In the United Kingdom, there is a mandatory pension scheme which requires both companies and team members to contribute (NEST). This is called auto-enrolment. Oyster will provide access to a qualifying pension scheme at the start of employment.
What is the pension contribution ?
The minimum contribution rates are:
- 3% of full pay from employer
- 5% of full pay from employee
This means you will pay in 5% of your earnings each pay period. This will be taken directly from your pay and will include tax relief from the government. Oyster will also pay in 3% of your earnings each pay period. Therefore, the total contribution to your pension pot will be 8% of your pay.
Both companies and team members may contribute more, if they choose so.
Can I opt out from the pension plan?
Yes, you can opt out from the workplace pension within 1 month since the start of the auto-enrolment period. You can opt out by completing the form available from our pension provider. Please follows the instructions in the NEST's Help Center.
If you opt out of a workplace pension, your employer must re-enroll you every 3 years - but you can then choose to opt out again.
How can I track my pension contributions?
Once enrolled, you will receive a welcome package from NEST. You can find information on how to log into your account for the first time in the NEST Help Center. All details regarding your pension will be available on the NEST website.
If you have any questions about pension & retirement, please contact us.