The People's Pension Scheme
The People’s Pension is Amey’s chosen Workplace Pension provider. The Scheme is administered by People's Partnership, formerly B&CE, a ‘not for profit’ organisation originally established to provide financial services for construction workers. The People’s Pension is a multi-employer pension scheme covering not just Amey but thousands of employers large and small throughout in the UK. You may be automatically enrolled in The People's Pension on contribution terms set by the Government, or if you transferred to Amey from another employer (usually under ‘TUPE’), the member and company contribution terms may reflect the pension terms in whole or in part that you had under your previous employer.
Contributions
Minimum contribution rates are set by the Government and are based on your ’Qualifying Earnings’. The minimum member contribution rate is currently set at 5% of your Qualifying Earnings and the minimum Amey must pay is 3%. These amounts are paid into your pension each month. 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 People’s Pension 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 5% 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 8% to People’s Pension as a Company contribution (i.e. your 5% contribution is added to Amey’s 3% and paid over as a single amount).
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
The Government sets the definition of the pay on which contributions are calculated, known as Qualifying Earnings. Just like National Insurance, the Qualifying Earnings used to calculate your pension contributions are reviewed from April each year and for 2023/24 it is gross earnings between £6,240 and £50,270, a maximum of £44,030.
Contact People’s Pension or log into your pension account if you want to:
- Opt out of Workplace pension scheme membership within one month of being automatically enrolled
- Tell People's Pension that you have changed your address
- Transfer an existing pension to your Workplace Pension
- Change your intended retirement date
- Change your investment fund choice
- Discuss your retirement options
Contact Details
Email: thepeoplespension@bandce.co.uk
Telephone: 0300 2000 444