Ashbourne Staff Pension Policy

Ashbourne offers a pension scheme run by Royal London to all employees at the College.

This policy sets out how the scheme works.

1. Under our current policy, staff members are automatically enrolled into the scheme after 3 months of continuous employment.

2. In order to meet the government minimum requirement, Ashbourne’s contribution starts from 3% and increases by 0.5% each year, until the 14th year of employment when it reaches 10%.

3. To meet the government’s minimum contribution level (8%), staff will have to contribute 5% when they initially join the scheme. It is worth noting that this contribution will not change unless the employee specifies otherwise; whatever the case, the total contribution must total a minimum of 8%.

4. Ashbourne’s contributions for staff that have been continuously employed for a period of more than 10 years will continue to increase by 0.5% each year up to a maximum of 10%.

5. Contributions are deducted on a gross tax basis, which means they are deducted from staff’s wages before tax is taken. Ashbourne’s contributions are made in addition to staff’s wages.

6. Table A below illustrates the increases in Ashbourne’s contributions on a yearly basis.

Table A

Years Employed	Ashbourne’s Contribution	Employee’s Contribution	Total
3 months – 1 year	3.0%	5.0%	8.0%
1 – 2 years	3.5%	4.5%	8.0%
2 – 3 years	4.0%	4.0%	8.0%
3 – 4 years	4.5%	3.5%	8.0%
4 – 5 years	5.0%	3.0%	8.0%
5 – 6 years	5.5%	2.5%	8.0%
6 – 7 years	6.0%	2.0%	8.0%
7 – 8 years	6.5%	1.5%	8.0%
8 – 9 years	7.0%	1.0%	8.0%
9 – 10 years	7.5%	0.5%	8.0%
10 – 11 years	8.0%	0.0%	8.0%
11 – 12 years	8.5%	0.0%	8.5%
12 – 13 years	9.0%	0.0%	9.0%
13 – 14 years	9.5%	0.0%	9.5%
14 + years	10.0%	0.0%	10.0%

7. When staff are first enrolled on the scheme, they will receive a welcome pack in the post with details of their scheme including their policy number. Staff will need their policy number whenever they contact Royal London can also find it on any paperwork sent to them.

8. Staff may amend their pension contribution by informing Ashbourne’s Finance Team ([email protected]) provided their combined contribution (Employer and Employee) meet the minimum requirement of 8%.

9. Staff have the option to opt out from Ashbourne’s pension scheme at any time. Should they wish to opt out, both Ashbourne and the staff member will not have to make any contribution.

10. Opting out is not recommended as the staff member would lose the subsidies to their pension from Ashbourne and the government. However, those that wish to do so should provide written confirmation by emailing Ashbourne’s Finance Team ([email protected]).

11. Staff can keep track of their pension money, or view/change their personal information, using their Online Account with Royal London.

12. To set up or log in to their Online Account, staff should visit
https://www.royallondon.com/contact/online-services-with-royal-london/ or
download the Royal London mobile app. Ashbourne’s Scheme Reference is:
RGP47653. If staff members do not have their login details, they should contact Royal London directly on 0345 602 1885.