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 Automobile Association Developments Limited.
- You and Automobile Association Developments Limited pay in, and the government helps out in the form of tax relief.
- The money that you and Automobile Association Developments Limited 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.
Are there any charges for your new plan?
There are some charges that you pay for your pension plan - the annual management charge (AMC) for administration of the pension and the fund management charge (FMC). Automobile Association Developments Limited should have let you know what these charges are.