Money Purchase Plan

With this company pension scheme your employer will, while you may have to, pay contributions depending on the scheme rules, to help boost your income in retirement.

And with average life expectancy increasing, saving in a pension and topping it up is a great way to help build up a larger fund for when you retire. Read more about the benefits of topping up.

What you may be looking to do:

  • Find out information about your costs and charges.
  • Change the funds your plan's invested in.
  • Change the amount of money you pay into your plan.
  • Adapt your plan to reflect any changes in your employment.
  • Stop paying money into your plan.
  • Move your money to a different plan.

If you’re considering any of these, please look at the links at the bottom of this page.

Read about the features of your Money Purchase Plan

  • Range of funds - your pension contributions can be invested in a choice of funds - read your plan literature for more on this. The funds actually available to you will depend on the particular scheme you join and the investments the scheme trustees have chosen. Note that the value of your fund may fluctuate and you may not get back your original investment.
  • Flexibility - currently switch funds free of charge and as often as you like. Some restrictions may apply for certain funds and for investments in the With-Profits Fund we may apply a Market Value Reduction, which would have the effect of reducing your fund. For more information please read your plan literature.
  • Tax-efficient saving* - the contributions paid into your money purchase plan qualify for tax relief, and you can take a cash-free lump sum on retirement. Read more about the tax benefits. Note that pensions in payment are taxed as earned income. 
  • Currently you may be able to transfer pensions with previous employers into your plan so they're all in one place - although this may not always be in your best interests. Call us to find out more information or for advice please speak to a Financial Adviser.

Review your Money Purchase Plan

If your company set up a scheme after 2003 you can access your plan online. Otherwise you can contact scheme trustees to find out more about your Money Purchase Plan.

By accessing your Money Purchase Plan online you may be able to manage your enquiry yourself.

You can see a valuation of your funds, change the funds you invest in, view key documents online, request changes to personal details and send us secure messages.

View your Money Purchase Plan online.

Alternatively you can call us on 0345 300 2634 (Mon-Fri 8.30am-6pm), calls may be recorded for security and quality purposes.


Please visit our employer section of the website.

*The above is based on our understanding, of current taxation, legislation and HM Revenue & Customs practice, all of which are liable to change without notice. The impact of taxation (and any tax relief) depends on individual circumstances.