🇬🇧 Pension & Retirement in the UK

Article author
Karita
  • Updated

In the United Kingdom, there is a mandatory pension scheme which requires both companies and team members to contribute. 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 (NEST) and following their instructions.

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.

 

If you have any questions about pension & retirement, please reach out to Oyster HR Support team at support@oysterhr.com.