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!
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