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- The Concord pension account provides a pension for individuals who do not qualify for membership of classic, classic plus, premium, nuvos, alpha, or partnership. Your employer will advise you if you have been either automatically enrolled into Concord, or you have the option to join it.
www.civilservicepensionscheme.org.uk/knowledge-centre/pension-schemes/concord-pension-account/
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What is a Concord pension?
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What happens if you join a workplace pension scheme?
The Concord pension account provides a pension for individuals who do not qualify for membership of classic, classic plus, premium, nuvos, alpha, or partnership. Your employer will advise you if you have been either automatically enrolled into Concord, or you have the option to join it.
- What is the Concord pension account?
Concord is a defined contribution pension scheme provided...
- What is the Concord pension account?
Concord is a defined contribution pension scheme provided through the Legal & General Master Trust. For information about plan charges and investment options, please visit Legal & General’s website.
- Tax relief
- If you’ve been automatically enrolled
- If you’ve voluntarily enrolled in a workplace pension
- How your take-home pay changes
- Payments using salary sacrifice
The government will usually add money to your workplace pension in the form of tax relief if both of the following apply:
•you pay Income Tax
•you pay into a personal pension or workplace pension
Even if you do not pay Income Tax, you’ll still get an additional payment if your pension scheme uses ‘relief at source’ to add money to your pension pot.
You and your employer must pay a percentage of your earnings into your workplace pension scheme.
How much you pay and what counts as earnings depend on the pension scheme your employer has chosen. Ask your employer about your pension scheme rules.
In most automatic enrolment schemes, you’ll make contributions based on your total earnings between £6,240 and £50,270 a year before tax. Your total earnings include:
•salary or wages
•bonuses and commission
•overtime
Your employer must contribute the minimum amount if you earn more than:
•£520 a month
•£120 a week
•£480 over 4 weeks
Joining a workplace pension scheme means that your take-home income will be reduced. But this may:
•mean you’re entitled to tax credits or an increase in the amount of tax credits you get (although you may not get this until the next tax year)
•mean you’re entitled to an income-related benefit or an increase in the amount of benefit you get
•reduce the amount of student loan repayments you need to make
You and your employer may agree to use ‘salary sacrifice’ (sometimes known as a ‘SMART’ scheme).
If you do this, you give up part of your salary and your employer pays this straight into your pension. In some cases, this will mean you and your employer pay less tax and National Insurance.
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It's for gco staff who are not on standard civil service terms and therefore don't qualify for any standard pensions. They get a higher base salary but less pension and less holidays.
CONCORD PENSION ACCOUNT 1 Example Illustrations As trustees we are required to provide you with examples to show you what you might get from your plan in today’s terms and explain how charges, transaction costs and investment performance could impact your pension savings over time.
Pensions Definition. Learn From Thousands of Free Online Videos and Resources. Master The Fundamentals of Finance With Finance Strategists. View Our Resources Here.
