Pension

These pages reproduce internal policy documents, which may change from time to time and which apply to UK employees only.

Where there is a difference between these pages and the policy documents on Confluence, the policy documents shall prevail.

iwoca is partnered with Scottish Widows to provide a workplace pension scheme for you. Eligible employees are automatically enrolled in the pension scheme upon joining iwoca. Those who aren’t automatically enrolled will have the option to opt in.

Both eligible employees and iwoca are required to contribute to pensions. Employee contribution for this year is 5% of qualifying earnings, and iwoca will contribute 3% of your entire pensionable earnings, which is calculated and deducted on a monthly basis.

Employee contributions are calculated in reference to your ‘Qualifying Earnings’, which consists of pro rata gross pay, bonus, and overtime between £6,240 and £50,270 (2024/2025 tax year). The following pay elements are also pensionable: Commission, SMP, OMP or additional SPP, Statutory Sick Pay, Statutory Adoption Pay, etc.

FAQs

Can I contribute more if I want? If so, what’s the maximum?

Yes, you can. There is a maximum up to which you can receive tax relief. Please see the HMRC website for further details.

Will iwoca match additional contributions?

No, iwoca contributes 3% of earnings.

How were the contribution rates determined?

Given that this is a new scheme, we decided to start with the rates set by the government. As part of regular reviews of salaries and other benefits, these rates will be reviewed and may change in the future.

I already have a pension from a previous employer, can I transfer that pension over to iwoca?

Yes, you can transfer your pension.

You’ll just need to consult your old scheme for terms and conditions - some schemes charge for this. Your welcome pack from Scottish Widows will contain details about how to transfer any pensions, should you wish.

What happens if I leave iwoca?

You can either leave your pension savings with Scottish Widows or transfer it to your new pension scheme. Scottish Widows will provide details on how to transfer.

What happens to your iwoca pension if you move away from UK?

Your options depend on your personal circumstances, the country you are going to and your plans for your pension.

There are provisions to transfer your pension into a local pension scheme but this depends on the agreements between the UK and the country in question.

If left in the UK scheme, then UK law would likely apply in regards to access. Further information is available on the government's

website⁠

What if I go on unpaid leave or paternity/maternity leave?

If on maternity/paternity leave, your contributions will be calculated based on your maternity/paternity pay.

For unpaid leave, you will continue to be in the scheme however no contributions or deductions will be made.

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