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 contact us.