More information can be found on the Nest website here.
What contributions does my employer make and what contributions do I make?
Currently employees who have opted into the workplace pension scheme pay in 5% of their qualifying earnings each month and the employer contributes an extra 3%.
These are the earnings your pension contributions are usually based including salary, bonuses, overtime and statutory payments. However much of your qualifying earnings come between £6,240 and £50,000, that’s what the contributions you and your employer make will be calculated from. (Those are the figures for the tax year 2020/2021 – they’re reviewed every year by the government.) Qualifying earnings would be based on the amount between the upper and lower level earning thresholds. You might also see this called ‘banded earnings’.
Pension contributions are shown on your payslip or on the Nest dashboard. You can check your balance whenever you want on your account dashboard. You’ll be able to see live updates of what is in pension pot. This information could be useful for using the Nest pension calculator.
You’ll be enrolled in the pension scheme 3 months after your start date. Speak to your manager if you’d like to be enrolled sooner than that.
Yes, you can use Nest to consolidate. While there are others that allow you to do this, this is probably a better option as thats who we are with. You might get charged an admin fee though, and it might only be worth depending on the amounts to consolidate (I think some of them have a minimum on what you can transfer)
Once you leave your contributions from Mojo will stop but your pension savings will remain with Nest. Nest will contact you to give you your options of what you would like to do with your pension pot. As mentioned in opting-out unless you do so in 30 days you will not receive a refund and have to wait until pension age to access your funds.