Colleague Handbook
Colleague Handbook
The normal pension age for Barnardo’s Retirement Savings Plan (BRSP) members is 67.
Different conditions apply to members of the Teachers’ Superannuation Scheme, or if, as a result of TUPE, colleagues are members of a local authority scheme or NHS Pension scheme.
Legislation introduced in 2012 requires employers to enrol qualifying colleagues into an appropriate pension scheme. This is commonly referred to as auto-enrolment. Barnardo’s auto-enrolment date was 1st April 2013.
The requirement for auto enrolment is on-going and, should you subsequently opt out of BRSP, Barnardo’s are obliged to re-enrol you every three years after our initial auto-enrolment date so you can review your initial decision. The next date will therefore be 1st April 2025.
If your membership of a qualifying scheme (BRSP) should cease for a reason other than opting out or ceasing employment, Barnardo’s is required to immediately re-enrol you into BRSP or an alternative qualifying scheme.
Barnardo’s Retirement Savings Plan (BRSP) provider is Aviva. All colleagues1 currently not in a pension scheme and any new starters will be automatically enrolled (see previous section) into the BRSP Group Pension Plan with Aviva. Members have the opportunity of investing their contributions in a variety of funds according to their investment preference. If you do not select a particular fund, the contributions will be invested in a default fund.
You can choose to contribute at the normal default rate of four percent of earnings and the contribution will be matched by Barnardo’s. Alternatively, you can request to increase your contribution rate above four percent and Barnardo’s will pay an Employer contribution of six percent, which will remain, should you elect to pay at six percent or above.
You can also make additional contributions if you wish, up to £40,000 per annum of your earnings, and receive tax relief on any additional contributions, subject to any restrictions set by HMRC.
At retirement, under current legislation, you will be able to take up to one-quarter of your accumulated fund as a tax-free cash sum with the remainder being converted to a pension through the purchase of an annuity from an insurance company.
There is also a death in service provision at four times salary for those contributing at four percent; and six times salary for those who in May 2013 were contributing six percent, for as long as they continue to contribute six percent. Anyone who commences paying six percent after the 1st June 2013 will only be covered for death in service at four x salary.
You can increase/decrease your rate at any time but the combined contribution cannot exceed a total contribution of £40,000 pa and cannot fall below four percent.
This plan is contracted-in to the State Second Pension which means that colleagues will be able to earn additional pension to be paid alongside the State Basic Pension at Retirement Age.
For further information about the current BRSP email [email protected]
Aviva can be contacted on 0800 145 5744 or email [email protected]