Since July 2014, Bretsa Ltd have been offering pensions
to all people on our nursery nurses and teachers.
We know that a lot of people find pensions boring and
quite complex, so to help you out, we’ve put together this guide to how they
work.
What is a pension?
A pension plan is essentially a savings scheme which will
give you an income when you retire. Your contributions to the pension get tax
relief from the government and are invested by the pension provider, so
hopefully they grow over time.
Who is the Bretsa
pension provider?
We have chosen
NEST
Pensions – the pension scheme set up by the government who offer low fees
and will invest your money on your behalf.
Can you choose a
different pension provider?
No, unfortunately Bretsa only offers 1 pension provider –
NEST Pensions.
Am I eligible for
a pension from Bretsa?
If you are aged 22-65 years old and earn over £192 per week 3 months
after you start then you’ll automatically be put in the pension scheme
What happens if I’m
not 22-65 years old?
Then you can ask to join the pension scheme at any time
(as long as you are under 75)! Just hit reply to your payslip.
What happens if I
don’t earn over £192 per week 3 months after I start?
Then you can still ask to join the pension scheme at any
time! Just hit reply to your payslip.
When will my
pension start?
When you get your first payment from us you will receive
an email from us letting you know the date that your pension scheme will be
assessed. The assessment is 3 months after you start at checks if you earn over
£192 per week and are 22-65 years old. If you are then you automatically join
the scheme. Otherwise you can ask to join. Just hit reply to your payslip.
Do I have to wait
3 months to start the pension?
No, that is our automated way of working, but you can ask
to join at any time. Just hit reply to your payslip.
How much will I
pay in to the scheme?
Once you’re in the scheme, you’ll pay 1% of your earnings
between £111-£805 per week. Bretsa will also contribute 1% of your earnings.
These % rates will go up in October 2017 so you put in 3%
and we’ll put in 2%. The rates go up again in October 2018 and you’ll put in 5%
and we’ll put in 3%.
Can I opt out of
the scheme?
You can opt out of the scheme at any time, however we don’t
recommend that. If you opt out of the scheme then you will not be saving for
your retirement, and you will forfeit the contribution from Bretsa!
Want more
information?
