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This section of the website is devoted to live Q&A sessions with our own advisers or external employers. We will promote the Live Q&A’s in advance and you can also access session archives below.

Cushon Savings Benefit

Cushon Workplace Savings Benefit is a savings scheme provided as part of your Campus Jobs role. 

Welcome to the world of Cushon workplace savings. Step 1: I got the job at Campus Jobs. Step 2: Which Cushon savings account do I want? Step 3: The university will put in double your savings up to 8%

This workplace savings benefit is provided to help you build up a pot of money whilst you work. You will automatically contribute 3% of your earnings into the scheme and the University will pay in 6%. So, if you earn £1,000, £30 of it will be paid into your account and the University will pay in £60 – double the amount you save. You can contribute a higher percentage if you choose and the University will also contribute more, up to a limit of 8%. 

It’s up to you which type of ISA savings product you choose depending on whether you want to save for the future e.g. buying your first house, or for when unforeseen expenses crop up, or that well deserved holiday. ISA stands for Individual Savings Account and allows you to save tax free in either a cash or investment account. 

The scheme is optional. If you don’t want to build up savings and benefit from the additional contribution from the University, you can opt out – just email payrollservices@lincoln.ac.uk

Getting Started

When you start your Campus Jobs role you will receive an email from help@cushon.co.uk. with instructions to download the Cushon app and enter your unique pin. 

You’ll be asked to choose which type of savings account you’d like. More detailed information is provided in the FAQs below and in the app. If you are unsure, you can book a 1:1 consultation with Cushon to talk through your options. 

Making Changes

You can change the amount you contribute at any time. Just go into the app and select “change contributions”. These changes will take place from the next available payroll. 

If you have any questions about Cushon, the options for your savings and how the scheme works, email payrollservices@lincoln.ac.uk or book a 1:1 consultation with Cushon. 

 

FAQs

What are my saving options?

Unless you decide to come out of the scheme, the University will pay in 6% of your pay every month and you will pay in 3%. You can decide to put in more or less than 3% and the amount the University pays in will also change – see below to see your options.

For example, if you keep to the 3% level and your pay is £500 a month, the University will pay in £30 and you will pay in £15. If you decide to put in 4% then the University will pay in £40 and you will pay in £20.

You can choose to pay in more than 4% of your pay, but the University will only pay in up to 8%.

Can I opt out of the scheme?

Yes, you can opt out of the savings scheme. You can do this at any time by emailing payrollservices@lincoln.ac.uk. This will be effective from the following month.

What do I need to do to get started?

You’ll be automatically put into the Cushon workplace saving scheme. As soon as you’re in, you’ll get an email from Cushon@help.co.uk. Please follow the instructions carefully and download the app and enter your unique pin which you’ll find in the email.

Once you are in the app you will be prompted to select a particular savings product. You can either save your money in one of the cash options available or choose to invest your money.

If you’re new to unvesting you might choose one of the readymade CushonMix portfolios which have been put together by Cushon’s clever algorithm.

Alternatively, if you feel more comfortable with investing, you can build your own portfolio by selecting from over 1,000 individual funds across 90 top-rated fund managers.

Whatever you decide, the free CushonMe service automatically reviews your investments every day and alerts you if you need to review them. You can then choose to switch your investment without charge.

As soon as you have decided which product you would like and how you would like your money invested, simply start to watch your savings grow.

How do I change my contributions?

If you would like to change how much of your pay you save, go into the app and select “change contributions”. Changes will be effective from the following month. Please remember the contribution changes you make will affect how much gets paid in by the University.

When will the money go into my Cushon account?

This is a monthly benefit, so even though your contributions will be deducted from your salary every week, they will only go into your Cushon account in the first week of every month.

Why do I have to input an estimate of what I think my salary is?

To show you certain projections in the app, Cushon need to know what your salary is likely to be. But at the time you chose an investment, your latest salary won’t be known – so please let us know what you think it will be. Don’t worry – payroll will update Cushon with the actual figure at the end of the month so your details will be accurate. Please log back into your Cushon account after your first month’s contribution goes in, and check that you are happy with your investment choice.

What savings products can I choose from?

Cushon offer the following products:

ISA – Cushon’s Investment ISA allows you to pay in up to £20,000 a year and hold your money in cash or invest it. If you choose to unvest, there are over 1000 funds for you to self-select from, using filters to help narrow your search. Alternatively, you can use one of the CushonMixes portfolios (Low, medium, high, or very high risk).
An ISA is perfect for rainy day funds as the money in here is accessible if you need it.

Lifetime ISA – If you are between the ages of 18-39 then good news, you are eligible for the LifetimeISA. It’s there to support first time home buyers and you can pay in up to £4,000 a year and whatever you and the University put in up to this amount, the government will put in a 25% bonus. That’s a potential top up of £1,000 a year from the government.
Alternatively, you can use this product as an extra retirement savings pot, and withdrawals are allowed for your first home purchase, if you have turned 60, or if you’ve become terminally ill. You can still access the money for any other reason, but withdrawals for reasons not listed will incur a 25% penalty.

Junior ISA – Are you a parent or legal guardian? The Junior ISA allows you to save up to £9,000 per year, per child. The money is locked away until the child’s 18th birthday, at which point they then take full control of the money including the option to withdraw.

General Investment Account (GIA) – if you have paid in the maximum you can into an ISA (£20,000 a year) or are paying into a stocks & shares ISA elsewhere you don’t want to transfer over, then you can take out a GIA.

When can I withdraw money from Cushon workplace savings?

Cushon workplace savings is there to help you put some money aside for that rainy day and save for the important milestones in life. However we know that unexpected expenses can arise at any point so you can withdraw from your ISA/GIA anytime via the app.

What are the tax implications?

Contributions
The money you pay into an ISA or a GIA comes out of your salary once any tax and national insurance contributions have been deducted. If you pay tax on your pay, you’ll also pay tax and national insurance on the University’s contributions.

Interest payments or investment growth on your money
Whether you pay into a pension or an ISA, any interest earnings or investment growth you earn is tax free.
However with a GIA, you will have to pay tax on any interest earnings or investment growth.

Taking money out
Any money you withdraw from an ISA is tax free.

Any money you withdraw from a GIA may be subject to capital gains tax.

How much can I pay into an ISA?

Each year you have an ISA allowance of £20,000 which you can split across one cash and one stocks & shares ISA. You can distribute the £20,000 allowance across these in whatever combination you like, but it must not exceed £20,000. The Lifetime ISA £4,000 annual allowance is part of your £20,000 ISA allowance. The Junior ISA £9,000 allowance is outside of your ISA allowance, and it is on a per child basis

You can pay as much as you like into a GIA.

Is there a lock in period with Cushon workplace savings?

No, you can come out of Cushon workplace savings at any time. Once you have told payrollservices@lincoln.ac.uk that you want to come out of the scheme, this will take effect from the following month. If you want to go back in, please contact payrollservices@lincoln.ac.uk who can advise you on how to undo this.

Can I go into the pension scheme instead?

If you are 22 and you earn more than £10,000 a year, the University must by law put you into the pension scheme, but you can choose to come out of this and stay in the Cushon workplace savings benefit.

If you decide to come out of the pension scheme, both you and the University will continue to pay into the Cushon workplace savings benefit.

If you decide to stay in the pension scheme, then both you and the University will start paying into the pension scheme and stop paying into the Cushon workplace savings benefit.