Joining the Scheme and auto-enrolment
What you need to know if you’ve just joined the Scheme or are thinking of joining.
If you’re thinking about joining the Wincanton Pension Scheme, or if you’ve recently been enrolled and want to find out more, you’re in the right place. This page covers why it’s a valuable benefit, how auto-enrolment works, and how you can join if you’re not automatically enrolled.
Deciding to become a member of a pension scheme is an important decision and one that could make a big difference to your retirement savings and your future. When you pay into a pension you’re putting money aside to support yourself when you stop working. It helps you build up money while you’re working that can be used to cover everyday living costs and help you enjoy life after work.
There are lots of great reasons to join the Wincanton Pension Scheme:
Wincanton adds money too
When you pay in to your pension, Wincanton pays in as well, so you’re getting extra money from the company towards your future. It’s like a pay boost that goes straight into your retirement savings.
You get tax savings
Some of the money that would normally go to the government as tax goes into your pension instead. This means saving into your pension costs you less than putting the same amount into a normal savings account.
Little contributions can go a long way
When you’re a part of a pension scheme, your money isn’t just sitting there, it’s being invested. Over time, these investments have a chance to grow and could increase the value of your pension.
Pension growth example
If you’re contributing £50 (5%) a month into your pension, and the company contributes an extra £30 (3%) a month, together that adds £80 a month to your pension. If your investments grow by 2% a year, you could build up over £10,000 after 10 years and almost £26,000 after 20 years.
That’s the benefit of steady saving and long-term investment – the longer you stay in, the more your savings have the potential to grow. As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice. As always with investments, your capital is at risk.
As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice. As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.
Paying into a pension gives you flexibility later on. When you retire, you’ll be able to choose how and when you take your money from age 55 onwards (changing to age 57 from 6 April 2028). You can choose to take smaller amounts over time, a larger lump sum, or a mix of both, depending on your section of the scheme. If you want to know more about what you can do with your savings when you reach retirement, go to the retirement hub.
Retirement hub
Retirement might feel a long way off, but the sooner you start saving, the more you’ll have later. Putting aside a little now helps make sure you can afford what you want and need when you’re no longer working.
It’s easy to forget all the small costs that add up in retirement, like bills, food, transport and treats. Our budget planner can help you work out how much you might need each year when you retire, and how your savings could match up.
Budget planner
You can join the Wincanton Pension Scheme in one of two ways:
Join straight away
You can apply to join as soon as you start working at Wincanton by completing the pension forms included in your Oracle onboarding checklist
Auto-enrolment
If you don’t join right away, you’ll be automatically enrolled into the scheme within 3 months of starting, if you meet the criteria listed below.
Workplace pension video
Watch the video below to find out more about your workplace pension.
Once you’re in the scheme:
- Your pension contributions, at the level you have selected, will start from the next available payroll date
- Contributions will be taken automatically from your pay each month
- You’ll receive a welcome pack from Capita in the post sent to your home address
- You can then register for the secure online portal, so you can check your pension and keep your details up to date
Automatic enrolment
You will be automatically enrolled into the Wincanton Pension Scheme if you:
Are not already an active member of the Wincanton Pension Scheme
Are a UK resident and usually work in the UK
Are between age 22 and State Pension age
Earn more than £10,000 a year or £833 a month
Some employees who don’t meet all the usual requirements can still ask to join the pension scheme.
If you’ve been automatically enrolled and want to know more about what it means you can watch our handy auto-enrolment video below.
In the DC section of the Scheme, Wincanton uses something called SMART Pensions which is a type of salary sacrifice arrangement.
DC Section SMART pension
This means you agree to give up part of your salary, and Wincanton puts that money straight into your pension instead. You’re still saving the same amount but because your salary is lower, you usually pay less National Insurance, which can mean more take-home pay.
Under the auto-enrolment scheme, at least 5% of your qualifying earnings is paid into your pension. On top of that, Wincanton adds another 3%, helping your pension pot grow faster.
Please note, your qualifying earnings excludes the first £6,240 (2025/26) of your earnings (Lower Earnings Limit), so you do not receive pension contributions on this value.
Can I opt out?
You can choose to opt out of the pension scheme if you don’t want to be enrolled. However, Wincanton is required by law to sign you up again every three years. Make sure you think carefully before opting out because this pension scheme is a valuable benefit.
To opt out of the scheme you will need to complete the Opt-Out Form.
You should note that your life assurance benefit may reduce from the date you opt-out of the Scheme. You should therefore consider the impact on your life assurance cover.
If you opt out of the Scheme within 30 days of Wincanton automatically enrolling you, then you will be treated as not having ever joined. Any contributions already deducted from your pay will be returned to you by Wincanton subject to the relevant tax deductions. This does not include any employer contributions. If you opt out after one month, you will not be entitled to a refund.
Yes, you can change your 'core' contributions once a year on 1 November and you must confirm your decision by 1 October. You will need to complete a Contribution Amendment Form.
If you wish to reduce the level of your normal contributions, the Company’s contributions may also reduce. They cannot reduce below the auto-enrolment minimum requirements.
You could also choose to save more through an Additional Voluntary Contribution (AVC).