Pension assessments are conducted to determine your eligibility for automatic enrolment into a workplace pension scheme. Here’s how it works:
Automatic Enrolment
Eligibility Criteria:
Age: You must be between 22 and the State Pension Age.
Earnings: You must earn more than £192 per week.
Assessment Process:
Weekly Earnings Check: Ryde will review your earnings each pay period. If you earn £192 or more per week, you will be assessed for automatic enrolment.
Automatic Enrolment: If eligible, your enrolment will be postponed for 3 months. After the postponed period ends, and if you still meet the eligibility criteria when assessed, you will be automatically enrolled into the Nest pension scheme. Your contributions will be deducted from your weekly earnings.
Contribution Calculation:
Employee Contribution: 4% of your qualifying earnings (earnings between £120 and £967 per week).
Employer Contribution: 3% of your qualifying earnings.
Government Contribution: 1% via tax relief.
Opting In (for earnings over £120 p/w)
If you do not meet the criteria for automatic enrolment but want to join the pension scheme:
Opt-in Criteria:
You can opt-in if you earn more than £120 per week and aged 16-74
Opt-in Process:
Request to join the pension scheme via the Ryde app.
Your employer will enrol you in the Nest pension scheme.
Contribution Calculation:
Employee Contribution: 4% of your qualifying earnings (earnings between £120 and £967 per week).
Employer Contribution: 3% of your qualifying earnings (if you earn over £120 per week when assessed).
Government Contribution: 1% via tax relief.
Join the pension scheme (for earnings less than £120 p/w)
If you earn less than £120 per week and wish to join the pension scheme:
Entitlement:
You can still request to join the pension scheme even if you earn below the threshold.
Opt-in Process:
Request to join the pension scheme via the Ryde app.
Your employer will enrol you in the Nest pension scheme.
Contribution Calculation:
Employee Contribution: 4% of your qualifying earnings.
Employer Contribution: Not eligible
Government Contribution: 1% via tax relief.