Overview
A workplace pension is a way of saving for your retirement that’s arranged by your employer. As part of the team at Penrose Health, you’re eligible to join one of our two great pensions: NHS Pensions or NOW Pensions. Here we’ll take you through your options and help you decide which one of them (if any) sounds right for you.
If you still have any questions about our pensions, you can ask our Financial Controller. However, please note that we are not allowed to give you financial, tax or pension advice. We can help you to understand the details of our pension schemes, but we can’t recommend which one would be best for you.
N.B. You’re not legally obliged to join any pension scheme, however, we are legally obliged to enrol you in one that you can then opt-out of if you choose.
Choosing a pension
Once you’ve read about our two pension options above, you’ll soon be ready to make a decision about which one (if any) you want to join!
If you’re a new starter, you’ll do this as part of your onboarding checklist on BambooHR.
Auto enrolment and re-enrolment
All employers are legally obliged to put their employees into a pension scheme if they earn over £10,000 per year, are aged 22 or over and are under state pension age. In order to meet this requirement, we are obliged to automatically enrol you in NOW Pensions (even if you select opt-out in the Penrose Pension form).
See the I don’t want to be in a pension toggle above for instructions on how to opt-out completely.
We’re also obliged to reassess whether you are part of a pension every three years (the re-enrolment period). So, if you’ve opted out of our NHS and NOW pension schemes and have been with us for over a year, then you may be re-enrolled in a pension scheme. You’ll be notified if this happens, and if you still don’t want to be part of a pension scheme, you should let us know in the same way as is detailed above.
Changing your mind
You’re allowed to change your mind at any time about which pension you want to join! If you do change your mind, then please let our Financial Controller know so they can send you the relevant forms on BambooHR.