Not only will paying into a pension provide you with an income in retirement, many firms also match payments to boost your pension savings pot.

To help you understand what you need to know, here is your simple workplace pension guide from Sun Jobs.

1

What is a workplace pension?

A workplace pension scheme is simply a way of saving for your retirement through contributions deducted direct from your wages. You don’t get the money into your account with your normal pay as your company puts it into the pension for you.

Why should I get one? 

Pensions are a savings plan to give you an income in retirement. Even though you may be a long way off retiring, it will happen eventually so the more you pay in when you are younger, the more money you will save and the better your standard of living will be when you are older. Workplace pensions run alongside your state pension, giving you additional money to live on.

What types of workplace pensions are there? 

There two main types of workplace pensions. Final salary schemes – also known as defined benefit schemes – link your pension to your salary while you are working. However, very few firms offer them now as they are expensive for businesses to administer.

The most common form of pension is a money purchase scheme, also called defined contribution schemes. With this type of pension, the money you pay into the scheme is invested with the aim of giving you an amount of money when you retire.

How will my employer help? 

As well as setting up your pension for you, many employers offer ‘matched contributions’ where they pay extra money into your pension if you do the same. Payments are usually a minimum of one per cent of your salary up to a maximum level set by the firm. It is effectively ‘free’ money from the company and a great workplace benefit to have.

What is auto-enrolment? 

All employers must provide a workplace pension scheme and join you up to it if you are a worker aged between 22 and the State Pension age and earn at least £10,000 a year.   You can find out more at gov.uk/workplace-pensions/joining-a-workplace-pension

READY to start saving? Here are three jobs with great pension perks from Sun Jobs.

NO NEED to cook the books when you can save plenty in this chef and restaurant manager role.

Chef/Restaurant Manager, Venatu, Brockenhurst

The Job: Venatu is hiring a Chef/Restaurant Manager to join its small, friendly team in Brockenhurst. 

What You’ll Do: In this position, you’ll liaise closely with the business manager to plan and execute events, as well as running the kitchen and enhancing dishes; ensuring high levels of service and an outstanding overall experience for members and visitors.

You’ll Need: You will have a passion for hospitality, experience working both front of house and in the kitchen, flexibility and, due to the remote location, your own transport.

Apply Now: Find all the details on the role, along with other jobs at Venatu.

WORK with the youngest and save for when you are old, in this super nursery job.

Nursery Assistant, Tinies Childcare, Basildon

The Job: Tinies Childcare is recruiting Nursery Assistants for temporary roles in Basildon.

What You’ll Do: This is the perfect opportunity for someone looking to work in a childcare role while managing their own schedule and working flexible hours.

You’ll Need: A childcare qualification, Level 2 or Level 3, along with an up-to-date Enhanced DBS check and the ability to commute or relocate to Basildon. A passion for early years / nursery work, along with excellent communication skills are essentials.

Apply Now: See more details on this job, or see more openings at Tinies Childcare. 

YOU don’t need to win big as you’ll already be in the money in this slots job!

Assistant Manager, Little Vegas, Reading

The Job: Little Vegas, a new chain of casino slots, is hiring an Assistant Manager in Reading.

What You’ll Do: You will assist in leading your team and building a successful business. You will be responsible for ensuring next-level customer service is delivered to all customers, day in and day out, with the flexibility to work days, evenings, weekends and bank holiday hours.

You’ll Need: Proven experience leading and motivating a team, preferably within the entertainment and/or retail industries. Excellent customer service skills and the ability to work on your own initiative as well as within a team are essential.

Apply Now: Apply for this position, or see more jobs open at Little Vegas.

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