FAQs
Showing 9 of 49 results
"Can I change my contribution amount online?"
If you’re currently making payments into your scheme via Direct Debit, please contact us to amend the amount you are paying in.
"Can I reduce my contributions?"
You can ask your employer if they’re able to organise for you to reduce your contributions instead, to below the minimum contribution levels.
"What are qualifying earnings?"
These are the earnings your pension contributions are usually based on if you contribute to a pension scheme.
"What's the annual allowance?"
The annual allowance is a limit to the total amount of contributions that can be paid into a defined contributions scheme (like People’s Pension), as well as the total amount of benefits that you can build up in the scheme, for tax relief purposes.
"Can I pay further contributions after taking a flexible lump sum?"
Yes, however, the annual allowance is a limit to the total amount of money you can save into your pension arrangements across all of the different schemes you belong to and receive tax relief on.
"How much should my employer contribute?"
Your employer has to pay a minimum of 3% on what’s known as qualifying earnings into your pension savings.
"What’s the maximum amount I can pay into my pension?"
You can pay as much as you like into your pension, but there are limits to how much tax relief you can receive.
"What are pensionable earnings?"
The earnings used to calculate a member’s pension contributions are known as their ‘pensionable earnings’.
"What’s an earnings basis?"
The earnings basis describes the type of earnings used when pension contributions are worked out.