Yes, this is possible. At Kota, flexibility is key.
When enrolling on a pension scheme via Kota, you'll be added to a defined contribution scheme with your employer, in most cases at a linear match by default. This means you will be able to match your employer's contribution or add more or less than that. In most cases, if you decrease your percentage, your employer will also decrease theirs in the same proportion; however, if you increase your percentage above your employer's maximum, their contribution will stay capped at that maximum.
Let's take a situation where you earn €50.000/year and your employer is offering up to a 7% contribution to your pension fund. There are three things you can do here, to make your pension work for you.
Match your employer's maximum contribution
Match your employer's maximum contribution
You can set your contribution at 7% to match your employer's maximum. On the screen below, you'll see:
How much in total per year will be put into your pension fund
How much per month will come out of your paycheck, after tax relief
Contribute less than your employer
Contribute less than your employer
If you're looking at your monthly cost and thinking 'woah, this is too much for me to put into my pension every month', that's no problem. You can change your pension contribution to a lower amount. Yet, as most of Kota's pension schemes are a linear match, if you decrease, say, from 7% to 4%, your employer's contribution will also be set to 4%.
Contribute more than your employer
Contribute more than your employer
Flexibility runs both ways and if you'd like to add more money to your pension fund than your employer, this is also possible. Let's pretend you'd like to increase your pension contribution to 10% of your salary. As your employer had originally set up their cap at 7%, they'll contribute with 7%.
Remember - your pension fund is meant to suit you. From what age and how much you contribute to your pension depends on your circumstances. So choose a number that works for you.