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Your workplace pension.

A helping hand for your retirement

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A workplace pension is one of the most effective ways for you to save for retirement as both you and your employer typically pay in contributions to build up your pot.

Introduced in 2012, automatic enrolment legislation required employers to set up a company pension scheme for their employees. Employers need to automatically enrol eligible employees and make contributions on their behalf by their allotted 'staging date'. Even if you're not eligible for automatic enrolment you can still request to join your employer's scheme and if you pay in, your employer will normally contribute too.

What are the benefits?

There are a number of benefits to joining your workplace pension scheme:

  • Tax relief. To make saving into a pension more appealing, the taxman will contribute towards your pension fund. You automatically get 20% tax relief on your personal pension contributions. For instance if you invest £100, the taxman pays £25, giving your pension pot £125. If you're a higher rate tax payer you may qualify for more tax relief (through your tax return).
     
    In general, tax treatment depends on your individual circumstances and may be subject to change in the future.

  • Employer contributions. Depending on how your scheme has been arranged, you can build up your fund even more through the help of your employer's contributions. This lets you save more and achieve a better income at retirement. Speak to your employer about what's available to you.
  • It can save you time. Your contribution will usually be deducted from your salary and we will invest the money on your behalf, meaning you don't have to arrange anything yourself.
  • It's out of temptation's way. The money in your pension pot is tied up until you reach the age of 55, so you're not tempted to dip in here and there.
  • If your employer has set up a workplace pension scheme with Legal & General. Manage Your Account is our online service where you can monitor the performance of your pension at any time, view where your money is invested, and keep informed about current and new investment funds.

Making the most of your existing pension plans

You may want to consider transferring pots built up with past employers into your current workplace pension scheme.

Here are some reasons why you may wish to do this:

  • You may benefit from smaller charges on your contributions.
  • Your existing workplace scheme may be being wound up.
  • You may wish to consolidate all your plans into one, so managing your pension is easier.

Please speak to your current employer about what options are available to you or speak to a financial adviser.

Find out why starting to save now is a good idea and the consequences of starting late.

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