Making contributions

Your contributions are taken from your salary before tax, so you don't pay tax any on your contributions. These tax savings mean that it costs you less to save for your future.

Let’s look at an example for someone who pays basic rate tax.

  • You decide to contribute £100 each month.
  • As you don’t pay tax on your contributions, you save £20. So your contribution only costs you £80. 
  • Your employer agrees to match your contribution, so your £80 quickly becomes £200.
Making contributions example

Single contributions

You can make single contributions into your account at any time. So if you find yourself with spare cash, you could add it to your account. You can also make regular additional voluntary contributions into your account, as long as the trustees agree.

Transfer payments

You can transfer retirement savings from other pension plans. This could make it easier for you to keep track of them.

Transfer payments from one pension plan to another don’t receive tax relief. Transferring may not be in your best interests as you could lose valuable benefits which can’t be replaced. You should speak to a financial adviser before you make a decision.

Investing your retirement savings

Your retirement savings are locked away until you reach age 55 and invested to help them grow.

And the longer your money’s invested, the more time it has to grow. So the earlier you start saving, the better off you could be.

Of course, this isn’t guaranteed. So if your investments perform poorly, you could get back less than you started with.

Your retirement options

If the trustees agree, you can access your retirement savings when you reach age 55 – even if you’re still working. And you’ll normally have three main ways to enjoy the money you’ve saved – buy a secure income, dip in when it suits you or take it all as cash. You can also normally take up to a quarter of your retirement savings completely tax free.

Find out more about your retirement options.

Share in our success

As a mutual, we think our members should share in our success. So when we do well, we’ll aim to boost your retirement savings by adding a share of our profits to your plan each year.

We call it ProfitShare and you won’t find it anywhere else.

Learn more about ProfitShare