Question 1

How do I opt out from Auto Enrolment?

Accepted Answer

Opting-out is a big decision and could have a significant impact on your financial future. By opting out your Collegia workplace pension scheme, you will miss out on pension contributions from your employer. and the top up from the government. Please note that the date in which you are enrolled legally speaking in the Collegia pension scheme is when you receive the welcome email from hello@collegia.co.uk, this represents the date from which the 30-day opt-out window starts.

If you're automatically enrolled by your employer but you don't want to be a part of the scheme, you can opt out of membership if you've been a member for less than a month. You'll receive a refund for any contributions you've made, and the refund will be made directly by your employer.

To opt out, you first need to open the welcome email you have received from hello@collegia.co.uk. Once you click on the “Let’s start” button in the email, you will be asked to create a user login and confirm the email address. Immediately after that step, you will be asked whether you want to accept or not the Terms & Conditions of the Collegia Pension. In the latter case, you will be opting out of the scheme.

You can click on Opt-Out and confirm your choice on the following two screens. After that, you will receive an email confirming that you have been opted out.

If instead you have already accepted the Collegia Individual Terms and Conditions (ie you have already an account with us), you can remove the employer Autom

Question 2

How do I close my account?

Accepted Answer

If you sign up for the Collegia Personal Pension by yourself (it means that you were not enrolled by a sponsoring employer), you have 30 calendar days starting from the day you accepted the Collegia Terms and Conditions to cancel you Collegia Personal Pension.

To close your account, please follow the steps on the video below.

${youtube}How do I close my account ?

Question 3

How do I set up a monthly recurring contribution?

Accepted Answer

Please follow the video below to set up a recurring monthly contribution.

https://youtu.be/LBgmqDav2wo

If you want to set up monthly recurring contributions, you would have to do is to login in your Collegia personal account, then go to the "Add contributions" tab, click on "Set monthly contributions", add the amount of money you want to add to your Collegia account on a monthly basis, and then select the day in which we will collect the monies from your personal bank account. Once this is done a new screen will appear with a list of all the banks that support Open Banking, click on your personal bank and follow the instructions. One the process is complete, you will receive an email that the Direct Debit mandate has been successfully generated. In case you do not see your personal bank in the list of available banks, please get in touch with us and we will complete the Direct Debit differently.

Question 4

Are there limits on the amount I can save into my Collegia pension?

Accepted Answer

You might not know that there is not a hard limit on your pension contributions, you can add as much as you like in your pot. However, there is a cap on how much tax relief you can get on your contributions.

Every time you pay into your pension, you'll receive a 25% tax bonus on your contribution from the government. The government offers this bonus to encourage you to save for your future. However, there's a limit on how much you can get back.

The "Annual Allowance" is the maximum pension contribution limit that puts a ceiling on how much tax relief you can benefit from. Right now you can get tax relief on pension contributions up to £60,000 or 100% of your earned income each tax year, whichever is lower. This applies across all your pensions and includes:

*** Contributions by you *** Contributions by your employer *** Contributions from someone else made on your behalf *** Tax relief added to your pot

For example, if you earned £30,000 a year, you can pay £24,000 into your pension each year. You'll then receive the government's 25% tax relief contribution of £6,000, making the total amount in your pot £30,000.

If your income is £60,000 or higher, then £48,000 is the maximum amount you’re allowed to contribute into your pension each year - as you'll also be receiving a £12,000 tax top-up.

If your pension contributions add up to more than this across the year, then you'll need to pay tax on the amount you’ve gone over. Essentially, you'll have to give back any tax relie

Question 5

How does Salary Exchange/Sacrifice differ from Relief At Source?

Accepted Answer

The employee’s salary is reduced by the sacrificed amount, tax and NI is then calculated on the post-pension sacrifice salary. Therefore, unlike a relief at source scheme, there is no 25% pension top-up from the Government.

Question 6

How do I make a one-off contribution?

Accepted Answer

To make a one-off contribution, please follow the steps on the video below.

https://youtu.be/K6Tybgvi3zE

If you want to make a one-off contribution, you would have to do is to login in your Collegia personal account, then go to the "Add contributions" tab, click on "Make a one off contribution", add the amount of money you want to add to your Collegia account. Once this is done a new screen will appear with a list of all the banks that support Open Banking, click on your personal bank and follow the instructions. One the process is complete, the amount of money will be collected from your bank account and will be added to your Collegia account.

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