In line with government legislation, employees will be automatically enrolled into the Society’s pension scheme at a rate of 2% if you meet the following criteria:
- earning over £10,000 a year (£833 a month)
- aged 22 or over; and
- under State Pension age.
The Scheme is a qualifying pension scheme, which means it meets or exceeds the government’s new standards. Once you have been auto-enrolled you may wish to pay a higher % into the Scheme, and the Society will match your contribution up to 10% helping you save more towards your pension on a regular basis.
If you do not meet the eligibility criteria, you will not be automatically enrolled, but you may still join the Scheme (and receive the matched contribution from the Society) if you so decide.