Get to know your pension

Pensions are complicated, no doubt about it. But now you’ve got a pension account of your own, a quick overview of how it works might be quite useful. And if you want to know more or make changes to your pension account, you’ll find all you need to know here.

It’s your pension, not anyone else’s

So, what do you need to know? First off and most importantly, this pension account belongs to you, not your employer and not us.

It may feel like money is being taken out of your regular wage never to be seen again, but actually, that money is still yours and you’ll be able to access it when you retire.

Until then, you can keep track of how it’s growing in your Online Account.

Your pension is safe

Your pension is your money.

So to keep your pension account safe, it’s held in trust. This means it’s completely and legally separate from both us and your employer.

If any company looking after your pension becomes insolvent, new administrators, trustees or investment managers would be appointed to replace them.

Your personal pension account will simply carry on as normal.

Read more about the security of your savings

Pension costs and charges

We make one simple charge for managing your money and administering your account.

We deduct 0.5% of the value of your personal account each year. This works out as 50p for every £100 in your account. So if you have £1,000 invested, we will charge you £5 each year.

Thankfully you don’t need to work out your charges separately, because we take them into account in the unit price.


Next: How we look after your money

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