To help save for retirement, all UK employers are required to provide a workplace pension scheme for certain UK staff, and pay money into it.
<aside> 💸 Find out more about Penfold pensions here:
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We must enrol any of our UK staff who meet all of the following criteria:
If you meet these criteria on your auto-enrolment date (which is 3 months after your employment start date), then you will be automatically enrolled into our workplace pension scheme at Penfold.
By default you will be on the standard Relief at Source defined contribution scheme, the same as Nest was, but you will now have the option of opting into a salary sacrifice scheme. We recommend that all employee’s opt-in for the salary sacrifice as it is the most tax efficient way to save.
It’s set up so that you make contributions too, which will be taken from your pay. We calculate contributions based on your qualifying earnings.
We’ll contribute 3% of your qualifying earnings into your pension pot every calendar month.
As standard, you’ll pay 5% of your qualifying earnings into your pension pot every calendar month, this can be changed easily within the app in Penfold, this information will be relayed to the finance team and they can do the relative changes.
You can read about tax relief here on Penfold’s website: https://getpenfold.com/pension-guides/pension-tax-relief