AstraZeneca pension scheme

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Snapp
Snapp Posts: 1 Newbie
in Pensions, annuities & retirement planning
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

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  • markbsac
    markbsac Posts: 104 Forumite
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    sorry no as im on the old fisons final salary scheme...but i still have no clue how that works either
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    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
    xylophone Posts: 44,412 Forumite
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    edited 23 August 2019 at 9:50AM
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    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]
    [Deleted User] Posts: 0 Newbie
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    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
    xylophone Posts: 44,412 Forumite
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    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.
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