Making the most of online saving with Aviva
Epson have chosen Aviva to help you make the most of your savings.
The Company Pension enables you to build up a fund that can be used when you retire. It also gives you a tax efficient way to save, and you could benefit from a regular contribution from your employer.
If you want to make the most of your retirement years, it’s so important to prepare well.
Our company pension scheme gives you a way of building up a pot of money that you can use to help fund your retirement.
The company pension scheme is run by Aviva, who has many years of experience managing retirement plans.
How the company pension scheme works
- You make payments into your pension plan, and your employer might do too. You don’t pay any tax or national insurance on payments your employer makes, and you get tax relief on any payments you make yourself. The tax treatment may be subject to change in the future.
- This money is then invested in line with whichever investment option you’ve chosen.
- Aviva charge for managing your pension plan and the funds you invest in may have extra charges. These charges will reduce the value of your pension plan.
- When you reach your chosen retirement age, you can use the money you’ve built up to provide yourself with retirement benefits. There are various ways of doing this. So we’ll write to you well in advance to spell out your options.
For more details about how the scheme works, read the ‘Key features’ and ‘Terms and conditions’ in 'Your company pension scheme - An essential guide for employees' on the documents page.
Just remember that, as with any investment, the value of your pension plan can go down as well as up, so it may be worth less than the amount paid in.
You will automatically be enrolled into the company pension scheme when you begin your employment. You can find out more about the scheme by reading the documents on the Documents page.
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 'Your company pension scheme - An essential guide for employees' (PDF 417KB) document for details about your scheme. Your investment guide will show you 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 fund.
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 scheme in around three years. But you can again choose whether to opt out. Remember that the sooner you join the pension scheme, 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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