Joining
The IMI Retirement Savings Plan (the Plan), is part of the Mercer Master Trust and administered by Scottish Widows. The pension plan is a defined contribution scheme, which means that you and IMI pay a fixed amount each month into your pension. The money is then invested for your retirement. The amount your pension is worth depends on how much you contribute and investment performance. To find out more about the Plan visit Scottish Widows, Your Workplace Savings.
Joining
You can join the Plan at any time by completing the joining form.
Automatic Enrolment
If you do not choose to join the Plan when you first join IMI, are aged over 22 but under State Pension age and earn more than £10,000 a year with IMI, you will automatically join the Plan within three months of your employment commencing. We will write to you to let you know when this will happen.
How much do I contribute?
You can choose how much you want to pay into your pension. Unless you are a member of a legacy pension arrangement, this would be a minimum of 5% your pensionable salary. For most employees, IMI will match your contribution up to 8% to help you get more in your pension pot.
What is Smart Pay?
Smart Pay, also known as salary sacrifice, is a tax-efficient way to make contributions to your pension. With Smart Pay, you will not make pension contributions into the Plan. Instead, the Company will make the contributions on your behalf in addition to its employer contribution.
How do I opt out?
We wouldn’t recommend opting out, as a workplace pension plays an important part in meeting your retirement goals. But if you feel the pension isn’t for you, you can opt out.
Death in Service benefit
All employees receive life cover on commencement of their employment with IMI. This means your family are protected if you die while employed by IMI. The Death in Service benefit is a cash lump sum of five times your basic salary. It is important to nominate beneficiaries for your death in service benefit and your pension pot.
