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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

 Contributions and tax  > - Workplace pensions >
 How your pension savings are invested > Member Booklet >