We are required by law to offer you a stake in our pension scheme. This is currently provided by NEST.
Firstly we must work out how you are classed for the pension scheme and all employees fall into one of the following categories.
Eligible Jobholder Aged 22-75 and earning at least £10,000 per year.
Non – Eligible Jobholder Aged 16 – 75 and earning more than £5668 per year but less than £9440.
Entitled Worker Aged 16-75 and earning less than £5668 per year. MOST STAFF ARE IN THIS BRACKET.
1. ELIGIBLE WORKERS
Employees who earn above £10,000 per annum, will automatically be enrolled in NEST. This will include contributions from your wages and also contributions from us. You will also be entitled to basic tax relief of 20% on any contributions you make.
If you are earning above £10,000 per annum and you do not wish to be a member of NEST you can choose to opt-out. If you indicate your wish to opt out you will be provided with information on how to do this in your starter pack.
2. NON-ELIGIBLE JOBHOLDER
If you earn between £6032 and £10,000 you are entitled to join NEST if you want. If you join you will make contributions from your wages and we will make contributions on any earnings over £6032. You will also be entitled to a basic tax relief of 20% on any contributions you make.
3. ENTITLED WORKER
If you earn below £6032 you may also be entitled to join NEST. You can join if you are:
• Aged at least 16 but under 75
• Not already a member of another workplace pension scheme we provide.
You will make contributions to your pension pot and you will also get a basic tax relief from the government. We will not make any contributions.
Anyone who joins NEST can opt out or stop making contributions at a later date, should they wish.
Your contract manager should asses which type of worker you are. YOU MUST indicate whether you choose to join NEST below.
Please indicate below whether you wish to join NEST and make contributions to your pension fund. This applies only to employees earning below £10,000. Any employee earning above £10,000 will be automatically enrolled in NEST.