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How pension saving works

Young team discussion at table

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 M&S.
  • You and M&S pay in, and the government helps out in the form of tax relief.
  • The money that you and M&S pay into your plan builds up your savings pot.
  • Your savings pot is invested in one or more of our investment funds.
  • The aim of an investment fund is to grow the value of your savings pot but this isn't always guaranteed.
  • We invest your money responsibly and consider environmental, social and governance (ESG) factors in our investment process.
  • 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 Member's booklet.

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).

The AMC charge for Your M&S Pension Saving Plan is 0.05% for the first £30,000 of your savings pot. No administration charge applies to any part of your savings pot that exceeds £30,000.

The FMC differs from fund to fund and is reflected in the value of the units of each fund, so it isn’t taken directly from your savings pot. Each fund has a factsheet that tells you the current FMC.

Contributions and tax  >
How your savings pot is invested >