Making the most of online saving with Aviva
Boston Scientific Limited has chosen Aviva to help you make the most of your savings.
The Scheme pension enables you to build up a pot that can be used when you retire. It gives you a tax-efficient way to save, and you could benefit from a regular contribution from your employer.
It's important to remember that the money invested in your pension is invested in funds. This means your pension fund has the potential to grow over time. However, it also means the value of the fund could go down as well as up and may be worth less than the amount paid in.
On joining your company pension scheme and registering for your online account, you can:
- View your payments, transactions and balances all in one convenient place
- Monitor fund performance, research and change your investments
- Check and update your personal details
- Use interactive tools for help with pension savings and retirement planning
The government is focused on encouraging people to save more for their retirement, so if you:
- are aged 22 to state pension age
- ordinarily work in the UK, and
- earn more than £10,000* a year
Boston Scientific Limited has to enrol you into a pension scheme that meets the government’s requirements (unless you’re already a member). This is known as auto-enrolment.
We will give you full details about the Boston Scientific Limited scheme and tell you how much you and Boston Scientific Limited will contribute to your pension. The government will also boost any contribution you make.
If you're younger than 22, older than state pension age or earn less than £10,000* a year, you may still be able to join the scheme. You can obtain further information by viewing the documents available in the Documents page.
*£10,000 is the figure for the 2021/2022 tax year.
What happens next?
If you’re not yet a member of your workplace pension scheme, you’ll fall into one of three categories depending on your age and how much you earn. Your employer will provide more information about the category that applies to you.
You'll be automatically enrolled into the pension scheme
This means pension contributions will automatically be taken from your salary and you'll also start to receive employer pension contributions.
You can opt in
You can choose to opt in; you'll start to pay pension contributions and receive contributions from your employer.
You can join
You can choose to join the pension scheme; you'll pay in and start saving towards your pension, but you won't receive employer pension contributions.
Please read the scheme documents available on the documents page to learn more about where your money will be invested.
What's in it for you?
For a start, automatic enrolment makes it easier for you to invest for your retirement. Rather than you having to take steps to join a pension scheme, most employees will be signed up as a matter of course.
But perhaps the biggest benefit is that if you’re automatically enrolled, your employer will contribute to your pension as well as you.
You’ll also benefit from tax relief from the government on any contribution you make. For every 80p you pay into your pension plan, the government adds 20p in tax relief, boosting it to a total contribution of £1. So if you paid £80 into your pension each month, the government would boost it to £100.
Please note that tax rules may change and your tax treatment will depend on your personal circumstances. The value of your investments can go down as well as up, and you may get back less than has been invested.
Staying in or opting out - you're in control
If you're auto-enrolled you can opt out if you want to. If you do so within a month, any contributions already paid will be refunded. If you opt out later, this money will stay in your pension.
If you opt out, you will miss out on employer contributions meaning your pension pot will be smaller, however you may be able to change your mind and opt back in.
If you stay opted out, your employer will normally put you back into the pension in around three years. But you can again choose whether to opt out. Remember that the sooner you join, the better your chance of a more comfortable retirement.
This site does not provide financial advice. For financial advice please contact your financial adviser. You may be charged for this. If you haven't got a financial adviser and you would like to speak to one you can find one at www.unbiased.co.uk or in your local phone book. The following website(s) may not be regulated by the Financial Conduct Authority and as they are not operated by Aviva we cannot be liable for their content.
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