Keeping Us Informed

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If you would like to increase what you are paying into the MRA pension scheme you can do this via additional voluntary contributions (AVC). 

This can be a set amount or a set percentage and will be taken from your salary along with your normal employee pension contribution. If you have opted for salary sacrifice these additional voluntary contributions will also benefit from the salary sacrifice arrangement. 

If you would like to do this then please fill out the AVC application form (in the Forms section) and send it to the Payroll department at Rotherham. 

Yes, this is possible. Please contact the Payroll Manager and we will ask you to complete a transfer form.

Your money can be invested in a range of funds depending on your appetite for risk and the amount of involvement you want in selecting the investment funds.

More information about the available investment options can be found at Your Investments.

To help more people save for their retirement, the government has made major changes to how workplace pensions operate. In the past, it was up to workers to decide whether they wanted to join their employer’s pension scheme. Now, all employers will have to automatically enrol their eligible workers into a workplace pension scheme unless the worker chooses to opt out. As a result, many more people will be able to build up savings to provide them with an income when they choose to stop working.  AMG UK operates a work place pension that meets the minimum requirements set out by the government.

More information about auto-enrolment can be found at the Money Advice Service 

Please contact the trustees or the Payroll Manager. Our intention is to have a short document explaining your pension statement and we would be able to talk through this with you individually or as a group.

This content to be updated shortly.

You might have lots of good reasons for taking early retirement. It can be an attractive option, if you fancy a change to your lifestyle, or you think it will be better for your health. 

But whatever the reasons your consider, it’s important to review the downsides to early retirement – and there are a few big ones, including:

• Smaller pension. You are more likely to receive a smaller pension than if you worked until normal retirement age.

• No State Pension right away. The earliest you can usually start taking a workplace pension is 55, but you won’t get a State Pension until your mid-60s, or later depending on your current age.

When considering retiring early, it’s easy to be swayed by thoughts of winter sun, days spent in the garden or more time with your family. What is required here, however, is a cool head and an informed approach. 

The Money Advice Service provides more information and a number of tools towards helping you make an informed decision about early retirement.

This content will be updated shortly.

This is a tax efficient method which increases your pension contributions paid into your pension pot.  

• You stop making your normal pension contributions from your salary.
• Your gross contractual pay decreases by the amount you were paying as a pension contribution.
• The Company then pays a pension contribution, equal to the amount you were paying, on your behalf.
• This change of pension contributions from you to the company is called the Salary Exchange
• Your take-home pay increases as you only pay National Insurance on your earnings after the Salary Exchange has been taken into account, rather than on your previous higher earnings.

The Company will also make a saving because we pay National Insurance on your earnings after the Salary Exchange has been taken into account, rather than on the previous higher earnings.  The Company will share this saving with you by returning half of it as an extra additional contribution into your pension pot.

We will use the term ‘Reference Salary’ to describe your salary before the deduction for the Salary Exchange. The Company will continue to use this figure to calculate its pension contributions, overtime rates and pay, other Company benefits linked to earnings, and for any salary reviews.

If the Company ends the Salary Exchange (for example due to a change in legislation) your pay will return to your Reference Salary.

If you earn more than the Upper Earnings Limit (£46,350 for the 2018/19 tax year) you will save less, because you pay a lower rate of National Insurance on earnings above the limit.

The actual increase to your take-home pay depends on your current pay and normal pension contributions.

Additional information about salary sacrifice, how it works and advantages and disadvantages can be found at the Money Advice Service.

Salary sacrifice example: