Save Smart

1. Make the most of what the Company is offering

The Company pays employer core contributions of 6% of your pensionable salary, at no cost to you.

The Company will match every 1% you contribute up to a maximum of 6%. 

You can change your member contributions every 3 months via ELEMENTS.

Saving could cost less than you think…
Use the contributions calculator to work out the real cost of contributing after tax and National Insurance relief.

2. Be efficient in the savings you make 

There are limits 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.

The Company can offer alternative options for those who exceed the current tax limits, so if you think you are affected, contact the Plan’s administrator to find out more. 

3. Remember the power of time (and compound interest)

Compound interest is when you build up interest not only on the original contribution or sum, but you also get interest on the interest... The earlier you contribute and the longer you can let your savings grow, the bigger effect compound interest has. 

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.

The only difference between the 2 savers is time. Harriet started 20 years earlier than Tom which 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.