Most people will receive a state pension from the Government which will cover their basic needs when they retire, but it's also a good idea to try and save some extra money in a pension fund.
Paraplus offers access to a pension at work and joining it can be one of the easiest ways to save for your retirement.
What is a workplace pension?
A workplace pension is a way of saving for your retirement that is arranged by your employer.
For more information about workplace pensions, click here.
How do they work?
When you save into your pension, the money you have put in is combined with money from the Government and money from Paraplus.
We’ll deduct your contributions directly from your pay each week, and we’ll make a contribution into your pension too, plus you’ll receive tax relief on your contributions from the Government.
Automatic enrolment into a workplace pension
As a Paraplus employee, you’ll be auto-enrolled on our workplace pension scheme after 12 weeks of work if you meet the following criteria:
- You are aged between 22 and State Pension age
- You earn more than £10,000 a year
- You work in the UK
The People’s Pension
We’ve chosen The People’s Pension as our pension scheme for you.
The People’s Pension is provided by B&CE; who have over 30 years of experience managing workplace pensions. For more information about The People’s Pension, click here.
When you’re automatically enrolled you don’t have to be a member of The People’s Pension if you don’t want to be. You’ll be able to opt out if you think saving into a pension isn’t right for you.
To find out more
For more information about our pension scheme, give our employee care team a call today on 0844 846 0444, or submit your query using our online form.