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
