Search
Search
If you have less than 1 year’s employment in Royal Mail you will automatically be enrolled in NEST, the government backed defined contribution workplace pension scheme. This builds up an individual pension pot for you to use as you choose when you retire.
If you’re paying into NEST, you’ll pay in 5% of your Pensionable Pay from each pay packet and Royal Mail will pay in 4% – meaning 9% of your Pensionable Pay goes into your NEST pension pot every time you’re paid. This money is paid into an individual pension pot (that’s held in your name) and is invested, with the aim of it growing over time through investment returns until you’re ready to take the money from it.
You will normally pay into your NEST pension pot until you reach one years’ service. After one year’s continuous service, most people will stop paying into NEST and will automatically join the Collective Plan and start paying into that instead.
Click on the following link to find more information more information on NEST and the State Pension.
Booklet 3. NEST and the State Pension
You can also explore NEST’s website: https://nestpensions.org.uk
