Are pensions worth it?

Definitely! A workplace pension is a great way to save for your future. We’ll look at what makes workplace pensions so good, and what you can do to get the most from your workplace pension.

Your employer contributes too

One of the best things about workplace pensions is that your employer contributes too. That’s extra money, on top of your salary, going towards your pension savings.

You don’t pay tax on contributions

You don’t pay income tax on pension contributions. We operate a net pay scheme, which means your contributions come out of your pay before income tax is taken off. You don’t have to claim the tax relief yourself.

See how your money could grow just by being in your workplace pension scheme

This is an example, the actual amounts will vary depending on the level of contributions paid by both you and your employer and your rate of tax.

 

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If you don’t earn enough to pay income tax, you don’t get tax relief – so less money goes towards your pension savings. But we’ve got a safety net for you. We’ll give you a tax top-up equal to the tax relief you’ve missed out on. You can claim this at the end of the tax year.

Find out more