you a range of benefits to help you plan a more comfortable future and the earlier you start the better.

Not being in the Plan means that you are potentially missing out on contributions from Pearson and will not have access to all the benefits of being in the Plan.

If you are in the MP03 Section of the Plan, you can enjoy:

 

Do not miss out on valuable benefits.



If you meet the three point criteria to join the MP03 Section but do not choose to join then by default you will be enrolled into the AE Section of the Plan which has less benefits and Pearson will not pay in double what you pay.

If you do not meet the three point criteria, you will not be able to join the MP03 Section and will not be automatically enrolled into the AE Section. However provided you are between ages 16 and 74, you may be able to choose to join the AE Section.

Read How to join the Plan to see if you are eligible to join the MP03 Section or the AE Section and for a comparison of the benefits in the two sections.

How do I join?

Joining the MP03 Section of the Plan

  1. Just complete and submit the online MP03 application form.
  2. You will receive an acknowledgement email, confirming submission.
  3. If you return the completed form by the 5th of the month, your Plan membership will be effective the same month. Otherwise, it will be effective from the 1st of the following month.
  4. Acknowledgement confirmation email once processed.
  5. Further details from Friends Life with an invitation to register.

Joining the AE Section of the Plan

  1. Complete the AE Section application form.
  2. Send the completed form to Pearson People Services (PPS) via myHR ticket.
  3. If you return the completed form via a myHR ticket by the 5th of the month, your Plan membership will be effective the same month. Otherwise, it will be effective from the 1st of the following month.
  4. Acknowledgement confirmation email once processed.
  5. Further details from Friends Life with an invitation to register.

Read How to join the Plan leaflet for an overview of the benefits and how to join MP03 and AE Sections of the Plan.

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