You’ve been auto enrolled into your workplace pension scheme. Auto enrolment is a UK government initiative to help more people save for their retirement in a workplace pension scheme, with their employer’s help.
Your employer has chosen the NOW: Pensions Trust (the ‘Scheme’) as your workplace pension scheme.
Here’s a summary of how it works.
- Your employer puts you into the Scheme.
- You pay contributions to build up pension savings.
- Your employer pays contributions too.
- If you pay tax, you get tax relief on your pension contributions.
- Your pension savings are invested to help them grow.
- At any time from age 55 onwards you can use the savings you’ve built up in the Scheme to provide retirement benefits.
You’ll be able to manage your Scheme membership and monitor your pension savings securely through your own online account. You’ll get an email with details of how to log in.
You can opt out of being auto enrolled. Your enrolment email will explain how to do this. But, if you opt out, you won’t build up any pension savings with your employer’s help. See the Stopping Contributions FAQ section for more about this.