- Your employer shares the cost and contributes significantly more than you do.
- Pensions in payment rise with the cost of living.
- If you are a taxpayer you get tax relief on all your contributions - even on extra payments you make to top up your benefits.
- No investment risk - you get a guaranteed package of benefits which are backed by law.
- Life cover of 3 times your pay from the day you join the scheme and there’s no medical (unlike other forms of life insurance).
- You choose when you want to retire; you can take your benefits anytime from age 55 to age 75. (The Government has announced the earliest age that you can take your pension will increase from age 55 to 57 from 6 April 2028).
- You can exchange part of your pension for a tax free cash lump sum at retirement.
- Protection in case you have to retire early through ill health.
- Dependants benefits are payable if you die, meaning your pension doesn’t die with you (see the brief guide for further details).
- No hidden management fees or charges, you simply contribute a percentage of your salary.
