Wise Employment Solutions
part of The Wise Recruitment Group

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Pension Information

The government introduced pension auto enrolment in 2012 to help more people save for their retirement. Since then, all UK employers are legally required to set up a workplace pension scheme, put all of their eligible workers into the scheme and make financial contributions.  Under the Pension Scheme rules, if you are an eligible worker, we MUST enrol you in our scheme, even if you tell us you don’t want to.  However, once you are enrolled, you are able to opt out.  The Wise Recruitment Group has chosen NOW pensions as their Pension Provider.

An eligible Jobholder is someone who is aged 22 or over, but is under the State Pension Age AND earns over £192 per week (weekly paid workers) or £833 per month (monthly paid workers).   

  • Your age and earnings will be assessed every week that you work, and the 3 month waiting period will start from the first week that you become an Eligible Jobholder.  As soon as you become an Eligible Jobholder, you will receive information via e-mail from NOW:Pensions confirming the 3 month waiting period and what happens afterwards.
  • Following the 3 month waiting period, you will be assessed again on a weekly basis, and the first week that you are an Eligible Jobholder, you will automatically be enrolled in our NOW Pension scheme.
  • After you have been enrolled, you will pay pension contributions every week that you are an Eligible Jobholder.
  • You can choose to opt-out of the pension scheme, if you wish, but only after you have been enrolled.  If you opt-out within 1 month of joining the scheme, you will receive a refund of any contributions that you have made.  You need to opt-out directly with NOW Pensions, we are not able to do this on your behalf.

How much will you pay?  You will pay 5% of your "qualifying earnings".  These are your earnings between lower and upper earnings threshold limits set by the Government.  We will also pay 3% of your "qualifying earnings" into your scheme

  • If you are a weekly paid worker your qualifying earnings would be earnings between £120 and £967.  So, for example, if your weekly earnings are £420, you would pay £15 into your scheme (5% of £300 (£420-£120)). 
  • If you are a monthly paid worker, your qualifying earnings would be earnings between £520 and £4,189.
  • You can choose to increase your contributions up to a maximum amount, although our contributions will remain at 3%.
  • You will pay NOW Pensions a small fee for the scheme to be administered.
  • If you opt-out of the scheme, we will not make any further contributions to your pension.

Can you Opt-in to the Scheme?  If you are not an Eligible Jobholder, you are still able to opt into our NOW pension scheme.  As long as you meet the earnings threshold, Wise Employment will also a make a 3% contribution.

Joining the Scheme:  Please be aware we are not able to offer any guidance regarding your pension arrangements.  If you need require any further information you can:-

  • Contact an independent financial adviser
  • Visit www.direct.gov.uk/workplacepension or
  • Visit www.nowpensions.com  or telephone them on 0330 100 3334 or email members@nowpensions.com