Information about your workplace pension

Information about your workplace pension

You get tax relief from the government on the money that's paid into your workplace pension so its generally considered the best way to save for the future.

The value of any tax relief depends on your individual circumstances. This information is based on our understanding of current taxation law and HRMC practice, which may change.

Find out more about salary sacrifice compared to paying through your net earnings.

The value of an investment can fall as well as rise and isn't guaranteed. The final value of your pension pot may be less than is paid in.

Please note that you can't access any money contributed to your workplace pension until you start to take benefits at, currently, age 55 at the earliest. It may be possible to access your benefits earlier than age 55 if you are in ill-health.

Employee pays £150 net contribution per month.

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Employer pays £130 per month

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Tax relief per month from HMRC £37.50 per month.

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Total paid into your pension per month £317.50

Please note that these figures are for illustrative purposes only, and assume the employee is a basic rate tax payer. What you and your employer will pay will depend on the terms of your workplace pension.