VMware provides a Group Personal Pension Plan with Scottish Widows.
- You can choose to contribute at 5% or 7% of gross basic annual salary on a matching basis.
- You can also make additional voluntary contributions.
VMware will match your contributions as follows:
|Your Contribution||VMware’s Matching Contribution|
|5% of base salary||7% of base salary|
|7% of base salary||10% of base salary|
- If you meet the statutory requirements, you will be automatically enrolled into the Group Personal Pension Plan at the lowest contribution level.
- You can flex your contributions up and down anytime via MyLife  [VMware Network Access Required].
- Changes made prior to 10th each month will be considered in the same month payroll. No changes can be made in MyLife between 10th -20th each month as payroll is cut-off during this period (the option will be greyed-out in MyLife). You will be able to make changes again after the 20th.
- You will be sent a notification from MyLife  [VMware Network Access Required] outlining how to opt out.
- Review the Salary Exchange Frequently Asked Questions  [VMware network access required] for details on the pension opt out process.
- VMware will automatically enroll you into the Group Personal Pension every three years as per UK legislation.
- You can decide to opt-in at any time.
You are immediately 100% vested.
The Group Personal Pension Plan operates on a Salary Exchange basis which means that both you and VMware save on National Insurance Contributions. By participating in Salary Exchange you will see a modest increase in your take home pay without any detrimental impact on your pension benefits. For details on Salary Exchange please refer to the Salary Exchange Frequently Asked Questions  [VMware network access required]. Your accumulated pension fund can be used to purchase retirement benefits. The size of your fund will depend on the amount of contributions invested in the scheme, investment growth minus deductions for charges.
When Coverage Begins
- You will be notified following the start of your employment with VMware whether you meet the relevant statutory criteria for automatic enrollment.
- If you do, you will be provided with explanatory information and will be enrolled with effect from your start date.
When Coverage Ends
Upon leaving the service of VMware your fund holdings will continue to remain invested with Scottish Widows and your policy will become an individual personal pension scheme. There are no exit penalties on the transfer of monies to a different Pension Provider, or on early retirement.