Saving for the future takes focus and planning. When it comes to achieving financial security, set-it-and-forget-it is not an option. Whatever your ultimate retirement goals are—traveling, a new business, doting on your loved ones—take full advantage of your benefits to help you get there.
At Adobe, we think it’s never too early, or too late, to start saving for retirement.
Adobe has already implemented Automatic Pension Enrolment in line with UK legislation. Therefore, if you meet the legal requirements, you will be automatically enrolled in Adobe’s Group Personal Pension Plan from your date of hire. However, you have the option of opting out if you do not want to participate.
Why you should invest in your pension
Free money from Adobe
As long as you contribute a minimum of 2.5 of your salary into the pension plan each month, Adobe will invest an amount equal to 7% of your salary into the plan each month.
One of the key features of the pension plan is Salary Sacrifice under which both you and Adobe will pay lower National Insurance contributions. Adobe made the decision to add 50% of the employer’s National Insurance contribution saving to your pension.
Join and make changes to your contributions at any time. If you decide to leave Adobe, you can continue to contribute to it, though Adobe will not.
Your money is generally put away until age 55, ensuring you’ll have it when you retire.
Track your pension
You can monitor and manage your Aviva pension online using Aviva’ Pension Tracker. It only takes a few minutes to register.
Frequently Asked Questions
For more information about the pension plan including annual allowances, Pension Input Periods (PIPs) and Lifetime Allowance (LTA), please read the FAQs [PDF], the Pension Scheme Handbook, or contact an Independent Financial Advisor.
How much does it cost to participate?
The Salary sacrifice is an arrangement where you agree to reduce your earnings by an amount equal to your pension contribution e.g. 2.5%.
Under salary sacrifice both you and Adobe will pay less National Insurance contributions. Adobe made the decision to add 50% of the employer’s National Insurance contribution saving to your pension.
Here’s how you save and earn on Adobe’s plan
The following example assumes an employee sacrifices £1,000 each year.
|Example employee contribution before tax relief||£66.67||£0.00|
|Take home pay*||£2,463.93||£2,473.93|
|Employer NI saving put back into plan||£0.00||£5.75|
|Total invested per month||£316.67||£322.42|
* Take home pay is £10.00 per month greater under salary sacrifice. This example assumes annual salary of £40,000, with employee contribution of 2.5% and employer contribution of 7%.
Who is eligible and how to enroll
All Adobe employees who meet the below minimum requirements are eligible:
- earn more than £10,000 a year (£833 every month)
- are aged 22 or over
- are under the state pension age, and
- work or usually work in the UK.
You will be automatically enrolled into the pension plan at a contribution of 2.5% from your date of hire.
Please ensure you go into My Adobe Benefits within 30 days of your hire date to confirm you want to participate and to nominate beneficiaries.
In addition you should also log on to your online account at https://www.direct.aviva.co.uk/MyAccount/login and enter your beneficiaries under the "expression of wishes."
How can I opt out?
Once you are automatically enrolled into Adobe’s Group Personal Pension Plan, you will be able to opt-out within 30 days from the date that you receive your policy terms and conditions, or from the date your policy and terms are issued (whichever is later). Any payments that may have been made will be refunded to you. Full details of how to opt-out will be given to you by Aviva when they issue your policy documents. You can contact Aviva at 0800 145 5744 or email@example.com.
Once you have called Aviva, please log into My Adobe Benefits and indicate that you wish to “waive” your participation in the pension.
After this period, if you decide you no longer want to participate in the Plan, you can choose to leave by logging into My Adobe Benefits and indicating that you wish to “waive” your participation in the pension. Future contributions will cease, but you will not be entitled to receive a refund of the contributions you have made—these will remain invested in your pension account.
Aligned with the pension salary sacrifice scheme currently available in the UK, Adobe provides a tax efficient offering to include bonus payments and commission payments. You are able to put all or part of any bonus/commission, into the Adobe group personal pension scheme, free of income tax and employee’s National Insurance.
In addition, Adobe will top-up the amount of bonus sacrificed by returning 50% of the Employer’s national insurance.
The advantages of bonus sacrifice:
- You will not pay tax or Employee National Insurance contributions on sacrificed bonus, i.e. the contribution to your pension is gross.
- Adobe will enhance any amount sacrificed (by sharing 50% of the Employer’s National Insurance saving).
- As the payment into the pension is deemed an employer contribution, all tax relief is automatically benefited and therefore no requirement for you to claim tax relief via your tax return.
How to Apply
If you wish to contribute all or part of your bonus into the bonus sacrifice scheme, please visit My Adobe Benefits and select this benefit before the February payroll cutoff date. This deadline only applies if you are sacrificing your Annual Incentive Plan or performance-related bonus, which you may be entitled to receive in February.
Employees who wish to sacrifice all or part of their commission must go to My Adobe Benefits and select this benefit.
You can sacrifice in any given month when a bonus or commission is paid, subject to a limit of two bonus/commission sacrifices in any tax year (April 6 to April 5) and in accordance with payroll deadlines.
Please direct any questions to firstname.lastname@example.org.
You have a wide range of funds to choose from to support the investment strategy that’s right for you.
You will be automatically enrolled in the default fund—Aviva Mixed 40-85% Shares S2.
If you wish to choose your investment, you can pick from any of the options listed in the Adobe Group Personal Pension Plan fund selection book [PDF] from Aviva or by visiting aviva.co.uk/pension-essentials.
You will need to call the Aviva helpdesk on 0800 145 5744 to inform them of your decision or alternatively log on to your online account at https://www.direct.aviva.co.uk/MyAccount/login
Where to go for further information
- My Aviva
- 0800 145 5744
We strongly recommend that you seek independent financial advice if you are unsure which options may be right for you. There may be a charge for this advice.
Further information can also be accessed from the Money Advice Service at www.moneyadviceservice.org.uk