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How your lifestyle Plan works

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

  • You are not required to do anything to join the Plan and your Lifestyle Account will be set-up at the earliest opportunity.
  • You and the company pay in, and the government helps out in the form of tax relief.
  • You can make Additional Voluntary Contributions and Extra Contributions. When you make Additional Voluntary Contributions the company will make a further contribution.
  • Your contributions will initially be invested in the Default Investment Strategy. This is known as The Target Drawdown Strategy.
  • You do not have to remain in The Target Drawdown Strategy and have the freedom to make your own investment choices.
  • 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 the Lifestyle Plan works, take a look at the Members' Guide.

Contributions and tax

You will also get tax relief from the government on anything you pay in.

Investing your Lifestyle Account

There's a lot to think about should you decide you want to make your own investment decisions.

Members' Guide

For a summary of the Plan and more detail about your Lifestyle Account.