We’ve got your pension covered too!

We help all our workers to save a pension for their retirement, whenever and wherever possible.

Pensions at Spectrum Payroll Solutions

In-line with the government’s desire for all workers to save a pension for their retirement, Spectrum Payroll Solutions will automatically enrol you into a workplace pension scheme if you meet the following criteria:

  • Earn over £10,000 per year
  • Are aged between 22 and the state pension age
  • Are working in the UK

Our pension provider here at Spectrum Payroll Solutions is Nest Pensions.

How does the process work?

We are legally obliged to automatically enrol all eligible workers into a workplace pension scheme. Here at Spectrum Payroll Solutions, we defer all automatic enrolments for 12 weeks as the law permits.

The time when this period ends is known as the deferral date. And it’s at this point, Spectrum Payroll Solutions will automatically enrol you into our pension scheme that is run by Nest.

How do I opt-in and opt-out?

You can opt-in anytime after your start date, provided you are entitled or eligible to.
To opt-out, you need to be enrolled before you can do this. You will have one calendar month after enrolment during which you can opt-out and get a full refund of any contributions you have made up to that point.

When you enrol, you will receive a Welcome Pack from our pension providers Nest Pensions. This pack will include information about how you can opt-out of the scheme.

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Can I increase my pension contributions?

Investing in your pension is a good way to get tax relief on the money you earn. Some of the money you would have paid in tax can instead go into a pension to give you more savings when you are retired.

There are limits to how much tax relief you can get on your pension savings. These are calculated on an annual and lifetime basis, so it might be worth getting independent advice from a financial advisor.

You can increase your pension contributions each time you get paid. At Spectrum Payroll Solutions, your pension contributions are set at the following level when you opt-in: You pay 5% of your earnings and Your employer pays 3%.

I have questions about my pension. Who do I ask?

Please contact our pension scheme provider, Nest Pensions, by calling 0300 020 0090. You will need to quote your Nest ID number which you will be in the Welcome Pack you were given when you were enrolled.

0300 020 0090

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