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Workplace Pension Update & Introduction of Salary Exchange
We’re pleased to announce two key improvements to your workplace pension :
1. New Pension Provider – Scottish Widows
From September 2025, we’ll be moving from NEST to Scottish Widows, offering:
- Lower management fees (0.36%)
- No monthly or contribution charges
- 130+ investment funds, including low-risk and retirement-date options
2. Introducing Salary Exchange (also known as Salary Sacrifice)
Salary exchange is a more tax-efficient way to pay into your pension. Instead of making pension contributions from your taxed salary, your gross salary is reduced, and the equivalent amount is paid into your pension by Statom.
Benefits to you:
- Lower National Insurance Contributions (NIC)
- Higher take-home pay
- Option to reinvest the NIC savings into your pension at no extra cost
Note: This will take effect from September 2025
- You must contribute at least 5%; Statom contributes 3%.
- If your annual earnings are under £15,000 or your hourly rate is below £13.00, please seek guidance before joining.
What You Need to Do
Pension Consent Form can be found by clicking the button below:
Please complete and return your form by 29th August 2025.
You can opt out of salary exchange at any time and continue with standard pension deductions, but you won’t benefit from NIC savings.