AstraZeneca pension scheme

Snapp

Can anyone explain to me how the AstraZeneca pension scheme for new joiners works please? I’ve applied for a role and spoke to someone on the talent team and thought I understood it, now I don’t! I understand the scheme changed recently.

Thanks

markbsac

sorry no as im on the old fisons final salary scheme...but i still have no clue how that works either

[Deleted User]

https://www.legalandgeneral.com/workplace/a/az-after/
I have no knowledge but just did a quick search
What the ER and EE % are, sorry I don't know

xylophone

What the ER and EE % are, sorry I don't know

ER pension

That’s the money that the employer is contributing to the pension.

EE pension
That's the money that the employee is contributing to the pension.

[Deleted User]

xylophone wrote: »

ER pension

That’s the money that the employer is contribution to the pension.

EE pension
That's the money that the employee is contributing to the pension.

Sorry, I knew that but I didn't know what the %s were to inform the OP

xylophone

Sorry, I knew that but I didn't know what the %s were to inform the OP

The information given in the link is very general - the specifics of AZ employee and employer contributions, whether there is salary sacrifice on offer, whether the tax relief is relief at source/net pay don't seem to be there.

How does it work?
All employees are assessed for eligibility based on their earnings and age.
If you’re enrolled, you and/or AstraZeneca (Site 1 - After 1st July 2010) will pay into your pension pot on a regular basis to help you save for your future.
Your contributions are taken automatically from your pay and once you’ve been enrolled you can look at paying in more if you want to.
You’ll get a letter confirming that you’ve been enrolled and how much you and/or AstraZeneca (Site 1 - After 1st July 2010) will contribute and if those contributions will increase in the future.