We have introduced a much-improved pension offering for all employees (as of May 2022). The workplace pension scheme is run by Scottish Widows and follows a contribution matching model where Made Tech matches the level of contribution you decide to make.
The pension contribution available to you is aligned to your SFIA level:
- SFIA 1: 4% employer matched
- SFIA 2-4 6% employer matched
- SFIA 5: 7% employer matched
- SFIA 6: 8% employer matched
- SFIA 7: 9% employer matched
The minimum contribution in every level is 4% (employer matched), there is no maximum employee contribution at present.
Pension contributions are deferred for your first 90 days, if you want to opt in early add the date into the "Pension Scheme" section of your Hibob profile where you will be enrolled on a 4% contribution scheme which you can adjust after your probationary period.
Our pension scheme is based on a salary sacrifice approach which is more tax-efficient for both employer and employee. We have removed the qualifying earnings limit, which should simplify pension management for those of you who are higher rate taxpayers. If you want to calculate your contributions you can use the calculator on the Scottish Widows website.
In order to allocate your preferred contribution, or early opt in, or opt out you'll need to fill in the "Pension Scheme" section of your Hibob profile.
- You will be able to adjust your contribution level annually in a set window in spring (open to all), or at any point in the case of significant life events where this may result in a change in financial circumstances. If you are affected by the latter please email payroll@madetech.com and copy in people@madetech.com
- You can opt out at any point by updating the pension section of your Hibob profile in the "opted out" section. If you select to opt-out at the start of your employment, any initial deduction will be refunded if this is made within one month of the initial deduction. If you selected to opt out before the cut-off date (on the 18th) it will be processed in the same month, otherwise it will be in the following month. Any deductions made will usually stay in the pension until you're eligible to access your money, financial advice can be obtained to assist you transferring your pension to another provider.
- There are also Government guidelines on opt-out
You can read more about Workplace pensions on gov.uk
You can read more about Pensions and some third party advice on MoneySavingExpert
For any general pensions queries please email payroll@madetech.com