You can make both one-off individual payments and set up monthly payments from your employer direct to a Nutmeg pension. It’s a great way to automate saving into your pension as payments are made straight from your paycheck.
In this article we cover:
- About employer contributions to your pension
- Setting up employer contributions
- Making changes and further payments
About employer contributions to your pension
If your employer makes contributions to personal pensions it’s likely they can contribute to your Nutmeg personal pension. If you’re not sure, just check with your HR department.
Employer contributions are made gross by Direct Debit, meaning they are taken from your pay before it's taxed. If you’re a higher rate taxpayer this also avoids having to claim tax relief back on your tax return.
Registering your employer to make pension contributions to your Nutmeg pension is simple. You can either register your employer as part of the pension account setup process if you’re a new customer, or register your employer through your Nutmeg account if you’re an existing customer.
Setting up employer contributions
What you’ll need:
- Your employer’s registration number
- The employer’s name, address, and HR contact details
- The employer’s bank name, address, account number and sort code
- The monthly or one-off amounts you intend to pay in
If you’re setting up a Nutmeg pension
- From nutmeg.com visit any Invest Now or Get started link to begin the process
- When choosing how much you plan to contribute to your Nutmeg pension select Add employer contribution on the left-hand side of the screen. You can add a monthly, a one-off or both. The minimum total initial contribution to open a Nutmeg pension is £5,000, including any tax relief. You can also add any personal pension contributions and pension transfer amounts on this page, too.
- Continue the pension setup as normal, keeping track of your progress at the bottom of the page.
- On the employer step of the pension, follow the instructions listed below for registering your employer and payment amounts.
- Next complete the final review step to complete your pension application.
In some cases we may ask you for some personal documents as part of the identity verification process.
Add employer contribution button and amount fields when setting up a pension
If you already have a Nutmeg pension
Sign in to your account and select the Options button on your pension and then Manage employer contributions, then follow the instructions below.
Registering your employer and setting your amounts
- You’ll need to enter your employer's registration number. Employer registration numbers are 8 digits long. If yours is 7, just add a 0 at the front. If you don’t know it, please check with your employer.
- Next you’ll need to enter information about your employer — name, address, HR contact, and your employer's bank details. These must be the account that the employer contributions will be made from.
- Now you can enter the amount of a regular monthly Direct Debit, or a one-off employer contribution and submit.
Entering your employer’s registration number
What happens next
We’ll send some forms to complete and return to the HR contact’s email address you gave us. This is to give us the authority to collect payments from the company account. We’ll include an Employer Registration Form and Direct Debit mandate. The forms will need to be signed and returned to us by post.
Once we receive the signed documents we’ll set up your employer contributions. The first employer payment you make to your Nutmeg pension will take up to 10 working days to be collected. Payments after that take 3–5 working days to be collected.
Whenever you make an employer contribution to your pension by Direct Debit we’ll send your employer confirmation of the amount for their records, this is known as a Direct Debit Advance Notification.