Pensions can be tricky, with many people not knowing what the UK laws are. To celebrate National Pensions Awareness Week, we give you a breakdown of what you are entitled to and what you can expect from your pension at Hastings Direct.
A workplace pension is a way of saving for your retirement that’s arranged by your employer, who must enrol you if you meet the following criteria:
• You’re between the age of 22 and the state pension age.
• You earn at least £10,000 per year.
• You are registered to work in the UK.
• You’re classed as a ‘worker’, meaning that you have an arrangement with an employer to work or do services for reward.
• For more information on whether you’re eligible for enrolment, click here.
When you join Hastings, you will have the opportunity to join the Company Group Personal Pension scheme.
Hastings is required by law to enrol all eligible colleagues into a pension scheme – this is called Automatic Enrolment. Under Automatic Enrolment legislation, colleagues who earn above £10,000 a year will be automatically enrolled into the Group Personal Pension plan and are required to make a minimum total contribution to the pension scheme.
If you are automatically enrolled into the Group Personal Pension plan you can choose to opt-out; however if you choose to stay in the scheme, Hastings will match any contributions you make up to 10%. The default minimum contribution amount is 5% of your gross annual salary. However, you can choose to lower or increase your contribution to best suit your personal situation.
For more information on our rewards and benefits, click here.