To help people save more for their retirement, the government requires employers to automatically enrol their workers into a workplace pension scheme where they meet certain criteria. This applies to those who aren’t already in a workplace pension scheme and who:
- earn over £10,000 a year (£833 a month)
- are aged 22 or over; and
- are under State Pension age.
Our automatic enrolment pension scheme is with NEST (National Employment Savings Trust).
If you are automatically enrolled with NEST we will write to you with specific details and let you know how you can opt out of the scheme if you wish to. However, if you stay in the scheme the payments into your pension will be:
- The Students’ Union's contribution will be equal to 3% of your qualifying earnings each month (see below for more information on qualifying earnings).
- The employee contribution will be equivalent to 4% of your qualifying earnings each month.
- The government, in the form of tax relief, will pay an amount equal to 1% of your qualifying earnings each month.
Qualifying earnings means what you earn between a minimum (currently £6,136 per year) and a maximum (currently £50,000 per year).