Pension Contribution
What are Pension Contributions?
Pension contributions are payments made by both an employee and employer towards the employee's pension savings.
In the UK, the legal minimum total pension contribution is 8% of an employee's salary. This is made up of a minimum of 3% from the employer and 5% from the employee.
You can choose to increase your pension contribution amount to give employees more money towards their retirement savings. Top employers are offering employees anywhere from 5 - 12% pension contributions.
Why should you offer pension contributions?
Offering generous pension contributions is a great way to support your team's retirement plans & boost their savings. Here's how providing generous pension contributions can benefit you and your team...
Benefits to your employees:
- More money in their pension savings for when they retire.
- Peace of mind that they'll be able to enjoy retirement as they'll have a substantial source of income when it comes to it.
- Less pressure to make additional savings now for retirement = more money in their pocket!
Benefits to you:
- Attract top talent with highly competitive pension contributions.
- Retain talent — if your team are getting gold standard employer pension contributions, why would they want to go elsewhere?!
Why offer pension contributions through Ben?
Ben makes offering pension contributions easy. You'll work with a benefits consultant to help you determine if this is the right benefit for you and how it will fit in with your overall package. From there we'll help you find a provider at a preferred price through our global broker network.
Our onboarding team ensures all employees are set up properly, and with ongoing self serve enrolment, as well as automated provider communications. All admin work is taken care of for you, including if you offer various levels of coverage or dependent enrolment.
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Ben is easily the most engaged initiative we’ve ever had. It gets everything to everyone in different locations, and I can’t even tell you how much time it’s saved us.
