A pension is one of the most tax-efficient ways to save for your future. And, depending on how your employer's group personal pension is set up, you'll either receive tax relief on your pension contributions or you'll benefit from tax savings through salary exchange. Tax treatment depends on your individual circumstances and could change in the future. Speak to your employer to find out how you make your contributions.

Single contributions

You can make single contributions into your plan at any time. Any single contributions you make will benefit from tax relief – helping to boost your pension savings.

Remember that investment returns are never guaranteed. So while there’s a chance your savings could grow, their value can also go down. This means you could get back less than you put in.

Transfer payments

You may be able to transfer pension 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 pension savings

Your pension savings are invested and aim to 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

You can normally start taking your pension savings any time after age 55 - even if you're still working. This will change to age 57 from 6 April 2028. And you’ll 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 take up to a quarter of your pension 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 pension savings by adding a share of our profits to your plan each year.

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