Workplace pension

To help people save more for their retirement, all employers are now required by law to offer and pay into an workplace pension scheme for certain staff.
You will automatically be enrolled in your workplace pension scheme if you meet all the following criteria:
You earn more than £192 a week (or £833 a month)
You are aged 22 or over and
You have not reached State Pension age.
If your employer has chosen us to run their pension savings scheme, you will automatically be enrolled and will also be a member of MypensionCare.

If you do not meet the AE criteria, you will not automatically become a member of your company scheme, unless you request to join if you wish.By contrast, you will still become a member of MypensionCare, as there are no conditions for using our scheme.

In order to offer you an outstanding service, we have partnered with Collegia, a leading 5-star Defaqto pension provider,regulated by the Financial Conduct Authority (922214) and registered with HMRC (PSTR 20004161RJ). The funds are managed by AllianceBernstein, one of the world’s most trusted investment firms.

By law, you and your employer must pay a minimum amount into your scheme.This amount is currently set at 8% of your earnings. Your employer must pay at least 3% of this amount and 5% from you, but you can choose to pay more.

The total annual ongoing cost you pay, inclusive of the Collegia annual charge, is:
– 0.39% annually for the Collegia Sustainable Target Date Funds
– 0.39% annually for the Collegia Target Date funds
– 0.45% annually for the HSBC Islamic Global Equity Index Fund
The costs are deducted directly from your pension pot.

You do have a period during which you can cancel your workplace pension. This period lasts 30 calendar days, starting from when your employer enroll you in the workplace pension to fulfil its Auto Enrolment duties.
Also, you can ask to transfer your pension to another provider. While Collegia do not charge exit fees, some fees might be applied in the process due to costs passed on to Collegia by the other pension provider.
Regarding MypensionCare, please refer to our membership rules available here