How it works

Retirement might seem like a long time away. Or it might just be round the corner. Either way you need to think about it now to make sure you have saved enough to live comfortably.

Saving for a pension is a really great way to achieve this.

So, how does it work? It's easier than you think:

Save

You decide how much you want to save (or contribute) towards your future. Your employer will help you out by adding some more. Find out more...

Invest

Your pension savings are invested until you retire. Find out more...

Retire

This is what you've planned for! You use the money you have invested to buy a pension (or annuity). This will give you an income for the rest of your life - like a salary in retirement. You also have the option to take a cash lump sum. We need to have all your contributions before any payments can be made. Therefore, your retirement lump sum and pensions will not be available on the day you retire and you need to consider this when making your decisions. Try to give the Trust as much notice as possible that you intend to retire to speed up the process. Find out more...

What is a defined contribution pension scheme?
It means the benefits you get when you retire are related to the contributions you and your employer have made to your pension scheme.

More than just a pension
Membership has added benefits like life cover. This means if you were to die while still working and saving for your pension, your partner or dependants would receive a sum of money related to the amount you earn.

SHPS | Defined Contribution

How it works