RGU Pension Plan

Your employer will join you in the plan and commence contributions from the next available payroll date.

Following an assessment of your earnings, pension contributions may be deducted via a salary sacrifice arrangement and this will be confirmed to you separately. Initially, contributions will be invested in the default investment choice of the scheme. You can change your investment choice after joining the scheme, by registering for 'Manage Your Account'.

The default rate of contributions is 4% from you and 11% from your employer.

You can change your contribution amount from 0% to any other amount, either lower or higher than the default 4%.

Alternatively, you can stop all contributions. But please be aware that you can reduce your contribution to 0% instead using the box above. You can re-start contributions at any time.

Your money must stay invested until you reach the minimum pension age.

I acknowledge and understand the impact that my decision to cease contributing will have on my overall pension savings for retirement.

Salary Sacrifice explained

Under Salary Sacrifice you agree to reduce your pay in return for a benefit of the same value. This means your pay is reduced by the amount you would otherwise have paid into the Plan.

Your employer then pays this amount into the Plan for you, together with their contribution.

Because Salary Sacrifice reduces your pay, any National Insurance contributions you pay are also reduced, which will save you money.

Salary Sacrifice may not be appropriate for everyone. You won’t be included in Salary Sacrifice if you earn less than the pay protection limit because it wouldn’t be to your financial advantage. Instead, your contributions to the Plan will be deducted from your pay.

If your earnings are below the starting rate for income tax you will not benefit from the tax relief that a taxpayer would receive.

For existing pension scheme members, your employer will make the adjustments from the next available payroll date.