After your 3rd month of employment you'll automatically be enrolled into our workplace pension scheme. Below outlines how this works, and your options when it comes to saving for your retirement.
Since the establishment of auto enrolment, all eligible jobholders will be enrolled into Nasa’s chosen auto enrolment scheme with NOW Pensions. All employees have the right to Opt-Out of the scheme after the initial enrolment (or Opt-In if they are not an eligible job holder). The scheme is deferred until your 3rd month of employment.
We'd strongly recommend watching the video linked below provided by NOW: Pensions, which gives a quick and simple guide to AE Pensions and how this works.
Summary
From October 2012 UK employers and employees got together and started saving for retirement. Known as auto-enrolment, this is a new pensions saving plan that you will save into – even the taxman helps you save by way of tax relief!
All contributions are based on percentages of your qualifying earnings (between £120 and £967 per week). You can also pay Additional Voluntary Contributions (AVCs) to help boost your retirement pension.
Under current legislation these are:
Employer Contributions 3% and Employee Contributions 5%
Your pension contributions will be deducted from your earnings before you pay any tax. This means that on a tax rate of 20% every £5 of contributions deducted from your pay only costs you £4. The extra £1 is Tax Relief from the Government.
Who will join?
The auto enrolment pension will only apply to you if you:
- Are employed by NASA for at least 12 weeks
- Are not already in a qualifying pension scheme
- Are aged 22 or over and under State Pension Age
- Earn more than £190 gross in the week that you are being assessed
- PAYE (weekly, 2 weekly, 4 weekly or monthly)
- Work in the UK
Who is looking after my pension?
Our selected pensions provider is NOW: Pensions. They will be in touch with you shortly after you receive your first payslip with your pension deduction with some further information and details of your online account. In the meantime, please speak to Nasa’s Payroll team to make sure the details we hold for you below are correct: