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Frequently Asked Questions

Find the answers to some common questions about pensions below:

It costs much less than you think to be in our pension. You get tax relief on your contributions and if you pay by SMART, you get savings on how much National Insurance you pay too. Then, on top of that you also get Sainsbury’s contribution.

For every £20 that goes into your pension pot, it would actually only cost you £6.80, so you more than double your money. Have a look at our cost calculator to see how much it costs you.

Anonymous   30th November 2015  

You can pay in as much as you like. We have two different contribution rates: Start Up and Step Up.

  • Start Up contributions are 3% of your pensionable pay between £464 and £3,566. This is the rate you’ll pay if you’re automatically enrolled or choose to join Start Up.
  • Step Up contributions in the SRSP are 4%, 5%, 6%, 7%, 7.5%, or more, of your Step Up pensionable pay. Sainsbury’s will match your contribution up to 7.5%.

Anonymous   30th November 2015  

They’re what we call the two different types of contributions you can make.

  • Start Up contributions are 3% of your pay between £464 and £3,566 and Sainsbury’s pay the same. They’re like an introduction to pension saving. When you pay Start Up contributions, you don’t have enhanced life cover; instead you’d have cover of one times' your annual contractual basic pay.
  • Step Up contributions are more flexible so you can pay from 4% up to any amount and Sainsbury’s will match your contribution up to 7.5%. When you pay Step Up contributions, you’re also eligible for enhanced life cover of six times' your annual contractual basic pay.

Anonymous   30th November 2015  

You should save what you can afford to pay and balance this with how much money you’ll need to live on when you come to your retirement.

Have a look at the Money Advice Service’s budget planner to see what you might need to budget for: www.moneyadviceservice.org.uk/en/tools/budget-planner

Then, have a look at the cost calculator to see how much it costs to be in the pension.

Anonymous   30th November 2015  

Access your benefits page on MyHR, or call Ask HR on 08000 15 30 30.

Anonymous   30th November 2015