How pension saving works

Saving into this 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 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 (up to 06/04/2028) or from age 57 after that date, whether or not you’ve stopped working.

To help you understand how your pension plan works, take a look at the Member Booklet.

You’ll be a member of SAUL Start for three years. After that, you’ll build up a different type of pension based on your salary and how long you’re a member. Find out more at www.saul.org.uk.

Are there any charges for your new plan?

Your employer pays towards the cost of running your pension plan.

There are some charges that you pay for your pension plan too – the annual management charge (AMC) for administration of the pension and the fund charge (FMC). Details of these charges can be found in the Investment Guide.

The AMC charge for your SAUL Start is 0.33%.

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 pension pot. Each fund has a factsheet that tells you more about the FMC.

You can access further information such as fund-specific charges by logging in to Manage Your Account or by looking at the Investment Guide.

If you’re not registered for Manage Your Account, it’s quick and easy to do and allows you to manage your pension savings online.