All Barnardo’s employees are automatically enrolled onto Barnardo’s Retirement and Savings Plan (BRSP) if they are:
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Aged over 22
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Earning over £883 per month
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Have been in post 3 months
If you do not meet these criteria you can still choose to join the scheme by emailing the pensions team.
The BRSP Summary document below contains more details about the scheme, which is provided by Aviva.
By default you pay 4% of your salary to your pension, and Barnardo’s matches this, meaning you will receive double that amount into your pension. If you choose to increase your contributions to 6%, Barnardo’s will match this too. You are free to pay more than 6% to boost your eventual retirement savings but Barnardo’s contribution is capped at 6%. You can increase your contributions incrementally, e.g. by 0.5% each year to spread the cost of the increase over a longer amount of time.
The Living Wage Foundation recommends that those on a Living Wage save 12% per month to their pension to meet basic everyday needs in retirement. Increasing your contributions to 6% will be matched by Barnardo’s, allowing you to meet this 12% recommendation.
|
Your contribution level |
4% |
6% |
||
|
Annual salary |
Net Monthly cost to you |
Monthly credit to your pension |
Net Monthly cost to you |
Monthly credit to your pension |
|
£15,000 |
£34 |
£100 |
£51 |
£150 |
|
£20,000 |
£45 |
£133 |
£68 |
£199 |
|
£25,000 |
£56 |
£166 |
£85 |
£249 |
|
£30,000 |
£68 |
£200 |
£102 |
£300 |
|
£40,000 |
£90 |
£266 |
£136 |
£398 |
|
£50,000 |
£113 |
£332 |
£170 |
£498 |
The above table shows that an employee on £25,000 per annum increasing contributions from 4% to 6% would see an additional £83 credited to their workplace pension account per month and this would only reduce their monthly take home pay by £29.
Contact the pensions team for a personalised quote or to increase your contributions.
Death in service benefit
All employees contributing to our workplace pension are covered for a death in service lump sum of 4x annual earnings. It is important to complete the below Expression of Wish Form to nominate a person(s) to receive this benefit in the event of your death. Once complete, send the form to the pensions team. If you previously completed this form when starting employment (it was enclosed with your contract of Employment) you do not need to complete it again. Please note that this payment is not covered by your will, so if you do not complete this form, Barnardo's will decide who will be allocated the lump sum, without any guidance from you as to your preference.
Aviva app
You can track your savings, look at your projected retirement income, switch funds and more using the MyAviva app or online portal.
Want to learn more?
Aviva offer a variety of webinars for people at all life stages to ensure they are maximising their pension. Sign up for a webinar.
Frequently Asked Questions
How do I know if I am saving enough to my pension to cover my retirement?
It is important to think ahead, as the earlier you start planning your retirement, the more likely you are to reach your savings goal. You can work out how much you might need to save on the Retirement Living Standards website. You can also receive a personalised retirement illustration by contacting retirement@aviva.com
How do I transfer previous pension monies into my Barnardo’s pension?
A leaflet explaining the process can be found below. If you are wishing to explore this option, contact Aviva at TVI@aviva.com and they will guide you through the transfer process.
How do I update my default retirement age?
You can change your retirement age via the MyAviva App or your online Aviva account. Alternatively, you can email contactus@aviva.com quoting your unique Aviva policy number and the new retirement age you wish for your pension policy to be amended to.
I am over 50. How can I learn more about my pension options?
The type of pension offered by Barnardo’s provides lots of different options from standard tax free cash sum to a monthly pension. You can book a free telephone consultation from the government-backed Moneyhelper at Pension Wise appointment options | MoneyHelper to learn of these options. Whilst the service is free to anyone aged over 50, you cannot access pension monies until age 55 under current legislation.
What is my pension invested in?
You can find out specifically what funds your pension scheme is invested in by using the MyAviva app or online portal.
Can I choose an ethical or sharia fund?
Yes, Aviva offers both these options. For more information see Aviva’s Investment Options webpage.
What is Salary Exchange?
By default you will be opted into salary exchange which is a more tax efficient way of saving to your pension. More details can be found in the BRSP summary document below. You can opt out of salary exchange by contacting the pensions team.
What happens to my pension if I go on maternity leave, support leave, shared parental leave, fostering leave or adoption leave?
For details of pension arrangement for different types of leave, see the below policies:
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Support Leave Policy (inclusive term for paternity leave)
Contact the pension team if you have any queries about pension arrangements during your leave.
Who manages Barnardo’s Retirement Savings Plan?
Aviva manages our pension but this is overseen by a committee of Barnardo’s employees.
How do I opt out of the Retirement Savings Plan?
If you are within the period where you qualify for a refund of pension contributions (generally this period expires 2 months from the 1st deduction being taken from pay) you can only opt out via a refund under Auto Enrolment Legislation. If outside of this period you would need to contact our pension team.
I used to have a pension with another employer. How do I find it?
The government’s pension tracing service can help you track down lost pensions.
Why do women tend to have a smaller pension pot than men?
Factors such as caring responsibilities and the impact of divorce mean on average women have smaller pensions than men. There are actions you can take to address the gender pension gap, such as increasing your monthly contributions, discussing retirement savings with your partner, and seeking financial advice. Find out more on Aviva’s Gender Pension Gap webpage.