Saving for your retirement can give you peace of mind for the future.
Having a pension means you can save over a long term with tax relief. Getting tax relief on pensions means some of your money that would have gone to the government as tax goes into your pension instead.
SMT Workplace Pension
St Monica Trust operates a workplace pension scheme with NEST (National Employee Savings Trust). If you have qualifying earnings, we as an employer, add money into your pension scheme. You can contribute 100% of earnings, but the Trust offers a maximum contribution of 7.5% of your qualifying earnings for anything over 8% contributed by you.
Here’s a very brief overview of the NEST scheme.
| Your contribution | Trust contribution |
| 5% | 3% |
| 6% | 5% |
| 7% | 7% |
| 8% | 7.5% |
If you would like to join the pension scheme or discuss your existing pension scheme membership and contributions, please email payroll@stmonicatrust.org.uk
To make any amendments to your contributions, use this form for NEST and this form for Aviva.
For those who do not have qualifying earnings, the Trust offers active membership to a pension scheme to which you can arrange to make contributions. You can make those contributions directly to NEST or you can ask the Trust to collect fixed value contributions from your pay.
Watch this 5 minute video to get an understanding of how the NEST Pension scheme works.
What are qualifying earnings?
We use the definition of qualifying earnings as laid out by the Pensions Regulator for the purposes of automatic enrolment. Qualifying earnings are based on your gross earnings (before tax and National Insurance).
Pension contributions are calculated on your earnings between the lower level and upper level of earnings. For the 2023 to 2024 tax year, the lower level is set at £520 per month and the upper level is set at £4,189 per month. These figures will be reviewed annually by the government.
What happens to the contributions?
The contributions will be invested in one of NEST’s Retirement Date Funds, based on your retirement date. Once you have your membership pack from NEST you will be able to review the other fund options and you can move your investment if you wish.
What contributions will be made?
If you have been automatically enrolled to the pension scheme, the minimum contributions will have been applied (i.e. your contribution will be 5% of qualifying earnings). However, you do have the opportunity to amend your contributions and receive an enhanced contribution from the Trust. If you have been invited to “opt in” to the Trust’s automatic enrolment pension scheme you can select your contribution level and receive an enhanced contribution from the Trust.
(Information correct as of September 2023)
NEST Retirement options
Watch this 2-minute video for a quick overview of your retirement options.
Here’s a little more information on the Nest guided retirement fund.
More about pensions
Pension wise is a government service set up to help people understand the pension options available to them. It offers guidance to help empower people to make informed decisions about their pension which are best for their individual circumstances.
Use MoneyHelper’s pension calculator to help you work out how much money you’ll need in retirement and how much you’ll need to save.
If you’re struggling to stay on top of the pension schemes you’ve paid into throughout your working career, the Pension Tracing Service on GOV.UK can help. This free service traces a pension you’ve lost track of, even if you don’t have the contact details of the pension provider.
Voluntary contributions to make up for gaps in your National Insurance Record
You can usually pay voluntary contributions for the past 6 years. The deadline is 5 April each year.
Find out more here and this video from Martin Lewis explains how it works.
Age UK: Free and impartial advice on pensions, annuities and planning for your retirement.
