Compound interest (or investment returns) enables you to build up interest not only on your original contribution, but you also earn interest on the interest… The longer you let your savings grow, the bigger effect compound interest has.
I have a long way to go (under 35)
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Save Smart
The time is now
You’re in the best position to make the biggest impact on your retirement income with the least impact on your income today.
The even better news? The Company helps you save.
...to how much you can tax-efficiently contribute (the Annual Allowance) and save in pension savings (the Lifetime Allowance). Read more about these limits and recent changes. If you think you might be affected by the limits, contact the Plan’s administrator.
Why save early? (an example)
Tom and Harriet both saved the same amount into their Plan pension but Harriet ends up with more than DOUBLE Tom's pot by the time they retire.
How? The only difference between the two savers is time. Harriet began 20 years earlier than Tom. This means that her pension account had more time to build up; and that growth was tax free, helping her build a bigger pension account from the same contributions as Tom.
The Company helps you save
The Company pays employer core contributions of 6% of your pensionable salary, into your pension account - at no cost to you. You can also boost your savings by making flex matched contributions. For every 1% contribution you make, the Company will match your contribution, up to a maximum of 6%.
You can change your member contributions every 3 months via ELEMENTS. You’ll also find a net pay calculator on this site.
When 6% doesn’t cost you 6%
Did you know that a 6% contribution may benefit from tax relief and National Insurance savings, so could actually cost less than you think. Try the contributions calculator to find out more.