Why it pays to be a member

  • You get a guaranteed pension for life that goes up every year in line with the cost of living
  • You can give up part of your pension for a tax-free lump sum
  • You get a pension at any age if you become too ill to work*
  • You can retire from age 55 if you’re made redundant or your employer consents*
  • You can retire from age 55 on reduced benefits *
  • If you die there’s a lump-sum death grant of three times your pay – and you can choose who it goes to
  • There’s a pension for your spouse, civil partner or eligible cohabiting partner if you die
  • There are pensions for your (eligible) children if you die
  • You can pay extra to increase your pension benefits
  • You get tax relief on your pension contributions **
  • There are no hidden fees or charges
  • For every £1 you pay into the scheme your employer pays an average of £2
  • Your pension benefits are guaranteed in law and not affected by share prices or the stock market

*a minimum membership requirement applies

** a basic rate taxpayer paying £100 pension contributions would pay £20 more tax every month by opting out