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 University of Manchester.
• You and University of Manchester pay in, and the government helps out in the form of tax relief.
• The money that you and University of Manchester pay into your plan builds up your pension pot.
• Your pension pot is invested in one or more of our investment options.
• The aim of an investment option is to grow the value of your pension pot but this isn’t always guaranteed.
• Our investment management business incorporates a responsible investing approach, considering environmental, social and governance (ESG) issues in its investment process.
• You can decide what to do with your money, and how you take it from the Normal Minimum Pension Age (NMPA). You can do this whether or not you’ve stopped working. The NMPA is currently age 55 but this is increasing to age 57 from 2028..

To help you understand how your University of Manchester Pension Saver works, take a look at the Key Features document.

The normal minimum pension age (NMPA) is the earliest age at which most people can start taking money from their Personal and Workplace Pensions. Currently, it’s age 55, but from 6 April 2028, the NMPA will increase to age 57. But there are a few exceptions:

• If you have a Protected Pension Age, you may still access your pension earlier.
• Retiring due to ill health.

Are there any charges for your new plan?

There are some charges that you pay for your University of Manchester Pension Saver - the annual management charge (AMC) for administration of the pension and the fund management charge (FMC). University of Manchester should have let you know what these charges are.