If you’re a new employee, you’ll be automatically enrolled into the Babcock Retirement Savings Scheme (the Scheme) from the 1st of the month following the date you join Babcock, provided you meet the following criteria:
- you’re at least age 22 but under State Pension age (currently 65);
- you earn more than £10,000 a year (£833 a month); and
- you work, or usually work, in the UK.
Babcock will write to you setting out when your enrolment date is. For example, if you joined Babcock on 11th May, you would be automatically enrolled into the Scheme on 1st June. You and Babcock will each then contribute a minimum of 4.5% of your Pensionable Salary to the Scheme every pay period. You can, however, pay more if you’d like to.
Once you've paid your first contribution, and a record has been set up for you with Aviva (the Scheme Administrator), we’ll send you an email or letter to confirm your Aviva policy number – which is also your unique access code – so you can register to use the ‘Learn, Plan, Do’ sections of oneday...
What is ‘Learn, Plan, Do’?
This section of the website contains financial-education webinars and videos. You’ll need a separate login from your Personal Account with Aviva to access this.
Getting your oneday... account set up can take 8-10 weeks due to the opt-out period. Your unique access code to register is your Aviva policy number so once you know what this is you can register on oneday... In the meantime you can find information about the Scheme on this website and in the Scheme Guide.
Who should we look after if you die?
Please complete an Expression of wish form with details of anyone you would like the Trustee to consider for the receipt of any death benefits payable from the Scheme.
How much should I contribute?
This depends on your personal circumstances. Work out how much you think you’ll need as an income when you retire, then work out what savings you have now. Use the modeller to plan what sort of retirement you want to have and how much you can afford in contributions.
Don’t forget that Babcock contributes too – and you receive tax relief on contributions from the Government – so saving for your retirement could cost less than you think.
Before you use the modeller, you’ll need to have an idea of what sort of retirement you want. For many people, that’s often difficult to imagine, but the Pensions and Lifetime Savings Association (PLSA) has worked out the income you’ll need in order to achieve these three Standards of living.
| Minimum | Moderate | Comfortable |
|---|---|---|
| Single | Single | Single |
| £14,400 | £31,300 | £43,100 |
| Couple | Couple | Couple |
| £22,400 | £43,100 | £59,000 |
These figures will change in the future as the cost of living increases. It’s also important to note that they’re shown after deductions for Income Tax – generally in the UK the Government allows people to earn up to £12,570 a year before they start paying Income Tax.
To find out more about the PLSA Retirement Living Standards and the goods and services you’d be able to afford at each, go to www.retirementlivingstandards.org.uk
Include all your pensions or savings
When you’re calculating your retirement income, don’t forget to factor in any other workplace or personal pensions you’ve built up. You should also include the State Pension, which is payable from your State Pension age. You’ll probably find that your workplace and State Pension, along with any other savings, go a long way towards meeting these costs.
To get a State Pension forecast, go to www.gov.uk/check-state-pension
Need to make up a shortfall?
If you think you’re not on target to be able to afford the lifestyle you want in retirement, you can increase the contributions you’re making.
To change the level of contributions, simply email payroll on Payroll.Pensions@babcockinternational.com with the percentage you’d like to pay (include your payroll reference number or National Insurance number).
Where are my contributions invested?
When you’re enrolled into the Scheme, contributions are paid into a Personal Account set up in your name. Contributions are automatically invested in the ‘Target Lump Sum’ Lifestyle Strategy where decisions are made on your behalf using an investment strategy set by the Trustee. Other fund choices are available and more detailed information on how to change your fund choice can be found in Your Guide to the Scheme and the Investment section of this website. You can change your investment choices via your Personal Account or by emailing Aviva.
Do I have to join the Scheme?
You can opt-out of the Scheme at any time by completing and returning an Opt-out form.
If we receive your completed form within one month from the date on your letter confirming membership, we’ll treat you as having never been an active member of the Scheme and we’ll refund your contributions.
If we receive your completed Opt-out form after the one-month period, contributions made by you and Babcock will remain invested in your Personal Account and you won’t be able to receive a refund of your contributions.
Remember, even if you opt-out, we’ll enrol you back into the Scheme again at least every three years if you continue to meet the eligibility criteria.
Download an Opt-out form Download Your Guide to the SchemeKeeping tabs on your Personal Account
Every year (usually in May), you’ll receive a statement that gives you an estimate of what your Scheme benefits might be when you retire. You can then include this figure alongside any other pensions and savings you have.
Your data
When you’re a member of the Scheme, the Trustee will need to collect, process and retain information about you so it can calculate your pension or assess whether you’re entitled to a specific benefit.
Read the Trustee's Privacy Notice