Your pension is a valuable benefit. Here is a quick snapshot of how it works.

Your pension is a simple and cost effective way for you to save for your retirement. It is a defined contribution Scheme and this means it works a bit like a savings account: 

  • Money goes in – While you are an active member, you and your employer contribute to your retirement account every month. The Government also provides a number of tax incentives to help you save more.
  • You help your savings grow – You choose where to invest your retirement account from a range of investment options. How much your savings grow by will depend on how your investments perform, how much money goes in and when you retire.
  • You use your account to support you in retirement – When you retire you can use the money you have saved to provide an income – there are a number of different income options you can choose. You can also take some of your money as a cash lump sum (currently up to 25% is tax free and the rest is taxed as income).

The way you can take your benefits is changing - go to Retirement for more information. 

Information about the benefits of joining the Scheme, and the investment choices available, can be found in the Scheme website.

How to join the Scheme

There are three ways you can join the Scheme:

  1. You can complete an Application Form.
  2. You can elect to be automatically enrolled in the Scheme.
  3. You can wait to be automatically enrolled in the Scheme.

If you do not submit an Application Form and you are an Eligible Jobholder, you will be automatically enrolled into the Scheme. Please read the Scheme website for more information.