We know that building financial security requires a long-term perspective, and we want to help you plan for the years to come, even if they seem far away. With the Intuit UK Pension Scheme, you can save (with Intuit's help and money) to improve your financial well-being in retirement.
Eligibility
You are eligible for the Pension Scheme as of your hire date.
How to enroll
Once you've received your pension pack from Aviva, you can register via MyAviva. You'll need your personal details and pension policy number.
After you enroll, you can make changes to your contribution percentage or opt out of the scheme. Learn how to make changes to your pension scheme contributions. Learn how to opt out of the Intuit UK Pension Scheme.
How to get started
In accordance with the UK government’s Workplace Pension Reform legislation, all eligible jobholders upon their employment will be automatically enrolled into our Group Personal Pension Scheme, operated by Aviva. An eligible jobholder is defined as:
- Aged between 22 and state pension age (currently 66)
- Working or ordinarily working in the UK
- Having qualifying earnings above the earnings trigger (currently £10,000 per annum)
At the entry level, Intuit will contribute a sum equal to 6% of your basic salary each month to your plan, providing you also contribute 3%. Intuit will increase contributions on a matched basis in accordance with the table below:
| Your contribution | Intuit contribution |
|---|---|
| 3% | 6% |
| 4% | 7% |
| 5% | 8% |
| 6% or more | 9% |
Annual bonus exchange
You also have the opportunity to exchange some of your bonus in return for a one-off contribution into your Intuit Group Personal Pension Scheme policy. This can be a very tax-efficient way of receiving your bonus payment, due to the tax and national insurance savings made compared to you receiving it as salary. Basic-rate taxpayers save 28%, higher-rate taxpayers save 42%, and additional-rate taxpayers save 47%.
Bonus exchange example
Let's take a scenario where you are a higher-rate taxpayer. Your bonus was to be £10,000 and you elected for 50% to be “exchanged” for an extra pension contribution.
A couple of things happen:
- The £5,000 is paid into the pension. You will not have to pay any tax or national insurance on this amount.
- Intuit doesn’t pay any employer national insurance on this amount (normally 13.8%).
So overall, rather than taking the £5,000 as cash and paying 40% tax and 2% national insurance, meaning you would take home £2,900, the whole amount of £5,000 would go into your pension. As all tax situations are unique, please consult a qualified advisor for investment and tax advice.
If you have any queries regarding making additional pension contributions, please contact our nominated Independent Financial Adviser, Alex Shaw of Progeny Wealth, at alex.shaw@theprogenygroup.com. For specific tax questions, please consult a tax advisor.
You will be notified of the enrollment period and annual deadline for bonus exchange each year.
Annual allowance
Please be advised that legally there are limits on the amount of tax-efficient savings that can be made into pensions each year. The limit is either the equivalent of 100% of earnings or £60,000, whichever is lower. This figure includes the value of all employee and employer contributions.
There is also a secondary limit placed on the amount that can be saved tax-efficiently, in the form of the tapered annual allowance. This affects individuals with total “adjusted income” over £260,000 and will reduce the contribution limit from £60,000 to a lower figure (to the minimum level of £10,000 for total income over £360,000 per annum). This is done at a rate of £1 for every £2 of total “adjusted income” over £260,000. Please seek advice if you feel this could affect you.
For more information about annual allowance, visit GOV.UK.
A salary exchange pension scheme
The scheme operates on a salary exchange basis. Under salary exchange, you agree to redirect the relevant amount of salary to the pension scheme as a gross contribution. Intuit then agrees to pay this across to the Pension Scheme on your behalf, along with the company contribution.
This results in a reduction in your taxable pay (i.e., the contribution is deducted before it is taxed). This means you get full tax relief no matter if you pay tax at the basic, higher, or additional rates. Therefore, you don't need to include pension contributions on your self-assessment tax returns. You also benefit from making reduced national insurance contributions instead of contributing via the traditional “relief at source” method. For specific tax questions, please consult a tax advisor.
Beneficiaries
You can nominate (choose) someone to get your pension if you die before reaching the Scheme’s pension age. This nomination can be revoked or amended in writing at any time. If your circumstances change, you can change your beneficiary. Learn how to name and change beneficiaries.
Common questions
How do I enroll in the pension scheme?
How do I make changes to my pension scheme contributions?
How do I opt out of the pension scheme?
How do I name or change beneficiaries?
Resources
Aviva pension scheme guide
Pension scheme FAQs
Where to get help
Alex Shaw at Progeny Wealth
Pension Scheme
Phone
07968 493114
Email Alex Shaw
Aviva
To review/update account info
Visit website
Darwin, your benefits administrator
Phone
0203 053 0732
Visit website
Email