How pension saving works
Saving into a pension with the Company is a simple, low cost and tax efficient way to save towards your future.
- Your account is set up for you.
- You and the Company pay in, and the Government helps out in the form of tax relief.
- The money that you and the Company pay into your account builds up your pension savings.
- Your pension savings are invested in one or more of our investment funds.
- The aim of an investment fund is to grow the value of your pension savings.
- You can decide what to do with your pension savings, and how you take it from age 55, whether or not you’ve stopped working.
- Your death in service cover increases to 4x your contractual Salary.
There are some charges that you pay for your account - the annual management charge for administration of the pension (AMC) and the investment fund charge (FMC).
To help you understand how your pension plan works and about the charges, take a look at the Member Booklet
More in this section
Contributions and tax >
The Government helps out with tax relief too! Your tax relief is by the “net pay” arrangement.
How your pension savings are invested >
Understand how your contributions are invested and what you need to consider.