Pension Scheme Options

The Nest Pension Scheme (default option)

Here at Clarity, all of our employees will be auto-enrolled into the pension scheme operated by NEST.

NEST was set up by the government for auto enrolment but is run as a trust. NEST is run by its Trustee, NEST Corporation. This means that a trustee board oversees NEST and makes sure that it’s doing its job.

NEST Corporation, the Trustee that runs the NEST scheme, is a non-departmental public body. It’s accountable to Parliament through the Department for Work and Pensions but is generally independent of government in its day-to-day decisions. Being a public body means that they have no owners or shareholders. As a Trustee, they run the scheme in the interests of our members.

Your money in Nest

Nest will automatically put your money into a Nest Retirement Date Fund designed to have your money ready for you when you’re due to take it out. They assume you’ll take your pot when you reach 65 or your State Pension age, depending on when you were born. If you prefer, you can change the year you want to take your money out to an earlier or later date. This could be any time after the age of 55. You can also choose one of our other funds. They also have options to suit some personal beliefs or preferences about how we manage your money. Find out more at nestpensions.org.uk/nestretirementdatefunds

Nest charges

Nest keep costs as low as possible. Being an online scheme helps them to do that. To cover the costs of managing your money they take a small percentage of the money going into your pot. They also take a very small percentage off the value of your retirement pot over the year. See more about our charges at nestpensions.org.uk/nestcharges.

Contributing to your NEST retirement pot

We’ll take the contributions for your retirement pot every time we process a payment to you. All of our pension payments are taken via salary sacrifice, and as such all tax relief is applied at source rather than by Nest.

If you would like to know more about the Pension Scheme, please click here to download the Nest Guide to Pensions.

* Please note, the Nest documentation may refer to the government contributing, however as all of our pension payments are taken via salary sacrifice, any tax relief is applied during our payroll process rather than by Nest.

Interactive Investor

Introducing the ii SIPP

interactive investor is #1 flat-fee SIPP provider in the UK and the second largest investment platform in the UK by assets under administration.

With the ii SIPP you will pay a simple, flat fee. Most other pension providers charge percentage fees that grow with your pension

You can also use the ii SIPP to bring together other pensions so you can manage everything in one place via their website or user-friendly app.

Please click here to find out more information on the ii SIPP, how to make salary sacrifice contributions, and an illustration of the associated tax savings.

Alternatively, if you have any questions you can reach out directly to the ii welcome team via email or phone who will happily assist you:

Email:  welcometeam@ii.co.uk | Phone: 0345 646 2390

Salary Sacrifice

All Clarity Umbrella employees can set up salary sacrifice pension contributions into the ii SIPP in a few easy steps – so you can keep more of what you make

When signing up to a salary sacrifice arrangement with Clarity Umbrella you are agreeing to reduce your salary in return for pension contributions.

Therefore, your contributions will be deducted from the overall contract income and as a result, you will pay less PAYE tax & less employee NI. Clarity Umbrella will also pass on any employer NI savings

It is important to understand that the use of Salary Sacrifice or the ii SIPP is not a recommendation and that the ii SIPP is not an Employer, Workplace or Auto Enrolment Pension. The ii SIPP is a Personal arrangement between you and interactive investor, and you are solely responsible for agreeing & monitoring contributions made by your employer.  

The value of investments made within a SIPP can fall as well as rise and you may end up with a fund at retirement that’s worth less than you invested. You can normally only access the money from age 55 (age 57 from 2028). The ii SIPP is intended for customers who have sufficient knowledge and experience of investing to make their own investment decisions. 

It is important to note that when you come to take income from a pension it is treated as taxable income and you will pay tax at the applicable marginal rate. This communication is not intended to be a personal recommendation. If you are unsure about the suitability of a SIPP, or transferring any existing pension plan(s) into a SIPP, you should seek advice from an authorised financial advisor.

Tax treatment depends on your individual circumstances and may be subject to change in the future.