🧓

NOW Pensions

Overview

📌

Key takeaway: NOW Pensions is the alternative pension we offer if you do not want an NHS Pension. It has lower monthly contributions and an easy to understand defined contribution setup.

The NOW Pension scheme has a few other benefits, including that you can retire earlier if you want to (as early as 55!), and you can take your pension out as a lump sum when you retire.

📖

Terminology: In a defined contribution scheme your pension is based on the amount you contribute to the scheme, and how well the fund’s investments perform

How much will I pay in

The amount you contribute each month is by default set at a flat 5% of your pensionable earnings (this is the minimum you can contribute by law). You can choose to contribute more if you’d like to - just let us know what percentage you do want to contribute.

We pay your contribution amount to NOW Pensions directly each month, so we deduct the same amount from your pay at the end of each month. I.e.

If your WTE salary is £20,000/year, we deduct 5% or £1,000/year.
If your WTE salary is £35,000/year, we deduct 5% or £1,750/year.
If your WTE salary is £100,000/year, we deduct 5% or £5,000/year.

📖

Terminology: Your amount of pensionable pay is your basic salary before any bonuses or overtime pay

How much will I get out

This is a single scheme with lower monthly contributions and an easy to understand defined contribution setup. That means that the money that you/your employer puts into the scheme over time is likely to be close to what you get when you retire. In fact, you may even benefit from a bigger pension pot because the money that is put in over time is invested in a variety of assets, to both grow your assets and protect them.

Eligibility

Everyone at Penrose Health is eligible for NOW Pensions (if you’re between 16 and 75 years old).

💡

Note: More information can be found in our documents on BambooHR → ‘Files’ → in the ‘Pensions’ folder, or on the NOW Pensions website

↩️

Click here to go back to the main Pensions page.