Don’t miss out on the benefits of the William Hill Pension Plan
Every three years employers are legally required to review all employees not currently paying into their company pension to see who’s eligible to be a member of the workplace pension scheme. This process, called re-enrolment, is designed to help more people save for the future.
To be automatically re-enrolled, you must:
- Earn more than £10,000 per year or earn £833.33 or over in any pay period
- Be at least 22 but under State Pension age
- Usually work in the UK
At William Hill, we’re legally required to re-enrol you if you meet the above criteria.
If you opt out within one calendar month from your enrolment notification date, you’ll receive a refund of the contributions you have paid, less tax, and it will be as if you’d never joined the Plan.
If you opt out after one calendar month, your contributions, plus any that William Hill have made, will stay invested in the Plan. You can choose to transfer them to another pension scheme or take them when you retire.
Before making a decision about whether or not to opt out, it’s worth understanding why staying in the Plan is almost always a good idea.
You’re not saving alone
Once you’re enrolled, every payday you’ll see that 4% of your pay is automatically put into the Plan, helping you to save for the future. But it’s not just you who contributions to the Plan.
Every time you contribute, we contribute 4% too, adding more money towards your life after work. That’s money you’ll be missing out on if you decide to opt out.
Tax benefits add up
The government also help by giving you tax relief on what you pay in. This means more of your money goes into your pension, helping it grow faster over time.
Little contributions can go a long way
When you’re part of a pension plan, your money isn’t just sitting there, it’s being invested. Over time, these investments have a chance to grow, boosting your pension value.
For example, if you’re contributing £50 a month into your pension, which is then matched by the company, together £100 a month is being contributed into your pension. If your investments grow by 2% a year, you could build up over £13,000 after 10 years and almost £30,000 after 20 years.
That’s the benefit of steady saving and long-term investment growth – the longer you stay in, the more your savings have the potential to grow.
It's easy and flexible
Once you’re enrolled, your contributions are automatically taken from your pay, so saving becomes effortless. If your circumstances change later down the line, you can opt out if needed.
Think long term
It’s easy to put off thinking about retirement, but the earlier you start saving, the better prepared you’ll be. Re-enrolment is a valuable reminder to check in on your future and give your savings a boost.
If you want to know more about what you can do with your savings when you reach retirement, read our page on your retirement options.
Need more help?
If you’d like to find out more about pensions and retirement, including auto-enrolment, you can visit the MoneyHelper website.