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.