Amey Group Flexible Retirement Plan
The Amey Group Flexible Retirement Plan is a type of defined contribution pension known as a ‘personal pension’. The scheme is run by Standard Life and the pension contract is between you and Standard Life alone (hence ‘personal’), even though Amey contributes.
Contributions
Contribution rates are determined by your terms and conditions of employment. Contributions are paid into your pension each month and you receive tax relief on your pension contributions, so the real cost to you is less.
Depending on your earnings, contributions will be deducted from your pay and paid into your pension account with Standard Life using salary sacrifice, also known as ‘SMART’ Pensions. We will not use SMART pensions if this means your gross basic pay falling below the National Living Wage or National Minimum Wage.
Using SMART
Your pay is reduced by the contribution rate you set on joining the scheme before we work out your Tax or National Insurance, therefore you don’t pay Tax or National Insurance on your pension contribution. Amey then pays both your contribution and the Company’s contribution to Standard Life as a single Employer contribution.
Not using SMART
Both Tax and National Insurance will be calculated on and deducted from your earnings before your pension contribution is deducted. This member contribution is then paid into your pension account. Amey pays its 3% as a separate Company contribution and HM Revenue & Customs pays a 20% income tax rebate into your pension account. If you are a higher rate taxpayer, you can claim additional tax relief from HM Revenue & Customs via the self-assessment system. If you prefer your pension contributions to be administered in this way, please contact PeopleServices@amey.co.uk (although you would not then benefit from the National Insurance savings).
Qualifying Earnings
Only basic pay is pensionable under this scheme.
You should contact Standard Life or log into your online account if you want to:
- Tell them you’ve changed your address
- Transfer an existing pension to Standard Life
- Change your intended retirement date
- Change your investment fund choice
- Find out about your retirement options
- Arrange a pension annuity quote
Contact Details
Standard Life Amey microsite: www.standardlifepensions.com/amey
Telephone: 0345 278 5641