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How pension saving works

Saving into a pension is a simple, low cost and tax efficient way to save towards your future.

  • Your plan is set up for you by your employer
  • You and your employer pay in, and the government helps out in the form of tax relief
  • The money that you and your employer pay into your plan builds up your pension pot.
  • Your pension pot is invested in one or more of our investment funds.
  • The aim of an investment fund is to grow the value of your pension pot.
  • You can decide what to do with your money, and how you take it from age 55, whether or not you've stopped working.

To help you understand how your pension plan works, take a look at the Key Features document .

There are some charges that you pay for your pension plan - the annual management charge for administration of the pension (AMC) and the fund management charge (FMC). Your employer should have let you know what these charges are.

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How your pension pot is invested

Understand how your contributions are invested and what you need to consider.


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Contributions and tax

The government helps out with tax relief too!


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