When you first join or are automatically enrolled you pay contributions as a Non-SMART Member, however after three months your contributions will be paid via SMART.
What is Non-SMART?
This is a way of paying contributions into the Scheme. The way is it works is that:
- Your Member Contribution is taken from your Salary each month before tax is applied.
- You get tax relief on your contributions at your highest rate.
- The Company also continues to pay its usual Company Contribution.
- Contributions made via the Non-SMART arrangements will show as Member Contributions and Company Contributions in your Retirement Account.
What is SMART?
SMART is an alternative and often more cost effective way of making contributions to the KPS-MP. Introduced from 1 July 2012 SMART Pensions aims to save you and the Company Tax and National Insurance (NI).
You may view the Kingfisher Pension Scheme – Money Purchase Section SMART Pensions Guide which contains full details of the benefits of SMART Pensions, together with providing answers to a number of frequently asked questions.