What you need to know
We’re planning your retirement party already. No, not because we want you to leave! It just takes time to build up enough savings to retire comfortably. The Workday pension scheme makes it easy to prepare for the future. That means less time worrying about money and more time dreaming about fruity drinks with little umbrellas in them.
- The total amount of your pension benefit is determined by the amount you contribute, the amount Workday contribute, and market performance over time.
- Contribute 5% or 6% of your basic salary.
- Workday will match your contributions up to 6% of your basic salary.
- Your pension is automatically invested in the Aspire Retirement Strategy (ARF), but you can choose one of the other default fund options.
- You receive tax relief for contributions you make to the pension scheme.
Save now, enjoy later
The pension scheme is a defined-contribution pension. That means you contribute a fixed percentage of your basic salary to your pension while you’re working, so you can have a monthly income when you’re retired.
Mercer manages the pension scheme and invests your pension contributions, so your money can grow over time. Unless you make another choice, your contributions will be invested in the Aspire Retirement Strategy—a plan that manages risk based on how close you are to retirement. Generally, the risk will be higher the further away you are from retirement, giving your funds time to grow. Then, as you get older, the risk of your investments will gradually decrease to secure what you’ve earned over your career.
If you have a different investment approach in mind, you can change it at any time. Take a glance at the investment guide for information on changing your investment strategy. Remember, it’s always wise to seek professional financial advice when it comes to retirement savings.
You like free money, and we like you! Workday fully match your pension contributions up to 6% of your basic salary.Learn how
Did you know that you may contribute more to your pension as you get older? If your income has risen or you just want to increase the value of your retirement savings fund, you may use an additional voluntary contribution (AVC) to top up your pension and reduce your tax bill. Read more about pension contributions.