All Barnardo’s employees are automatically enrolled onto Barnardo’s Retirement and Savings Plan (BRSP) if they are:
-
Aged over 22
-
Earning over £883 per month
-
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.