Pension scheme
All employees are automatically enrolled into our workplace pension scheme with Standard Life.
You will receive an enrolment notification from Standard Life when you've been enrolled. This will tell you:
- The date you became a member of the scheme.
- How much you will have to contribute.
- How much the company will contribute.
- Where your money will be invested.
You have the right to opt-out of the company pension scheme if you wish.
As of April 2019, we operate a salary sacrifice scheme where we reduce your gross pay by 7% for the employer contribution and your contribution as an employee is 1%, making a total contribution of 8% of your pre-tax salary.
Our pension scheme has been designed so that it is largely cost neutral to the co-op whether an employee chooses to take the pension or not. Using salary sacrifice means the co-op doesn’t need to pay so much National Insurance, a saving of roughly 1% of an employee's pre-tax salary.
For further information, please visit Standard Life's website or talk to the Finance Circle.
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