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Once you have passed your probationary period with us you can enrol* into our pension scheme which is run by Royal London.
How it works:
Pension salary sacrifice is a beneficial financial arrangement whereby an employee agrees to give up a portion of their pre-tax & NI salary in order to achieve enhanced contributions towards their pension fund.
In practice this means that before your earnings are subject to tax and national insurance deductions, we take an amount (typically 5% of your salary, although this can be increased) and direct it towards your pension fund.
As an organisation we also pay an additional amount into your fund (equivalent to 3% of your salary), plus we also give you the savings we make on paying a reduced National Insurance contribution.
* Employees must be 21 years of age or older. Unfortunately this benefit is not available to contractors.
Example: On a salary of £20,000 a year, we will take 5% of your salary each month (£83.33) before you pay tax & NI. We will add 3% (£50) to that sum as our contribution, plus the savings we make on Employers NI (£83.33), meaning that in total, £216.67 is paid into your pension fund each month.
If you would like to discuss how this scheme may work for you then please contact a member of the HR Team.
Equally if you do not wish to be included in the scheme then please request an Opt Out form, which you should fill out and send to one of your HR colleagues.
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