Welcome to your workplace pension
It's never too soon or too late to think about the difference you could make to your future lifestyle
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Understanding your pension
Your pension
A workplace pension is a great way to save for your future lifestyle.
Watch to find out about a workplace pension
Learn moreYour pension
During your working life, it's important to consider your retirement and the ability to enjoy life when you reach retirement. Saving into your workplace pension could help you do just that.
You're already a member of your workplace pension. Your pension contributions can build up a pot of money to give you benefits in the future. The benefits you might get from your pension depend on things like:
- the amount you pay in
- how long you pay in for
- the performance of the funds you invest in
- the impact of charges, and
- the choices you make when you decide to take your money.
You can change your contributions and fund choices to suit you. And when it comes to taking your money, you can choose how you take your benefits.
- Tax efficient: your contributions are tax efficient, so they could cost you less than you think. Your tax savings could change depending on your circumstances. Tax rules can also change in future.
- Flexible employee contributions: you can change your regular contributions whenever you want. You can even make one-off payments if you have spare cash one month.
- Employer contributions: you could benefit from employer contributions too; the more you pay in, the more your employer may pay in. Please speak to your employer if you want to enquire about this.
- Investment choice: you have a range of investment options to choose from when deciding where to invest your money. Like many investments, the value of your plan can go down as well as up and may even fall below the amount you invested – what you get back is not guaranteed.
- Manage online: you can manage your workplace pension online to see how much money you have in your pot, how your investments are doing and what you could get when you take your benefits.
- Access from 55: currently, from age 55, you have the freedom and choice to decide how and when you take your pot although you may need to transfer to another pension for some of the choices available.
Your workplace pension comes from a trusted provider. Prudential is the pension provider chosen for you by your employer. Prudential has been helping people save money for over 170 years.
Your pension
During your working life, it's important to consider your retirement and the ability to enjoy life when you reach retirement. Saving into your workplace pension could help you do just that.
You're already a member of your workplace pension. Your pension contributions can build up a pot of money to give you benefits in the future. The benefits you might get from your pension depend on things like:
- the amount you pay in
- how long you pay in for
- the performance of the funds you invest in
- the impact of charges, and
- the choices you make when you decide to take your money.
You can change your contributions and fund choices to suit you. And when it comes to taking your money, you can choose how you take your benefits.
- Tax efficient: your contributions are tax efficient, so they could cost you less than you think. Your tax savings could change depending on your circumstances. Tax rules can also change in future.
- Flexible employee contributions: you can change your regular contributions whenever you want. You can even make one-off payments if you have spare cash one month.
- Employer contributions: you could benefit from employer contributions too; the more you pay in, the more your employer may pay in. Please speak to your employer if you want to enquire about this.
- Investment choice: you have a range of investment options to choose from when deciding where to invest your money. Like many investments, the value of your plan can go down as well as up and may even fall below the amount you invested – what you get back is not guaranteed.
- Manage online: you can manage your workplace pension online to see how much money you have in your pot, how your investments are doing and what you could get when you take your benefits.
- Access from 55: currently, from age 55, you have the freedom and choice to decide how and when you take your pot although you may need to transfer to another pension for some of the choices available.
Your workplace pension comes from a trusted provider. Prudential is the pension provider chosen for you by your employer. Prudential has been helping people save money for over 170 years.
Your contributions
You have the flexibility to change your contributions to suit you, so you're always in control.
Learn more
Your contributions
Regular contributions
One of the benefits of your pension scheme is that your contributions are flexible. You can contribute as much as you like into your pension, although the total amount of tax relief you get on your pension savings is limited. Your pension contributions are taken from your salary every month. So once you've decided how much you want to pay in, it all happens automatically.
If you stop or reduce your contributions, it'll affect how much money you eventually have and you'll still pay charges.
Employer contributions
Your employer may contribute to your pension too. It's easy to forget just how much of a difference your employer contributions can make. Some employers will even pay more into your pension the more you pay. So by increasing your contributions, you could be increasing your pension pot because your employer could also contribute more. If you stop your contributions, remember that any employer contributions may also change.
As all the contributions you and your employer make are invested in your choice of fund(s), the value of your investment can go down as well as up and you may get back less than you put in.
Before increasing or changing your pension contributions, please read your current Key Features document and your Fund Guide which are available online or from your employer/scheme administrator. They have important information about the risks, benefits, costs and charges of the product and funds to help you make a decision.
Your contributions
Regular contributions
One of the benefits of your pension scheme is that your contributions are flexible. You can contribute as much as you like into your pension, although the total amount of tax relief you get on your pension savings is limited. Your pension contributions are taken from your salary every month. So once you've decided how much you want to pay in, it all happens automatically.
If you stop or reduce your contributions, it'll affect how much money you eventually have and you'll still pay charges.
Employer contributions
Your employer may contribute to your pension too. It's easy to forget just how much of a difference your employer contributions can make. Some employers will even pay more into your pension the more you pay. So by increasing your contributions, you could be increasing your pension pot because your employer could also contribute more. If you stop your contributions, remember that any employer contributions may also change.
As all the contributions you and your employer make are invested in your choice of fund(s), the value of your investment can go down as well as up and you may get back less than you put in.
Before increasing or changing your pension contributions, please read your current Key Features document and your Fund Guide which are available online or from your employer/scheme administrator. They have important information about the risks, benefits, costs and charges of the product and funds to help you make a decision.
Tax efficient
The money you save into your pension comes from your salary. There are different ways to make your contributions and they impact the tax savings you make. Your pension will either work on a:
- non-salary sacrifice basis - where your contributions are taken before you pay tax, or
- salary sacrifice basis - where you sacrifice salary for pension contributions.
If you’re unsure which way you make your contributions, you can check with your employer.
Your contributions are taken from your pay before tax, so the money you'd normally pay as income tax automatically goes into your pension pot instead, as you can see below for a 20% rate taxpayer. If you pay tax at a higher rate, your tax savings will be higher. If you don't pay tax, you won't benefit from tax savings.
Salary sacrifice means you exchange salary for pension benefits. As your salary is reduced you normally pay less tax and National Insurance (NI). The salary you exchange, and the tax and NI saving you make, go straight into your pension pot as you can see below for a 20% rate taxpayer paying 12% NI.
If you exchange salary for pension contributions, it could affect any future state or salary-related benefits or entitlements. Please speak to your employer about how this may affect you.
Income tax on pension savings
The total amount of tax relief you get on your pension savings is limited so make sure you're aware of the 'Important information about pensions allowances'. The UK Government may change these allowances from time to time so check their website to see any changes which may impact you. If you think you might be affected, you can get more information from the HM Revenue & Customs website.
If you're a member of a salary sacrifice arrangement, please speak to your employer about how this may affect you.
Tax savings will depend on your individual circumstances and rules can also change.
Your rate of income tax
As your contributions, including any paid by salary sacrifice, are deducted from your earnings before your tax bill is worked out, the amount of income tax you pay will be based on what's left.
If you're a Scottish taxpayer, you'll pay tax based on the Scottish rate of income tax and tax bands. For more information on Scottish income tax, visit www.gov.uk/scottish-rate-income-tax.
If you're a Welsh taxpayer, you'll pay tax based on the Welsh rate of income tax and tax bands. For more information on Welsh income tax, visit www.gov.uk/welsh-income-tax.
Tax efficient
The money you save into your pension comes from your salary. There are different ways to make your contributions and they impact the tax savings you make. Your pension will either work on a:
- non-salary sacrifice basis - where your contributions are taken before you pay tax, or
- salary sacrifice basis - where you sacrifice salary for pension contributions.
If you’re unsure which way you make your contributions, you can check with your employer.
Your contributions are taken from your pay before tax, so the money you'd normally pay as income tax automatically goes into your pension pot instead, as you can see below for a 20% rate taxpayer. If you pay tax at a higher rate, your tax savings will be higher. If you don't pay tax, you won't benefit from tax savings.
Salary sacrifice means you exchange salary for pension benefits. As your salary is reduced you normally pay less tax and National Insurance (NI). The salary you exchange, and the tax and NI saving you make, go straight into your pension pot as you can see below for a 20% rate taxpayer paying 12% NI.
If you exchange salary for pension contributions, it could affect any future state or salary-related benefits or entitlements. Please speak to your employer about how this may affect you.
Income tax on pension savings
The total amount of tax relief you get on your pension savings is limited so make sure you're aware of the 'Important information about pensions allowances'. The UK Government may change these allowances from time to time so check their website to see any changes which may impact you. If you think you might be affected, you can get more information from the HM Revenue & Customs website.
If you're a member of a salary sacrifice arrangement, please speak to your employer about how this may affect you.
Tax savings will depend on your individual circumstances and rules can also change.
Your rate of income tax
As your contributions, including any paid by salary sacrifice, are deducted from your earnings before your tax bill is worked out, the amount of income tax you pay will be based on what's left.
If you're a Scottish taxpayer, you'll pay tax based on the Scottish rate of income tax and tax bands. For more information on Scottish income tax, visit www.gov.uk/scottish-rate-income-tax.
If you're a Welsh taxpayer, you'll pay tax based on the Welsh rate of income tax and tax bands. For more information on Welsh income tax, visit www.gov.uk/welsh-income-tax.
Investment choices
You can choose where you invest your contributions.
Watch to understand your investment options
Investment choices
You may have a few options when it comes to investing your money.
Default investment option
(if available)
If you’d rather not make you own investment choices this option could be for you. If your scheme offers a default investment fund, this may be a single fund or a lifestyle option.
Lifestyle option
(if available)
This option is for members who want to take more or less risk than the default option. There are a range of lifestyles available which target a specific outcome as you get closer to taking your benefits.
Choose your funds
If you're comfortable choosing your own funds, you can choose up to ten from the risk rated funds available. This could be a good choice if you're happy being in charge of your investment and fully understand the risks involved.
As your pension is an investment, the value can go down as well as up and you might get back less than you put in.
It's up to you to decide which investment option is right for you. Watch our 'Understanding your investment options' video for more information. These options aren't a recommendation from Prudential. If you're still unsure, speak to a financial adviser.
To find out about your investment options, go online to find your Fund Guide which gives you more information about the funds available or contact your employer/scheme administrator. And if you want more details about a specific fund, have a look at the factsheet at 'Workplace Pension factsheets'.
Don't worry, you can change your investment choice any time in the future.
It's important to regularly review your workplace pension to make sure you're on track to achieve the lifestyle you want when you stop working.
To help you do this, each year we'll send you your Annual Benefit Statement. Your statement will show you many things including:
- how much money you have in your pension pot
- how your investments are doing
- what you could get when you take your benefits
If you're not yet registered, you can do this now.
Investment choices
You may have a few options when it comes to investing your money.
Default investment option
(if available)
If you’d rather not make you own investment choices this option could be for you. If your scheme offers a default investment fund, this may be a single fund or a lifestyle option.
Lifestyle option
(if available)
This option is for members who want to take more or less risk than the default option. There are a range of lifestyles available which target a specific outcome as you get closer to taking your benefits.
Choose your funds
If you're comfortable choosing your own funds, you can choose up to ten from the risk rated funds available. This could be a good choice if you're happy being in charge of your investment and fully understand the risks involved.
As your pension is an investment, the value can go down as well as up and you might get back less than you put in.
It's up to you to decide which investment option is right for you. Watch our 'Understanding your investment options' video for more information. These options aren't a recommendation from Prudential. If you're still unsure, speak to a financial adviser.
To find out about your investment options, go online to find your Fund Guide which gives you more information about the funds available or contact your employer/scheme administrator. And if you want more details about a specific fund, have a look at the factsheet at 'Workplace Pension factsheets'.
Don't worry, you can change your investment choice any time in the future.
It's important to regularly review your workplace pension to make sure you're on track to achieve the lifestyle you want when you stop working.
To help you do this, each year we'll send you your Annual Benefit Statement. Your statement will show you many things including:
- how much money you have in your pension pot
- how your investments are doing
- what you could get when you take your benefits
If you're not yet registered, you can do this now.
Taking your money
You have choice and control over how you take your money.
Watch for your options when taking your money
Learn moreTaking your money
Life isn't always as simple as we'd like it to be. Some things take us by surprise and those surprises can cost money. Your circumstances will change over time and so may the lifestyle you expect to have when you retire. So flexibility is important when it comes to saving for the future, and when you want to access your money.
Currently, from age 55, you'll have several options for what to do with the money in your pot. You may need to move your pot to another pension to access some of these options or to access them when you prefer.
• Take your whole pension pot in one go
Take it as a single lump sum with 25% is tax-free and the rest is taxable.
• Take your pension pot as a number of lump sums
Take lump sums from your pension pot until your money runs out or you choose another option. You decide when and how much to take out. Each time you take a lump sum, 25% of it is tax-free and the rest is taxable.
• Have a flexible retirement income
To do this you have to transfer your money into a new pension plan and take an income from it. Up to 25% of your pot is tax-free and any other withdrawals you take are taxable. This option is also known as drawdown.
• Have a guaranteed income for life
A lifelong, regular income gives you a guarantee that the money will be paid as long as you live. Potentially up to 25% of your pot can be taken tax-free. The income you get is taxable. This option is also known as an annuity.
• Choose a combination of the options
You can mix some or all of these options, over time or over your total pot.
• Do nothing and leave your money where it is
Reaching age 55 doesn’t mean you have to start taking money from your pot - you can leave it where it is.
These options are subject to Scheme rules, so contact us as you approach retirement and we can let you know which are available to you. You don’t have to decide now, but when you do we recommend you get financial advice to help you.
Pension Wise is a free, impartial service offered by the Government which gives guidance, once you reach age 50, to help you understand your options at retirement. You can find out more at www.pensionwise.gov.uk or by calling 0800 280 8880 to book a phone or face-to-face appointment.
The tax you pay depends on your individual circumstances. HM Revenue & Customs tax rules may change in the future. The Government limits the tax savings/relief which can be made through Annual Lifetime Allowances [www.pru.co.uk/allowances].
You can do this by moving your money into a drawdown plan. In most cases you can take up to 25% of your money tax-free, you'll need to do this at the start. You can then dip in and out when you like or take a regular income. This may be subject to income tax.
You can buy an annuity – it pays you an income (a bit like a salary) and is guaranteed for life. These payments may be subject to income tax. In most cases you can take 25% of the money in cash, tax-free. You'll need to do this at the start and you need to take the rest as income.
You can take your pot as a single lump sum. Normally the first 25% is tax-free but the rest may be subject to income tax.
You can leave the money in your pot and take out cash lump sums whenever you need to – until it's all gone or you decide to do something else. You decide when and how much to take out. Every time you take money from your pot, the first 25% is usually tax-free and the rest may be subject to income tax.
You don't normally have to start taking money from your pot when you turn 55. It's not a deadline to act although you will need to take your benefits by age 75.
You don't have to choose one option – you can take a combination of some or all of them over time.
- These options are subject to Scheme Rules, so contact us as you approach retirement and we'll let you know which are available to you.
- The tax you pay depends on your individual circumstances and tax rules may also change.
- You don't have to decide now, but when you do we recommend you get financial advice to help you.
- When you come to take your benefits you should shop around to find the options and features most suited to your circumstances. Different pension providers offer different products, options or features (including terms, rates, funds or charges) that may be more appropriate for you.
Pension Wise
You should get guidance or financial advice to help you with this decision. Pension Wise is a free, impartial service offered by the UK Government to provide guidance once you reach age 50 to help you understand your options at retirement. Find out more at www.pensionwise.gov.uk or by calling 0800 280 8880 to book a phone or face-to-face appointment.
Taking your money
Life isn't always as simple as we'd like it to be. Some things take us by surprise and those surprises can cost money. Your circumstances will change over time and so may the lifestyle you expect to have when you retire. So flexibility is important when it comes to saving for the future, and when you want to access your money.
Currently, from age 55, you'll have several options for what to do with the money in your pot. You may need to move your pot to another pension to access some of these options or to access them when you prefer.
• Take your whole pension pot in one go
Take it as a single lump sum with 25% is tax-free and the rest is taxable.
• Take your pension pot as a number of lump sums
Take lump sums from your pension pot until your money runs out or you choose another option. You decide when and how much to take out. Each time you take a lump sum, 25% of it is tax-free and the rest is taxable.
• Have a flexible retirement income
To do this you have to transfer your money into a new pension plan and take an income from it. Up to 25% of your pot is tax-free and any other withdrawals you take are taxable. This option is also known as drawdown.
• Have a guaranteed income for life
A lifelong, regular income gives you a guarantee that the money will be paid as long as you live. Potentially up to 25% of your pot can be taken tax-free. The income you get is taxable. This option is also known as an annuity.
• Choose a combination of the options
You can mix some or all of these options, over time or over your total pot.
• Do nothing and leave your money where it is
Reaching age 55 doesn’t mean you have to start taking money from your pot - you can leave it where it is.
These options are subject to Scheme rules, so contact us as you approach retirement and we can let you know which are available to you. You don’t have to decide now, but when you do we recommend you get financial advice to help you.
Pension Wise is a free, impartial service offered by the Government which gives guidance, once you reach age 50, to help you understand your options at retirement. You can find out more at www.pensionwise.gov.uk or by calling 0800 280 8880 to book a phone or face-to-face appointment.
The tax you pay depends on your individual circumstances. HM Revenue & Customs tax rules may change in the future. The Government limits the tax savings/relief which can be made through Annual Lifetime Allowances [www.pru.co.uk/allowances].
You can do this by moving your money into a drawdown plan. In most cases you can take up to 25% of your money tax-free, you'll need to do this at the start. You can then dip in and out when you like or take a regular income. This may be subject to income tax.
You can buy an annuity – it pays you an income (a bit like a salary) and is guaranteed for life. These payments may be subject to income tax. In most cases you can take 25% of the money in cash, tax-free. You'll need to do this at the start and you need to take the rest as income.
You can take your pot as a single lump sum. Normally the first 25% is tax-free but the rest may be subject to income tax.
You can leave the money in your pot and take out cash lump sums whenever you need to – until it's all gone or you decide to do something else. You decide when and how much to take out. Every time you take money from your pot, the first 25% is usually tax-free and the rest may be subject to income tax.
You don't normally have to start taking money from your pot when you turn 55. It's not a deadline to act although you will need to take your benefits by age 75.
You don't have to choose one option – you can take a combination of some or all of them over time.
- These options are subject to Scheme Rules, so contact us as you approach retirement and we'll let you know which are available to you.
- The tax you pay depends on your individual circumstances and tax rules may also change.
- You don't have to decide now, but when you do we recommend you get financial advice to help you.
- When you come to take your benefits you should shop around to find the options and features most suited to your circumstances. Different pension providers offer different products, options or features (including terms, rates, funds or charges) that may be more appropriate for you.
Pension Wise
You should get guidance or financial advice to help you with this decision. Pension Wise is a free, impartial service offered by the UK Government to provide guidance once you reach age 50 to help you understand your options at retirement. Find out more at www.pensionwise.gov.uk or by calling 0800 280 8880 to book a phone or face-to-face appointment.
Auto-enrolment
What is auto-enrolment?
Auto-enrolment is a UK Government initiative aimed at helping more people save for the future through a workplace pension.
In the past, not all employers offered a workplace pension, or if they did, not all employees joined.
Auto-enrolment makes it compulsory for employers to automatically enrol their eligible workers into a workplace pension. Both the employee and employer must contribute to the pension plan. If an employee chooses not to, then they can opt out. If they do this it means their employer doesn't have to contribute to their plan.
What is auto-enrolment section" to "When the UK Government introduced auto-enrolment they set minimum contribution limits for both employees and employers. These limits have gradually increased over time with the most recent increase applying from April 2019. If you want to find out more about auto-enrolment and whether this applies to you, speak to your employer.
Auto-enrolment
What is auto-enrolment?
Auto-enrolment is a UK Government initiative aimed at helping more people save for the future through a workplace pension.
In the past, not all employers offered a workplace pension, or if they did, not all employees joined.
Auto-enrolment makes it compulsory for employers to automatically enrol their eligible workers into a workplace pension. Both the employee and employer must contribute to the pension plan. If an employee chooses not to, then they can opt out. If they do this it means their employer doesn't have to contribute to their plan.
What is auto-enrolment section" to "When the UK Government introduced auto-enrolment they set minimum contribution limits for both employees and employers. These limits have gradually increased over time with the most recent increase applying from April 2019. If you want to find out more about auto-enrolment and whether this applies to you, speak to your employer.
Case studies
Here are some case studies to help you see the difference increasing your contributions could make to your savings. These case studies show some typical situations, but don't relate to any particular individuals or circumstances. The figures are for illustration purposes only and cannot be guaranteed.
Non-salary sacrifice
Learn moreNon-salary sacrifice
Billy is 26 and earns £24,000. He plans to retire at 65. He’s currently contributing 5% of his salary, and his employer is contributing 3%.
Billy is considering increasing his contribution to 7% because if he did, his employer would contribute 4%. Look at the difference this could make to Billy over 39 years.
| Total cost to Billy | Total tax relief | Total employer contributions | Total potential growth | Total estimated pot value | |
|---|---|---|---|---|---|
| 5% contribution | £37,440 | £9,360 | £28,080 | £111,672 | £186,552 |
| 7% contribution | £52,416 | £13,104 | £37,440 | £153,548 | £256,508 |
We’ve based the figures on a 20% rate taxpayer. If you pay tax in Scotland or Wales, your figures may differ. The figures don't take into account changes to tax rates, tax bands or pay rises. Tax savings will depend on your circumstances and rules can also change. The figures don't take inflation into account which means the purchasing power of your fund value will be reduced in future. The figures assume 5% growth each year and an annual management charge of 0.75% each year. Actual charges may differ. Charges can vary in the future and may be higher than they are now. The value of your investment can go down as well as up and you may get back less than you put in.
Try our retirement contributions calculator to see how much your contributions could add up to.
Emily is 34 and earns £28,000. She wants to retire at 65. She chooses to pay 4% of her salary into her pension, and her employer is matching this.
However, if Emily was to increase her contribution to 5%, her employer would also match this. Look at the difference it could make to Emily over 31 years.
| Total cost to Emily | Total tax relief | Total employer contribution | Total potential growth | Total estimated pot | |
|---|---|---|---|---|---|
| 4% contribution | £27,776 | £6,944 | £34,720 | £71,689 | £141,129 |
| 5% contribution | £34,720 | £8,680 | £43,400 | £89,612 | £176,412 |
We’ve based the figures on a 20% rate taxpayer. If you pay tax in Scotland or Wales, your figures may differ. The figures don't take into account changes to tax rates, tax bands or pay rises. Tax savings will depend on your circumstances and rules can also change. The figures don't take inflation into account which means the purchasing power of your fund value will be reduced in future. The figures assume 5% growth each year and an annual management charge of 0.75% each year. Actual charges may differ. Charges can vary in the future and may be higher than they are now. The value of your investment can go down as well as up and you may get back less than you put in.
Go to our retirement contributions calculator if you'd like to work out your own figures.
Les is 41 and earns £35,000. He wants to retire at 65. He’s currently paying 3.5% of his salary into his pension, and his employer contributes 4.5%.
Les is considering increasing his contribution to 5%, as by doing so, his employer’s contribution would go up to 6%. Look at the difference it could make to Les over 24 years.
| Total cost to Les | Total tax relief | Total employer contributions | Total potential growth | Total estimated pot value | |
|---|---|---|---|---|---|
| 3.5% contribution | £23,520 | £5,880 | £37,800 | £47,877 | £115,077 |
| 5% contribution | £33,600 | £8,400 | £50,400 | £65,831 | £158,231 |
We’ve based the figures on a 20% rate taxpayer. If you pay tax in Scotland or Wales, your figures may differ. The figures don't take into account changes to tax rates, tax bands or pay rises. Tax savings will depend on your circumstances and rules can also change. The figures don't take inflation into account which means the purchasing power of your fund value will be reduced in future. The figures assume 5% growth each year and an annual management charge of 0.75% each year. Actual charges may differ. Charges can vary in the future and may be higher than they are now. The value of your investment can go down as well as up and you may get back less than you put in.
Go to our retirement contributions calculator if you'd like to work out your own figures.
Phil is 50 and earns £58,000. He wants to retire at 65. He’s currently contributing just 5% of his salary into his pension, and his employer is matching his contribution.
However, if Phil was to increase his contribution to 10%, his employer would match this also. Look at the difference it could make to Phil over 15 years.
| Total cost to Phil | Total tax relief | Total employer contribution | Total potential growth | Total potencial pot value | |
|---|---|---|---|---|---|
| 5% contribution | £26,100 | £17,400 | £43,500 | £33,708 | £120,708 |
| 10% contribution | £52,200 | £34,800 | £87,000 | £67,417 | £241,417 |
We've based the figures on a 40% rate taxpayer. If you pay tax in Scotland or Wales, your figures may differ. The figures don't take into account changes to tax rates, tax bands or pay rises. Tax savings will depend on your circumstances and rules can also change. The figures don't take inflation into account which means the purchasing power of your fund value will be reduced in future. The figures assume 5% growth each year and an annual management charge of 0.75% each year. Actual charges may differ. Charges can vary in the future and may be higher than they are now. The value of your investment can go down as well as up and you may get back less than you put in.
Go to our retirement contributions calculator if you'd like to work out your own figures.
Non-salary sacrifice
Billy is 26 and earns £24,000. He plans to retire at 65. He’s currently contributing 5% of his salary, and his employer is contributing 3%.
Billy is considering increasing his contribution to 7% because if he did, his employer would contribute 4%. Look at the difference this could make to Billy over 39 years.
| Total cost to Billy | Total tax relief | Total employer contributions | Total potential growth | Total estimated pot value | |
|---|---|---|---|---|---|
| 5% contribution | £37,440 | £9,360 | £28,080 | £111,672 | £186,552 |
| 7% contribution | £52,416 | £13,104 | £37,440 | £153,548 | £256,508 |
We’ve based the figures on a 20% rate taxpayer. If you pay tax in Scotland or Wales, your figures may differ. The figures don't take into account changes to tax rates, tax bands or pay rises. Tax savings will depend on your circumstances and rules can also change. The figures don't take inflation into account which means the purchasing power of your fund value will be reduced in future. The figures assume 5% growth each year and an annual management charge of 0.75% each year. Actual charges may differ. Charges can vary in the future and may be higher than they are now. The value of your investment can go down as well as up and you may get back less than you put in.
Try our retirement contributions calculator to see how much your contributions could add up to.
Emily is 34 and earns £28,000. She wants to retire at 65. She chooses to pay 4% of her salary into her pension, and her employer is matching this.
However, if Emily was to increase her contribution to 5%, her employer would also match this. Look at the difference it could make to Emily over 31 years.
| Total cost to Emily | Total tax relief | Total employer contribution | Total potential growth | Total estimated pot | |
|---|---|---|---|---|---|
| 4% contribution | £27,776 | £6,944 | £34,720 | £71,689 | £141,129 |
| 5% contribution | £34,720 | £8,680 | £43,400 | £89,612 | £176,412 |
We’ve based the figures on a 20% rate taxpayer. If you pay tax in Scotland or Wales, your figures may differ. The figures don't take into account changes to tax rates, tax bands or pay rises. Tax savings will depend on your circumstances and rules can also change. The figures don't take inflation into account which means the purchasing power of your fund value will be reduced in future. The figures assume 5% growth each year and an annual management charge of 0.75% each year. Actual charges may differ. Charges can vary in the future and may be higher than they are now. The value of your investment can go down as well as up and you may get back less than you put in.
Go to our retirement contributions calculator if you'd like to work out your own figures.
Les is 41 and earns £35,000. He wants to retire at 65. He’s currently paying 3.5% of his salary into his pension, and his employer contributes 4.5%.
Les is considering increasing his contribution to 5%, as by doing so, his employer’s contribution would go up to 6%. Look at the difference it could make to Les over 24 years.
| Total cost to Les | Total tax relief | Total employer contributions | Total potential growth | Total estimated pot value | |
|---|---|---|---|---|---|
| 3.5% contribution | £23,520 | £5,880 | £37,800 | £47,877 | £115,077 |
| 5% contribution | £33,600 | £8,400 | £50,400 | £65,831 | £158,231 |
We’ve based the figures on a 20% rate taxpayer. If you pay tax in Scotland or Wales, your figures may differ. The figures don't take into account changes to tax rates, tax bands or pay rises. Tax savings will depend on your circumstances and rules can also change. The figures don't take inflation into account which means the purchasing power of your fund value will be reduced in future. The figures assume 5% growth each year and an annual management charge of 0.75% each year. Actual charges may differ. Charges can vary in the future and may be higher than they are now. The value of your investment can go down as well as up and you may get back less than you put in.
Go to our retirement contributions calculator if you'd like to work out your own figures.
Phil is 50 and earns £58,000. He wants to retire at 65. He’s currently contributing just 5% of his salary into his pension, and his employer is matching his contribution.
However, if Phil was to increase his contribution to 10%, his employer would match this also. Look at the difference it could make to Phil over 15 years.
| Total cost to Phil | Total tax relief | Total employer contribution | Total potential growth | Total potencial pot value | |
|---|---|---|---|---|---|
| 5% contribution | £26,100 | £17,400 | £43,500 | £33,708 | £120,708 |
| 10% contribution | £52,200 | £34,800 | £87,000 | £67,417 | £241,417 |
We've based the figures on a 40% rate taxpayer. If you pay tax in Scotland or Wales, your figures may differ. The figures don't take into account changes to tax rates, tax bands or pay rises. Tax savings will depend on your circumstances and rules can also change. The figures don't take inflation into account which means the purchasing power of your fund value will be reduced in future. The figures assume 5% growth each year and an annual management charge of 0.75% each year. Actual charges may differ. Charges can vary in the future and may be higher than they are now. The value of your investment can go down as well as up and you may get back less than you put in.
Go to our retirement contributions calculator if you'd like to work out your own figures.
Salary sacrifice
Learn moreSalary sacrifice
Billy is 26 and earns £24,000. He plans to retire at 65. He’s currently contributing 5% of his salary, and his employer is contributing 3%.
Billy is considering increasing his contribution to 7% because if he did, his employer would contribute 4%. Look at the difference this could make to Billy over 39 years.
| Total cost to Billy | Total tax savings | Total employer contribution | Total potential growth | Total estimated pot value | |
|---|---|---|---|---|---|
| 5% contribution | £31,824 | £14,976 | £28,080 | £111,672 | £186,552 |
| 7% contribution | £44,554 | £20,966 | £37,440 | £153,548 | £256,508 |
We've based the figures on a 20% rate taxpayer and 12% National Insurance contributions. If you pay tax in Scotland or Wales, your figures may differ. The figures don't take into account changes to tax rates, tax bands or pay rises. Tax savings will depend on your circumstances and rules can also change. The figures don't take inflation into account which means the purchasing power of your fund value will be reduced in future. The figures assume 5% growth each year and an annual management charge of 0.75% each year. Actual charges may differ. Charges can vary in the future and may be higher than they are now. The value of your investment can go down as well as up and you may get back less than you put in.
Go to our retirement contributions calculator if you'd like to work out your own figures.
Emily is 34 and earns £28,000. She wants to retire at 65. She chooses to pay 4% of her salary into her pension, and her employer is matching her contribution.
However, if Emily was to increase her contribution to 5%, her employer would match this also. Look at the difference it could make to Emily over 31 years.
| Total cost to Emily | Total tax savings | Total employer contribution | Total potential growth | Total estimated pot value | |
|---|---|---|---|---|---|
| 4% contribution | £23,610 | £11,110 | £34,720 | £71,689 | £141,129 |
| 5% contribution | £29,512 | £13,888 | £43,400 | £89,612 | £176,412 |
We've based the figures on a 20% rate taxpayer and 12% National Insurance contributions. If you pay tax in Scotland or Wales, your figures may differ. The figures don't take into account changes to tax rates, tax bands or pay rises. Tax savings will depend on your circumstances and rules can also change. The figures don't take inflation into account which means the purchasing power of your fund value will be reduced in future. The figures assume 5% growth each year and an annual management charge of 0.75% each year. Actual charges may differ. Charges can vary in the future and may be higher than they are now. The value of your investment can go down as well as up and you may get back less than you put in.
Go to our retirement contributions calculator if you'd like to work out your own figures.
Les is 41 and earns £35,000. He wants to retire at 65. He’s currently paying 3.5% of his salary into his pension, and his employer contributes 4.5%.
Les is considering increasing his contribution to 5%, as by doing so, his employer’s contribution would go up to 6%. Look at the difference it could make to Les over 24 years:
| Total cost to Les | Total tax savings | Total employer contribution | Total potential growth | Total estimated pot value | |
|---|---|---|---|---|---|
| 3.5% contribution | £19,992 | £9,408 | £37,800 | £47,877 | £115,077 |
| 5% contribution | £28,560 | £13,440 | £50,400 | £65,831 | £158,231 |
We've based the figures on a 20% rate taxpayer and 12% National Insurance contributions. If you pay tax in Scotland or Wales, your figures may differ. The figures don't take into account changes to tax rates, tax bands or pay rises. Tax savings will depend on your circumstances and rules can also change. The figures don't take inflation into account which means the purchasing power of your fund value will be reduced in future. The figures assume 5% growth each year and an annual management charge of 0.75% each year. Actual charges may differ. Charges can vary in the future and may be higher than they are now. The value of your investment can go down as well as up and you may get back less than you put in.
Go to our retirement contributions calculator if you'd like to work out your own figures.
Phil is 50 and earns £58,000. He wants to retire at 65. He's currently contributing just 5% of his salary into his pension, and his employer is matching his contribution.
However, if Phil was to increase his contribution to 10%, his employer would match this also. Look at the difference it could make to Phil over 15 years.
| Total cost to Phil | Total tax savings | Total employer contribution | Total potential growth | Total estimated pot value | |
|---|---|---|---|---|---|
| 5% contribution | £25,230 | £18,270 | £43,500 | £33,708 | £120,708 |
| 10% contribution | £50,460 | £36,540 | £87,000 | £67,417 | £241,417 |
We've based the figures on a 40% rate taxpayer and 2% National Insurance contributions. If you pay tax in Scotland or Wales, your figures may differ. The figures don't take into account changes to tax rates, tax bands or pay rises. Tax savings will depend on your circumstances and rules can also change. The figures don't take inflation into account which means the purchasing power of your fund value will be reduced in future. The figures assume 5% growth each year and an annual management charge of 0.75% each year. Actual charges may differ. Charges can vary in the future and may be higher than they are now. The value of your investment can go down as well as up and you may get back less than you put in.
Go to our retirement contributions calcuator if you'd like to work out your own figures.
Salary sacrifice
Billy is 26 and earns £24,000. He plans to retire at 65. He’s currently contributing 5% of his salary, and his employer is contributing 3%.
Billy is considering increasing his contribution to 7% because if he did, his employer would contribute 4%. Look at the difference this could make to Billy over 39 years.
| Total cost to Billy | Total tax savings | Total employer contribution | Total potential growth | Total estimated pot value | |
|---|---|---|---|---|---|
| 5% contribution | £31,824 | £14,976 | £28,080 | £111,672 | £186,552 |
| 7% contribution | £44,554 | £20,966 | £37,440 | £153,548 | £256,508 |
We've based the figures on a 20% rate taxpayer and 12% National Insurance contributions. If you pay tax in Scotland or Wales, your figures may differ. The figures don't take into account changes to tax rates, tax bands or pay rises. Tax savings will depend on your circumstances and rules can also change. The figures don't take inflation into account which means the purchasing power of your fund value will be reduced in future. The figures assume 5% growth each year and an annual management charge of 0.75% each year. Actual charges may differ. Charges can vary in the future and may be higher than they are now. The value of your investment can go down as well as up and you may get back less than you put in.
Go to our retirement contributions calculator if you'd like to work out your own figures.
Emily is 34 and earns £28,000. She wants to retire at 65. She chooses to pay 4% of her salary into her pension, and her employer is matching her contribution.
However, if Emily was to increase her contribution to 5%, her employer would match this also. Look at the difference it could make to Emily over 31 years.
| Total cost to Emily | Total tax savings | Total employer contribution | Total potential growth | Total estimated pot value | |
|---|---|---|---|---|---|
| 4% contribution | £23,610 | £11,110 | £34,720 | £71,689 | £141,129 |
| 5% contribution | £29,512 | £13,888 | £43,400 | £89,612 | £176,412 |
We've based the figures on a 20% rate taxpayer and 12% National Insurance contributions. If you pay tax in Scotland or Wales, your figures may differ. The figures don't take into account changes to tax rates, tax bands or pay rises. Tax savings will depend on your circumstances and rules can also change. The figures don't take inflation into account which means the purchasing power of your fund value will be reduced in future. The figures assume 5% growth each year and an annual management charge of 0.75% each year. Actual charges may differ. Charges can vary in the future and may be higher than they are now. The value of your investment can go down as well as up and you may get back less than you put in.
Go to our retirement contributions calculator if you'd like to work out your own figures.
Les is 41 and earns £35,000. He wants to retire at 65. He’s currently paying 3.5% of his salary into his pension, and his employer contributes 4.5%.
Les is considering increasing his contribution to 5%, as by doing so, his employer’s contribution would go up to 6%. Look at the difference it could make to Les over 24 years:
| Total cost to Les | Total tax savings | Total employer contribution | Total potential growth | Total estimated pot value | |
|---|---|---|---|---|---|
| 3.5% contribution | £19,992 | £9,408 | £37,800 | £47,877 | £115,077 |
| 5% contribution | £28,560 | £13,440 | £50,400 | £65,831 | £158,231 |
We've based the figures on a 20% rate taxpayer and 12% National Insurance contributions. If you pay tax in Scotland or Wales, your figures may differ. The figures don't take into account changes to tax rates, tax bands or pay rises. Tax savings will depend on your circumstances and rules can also change. The figures don't take inflation into account which means the purchasing power of your fund value will be reduced in future. The figures assume 5% growth each year and an annual management charge of 0.75% each year. Actual charges may differ. Charges can vary in the future and may be higher than they are now. The value of your investment can go down as well as up and you may get back less than you put in.
Go to our retirement contributions calculator if you'd like to work out your own figures.
Phil is 50 and earns £58,000. He wants to retire at 65. He's currently contributing just 5% of his salary into his pension, and his employer is matching his contribution.
However, if Phil was to increase his contribution to 10%, his employer would match this also. Look at the difference it could make to Phil over 15 years.
| Total cost to Phil | Total tax savings | Total employer contribution | Total potential growth | Total estimated pot value | |
|---|---|---|---|---|---|
| 5% contribution | £25,230 | £18,270 | £43,500 | £33,708 | £120,708 |
| 10% contribution | £50,460 | £36,540 | £87,000 | £67,417 | £241,417 |
We've based the figures on a 40% rate taxpayer and 2% National Insurance contributions. If you pay tax in Scotland or Wales, your figures may differ. The figures don't take into account changes to tax rates, tax bands or pay rises. Tax savings will depend on your circumstances and rules can also change. The figures don't take inflation into account which means the purchasing power of your fund value will be reduced in future. The figures assume 5% growth each year and an annual management charge of 0.75% each year. Actual charges may differ. Charges can vary in the future and may be higher than they are now. The value of your investment can go down as well as up and you may get back less than you put in.
Go to our retirement contributions calcuator if you'd like to work out your own figures.
Retirement contributions calculator
You can use the calculator below to see how much your monthly pension contributions could add up to in retirement. The figures in 'Your summary' are only a guide based on the details you enter and you should read your current Key Features and Fund Guide which have important information about the risks, benefits and charges of the product before you make a decision. You'll find these online or contact your employer/scheme administrator. And if you want a generic illustration, please contact us.
Are you making or will you make contributions through salary sacrifice?
If you’re unsure, please speak to your employer.
Your details
Your details
Your salary is and you're a You have a pension pot of and will contribute for
Current contributions
You contribute which costs you monthly Your employer contributes monthly
Your summary
| Based on current contributions | |
|---|---|
| Total actual cost to you ? Total cost to you ? | ~~~~~ |
| Total salary sacrificed ? Total contributions including tax relief ? | ~~~~~ |
| Total tax savings ? Total tax relief ? | ~~~~~ |
| Total employer contributions ? | ~~~~~ |
| Total potential growth ? ? | ~~~~~ |
| Total estimated pension pot value ? ? | ~~~~~ |
Would you like to see the difference increasing your contributions could make to your pension pot?
New contributions
You'll increase your contributions to which will cost you monthly Your employer will contribute monthly
Your summary
| Based on current contributions | Based on new contributions | |
|---|---|---|
| Total actual cost to you ? Total cost to you ? | ~~~~~ | ~~~~~ |
| Total salary sacrificed ? Total contributions including tax relief ? | ~~~~~ | ~~~~~ |
| Total tax savings ? Total tax relief ? | ~~~~~ | ~~~~~ |
| Total employer contributions ? | ~~~~~ | ~~~~~ |
| Total potential growth ? ? | ~~~~~ | ~~~~~ |
| Total estimated pension pot value ? ? | ~~~~~ | ~~~~~ |
Important information
How do I find my current pension pot fund value?
CloseOnline
Log in or register for www.pruretire.co.uk where you'll be able to access your current fund value on your home screen titled as "My current fund value" as shown.
Paper statement
If you've received a paper statement from Prudential, you can find your fund value in the summary column titled as “My current fund value” as shown.
Next steps
Before changing your pension contributions, or any other information, you should read your Key Features document and your Fund Guide as these documents have important information about the risks, benefits and charges of the product to help you make a decision. You will find these online if you're already paying pension contributions or by contacting your employer/scheme administrator.
What would you like to do today?
Contact us
We can help if you want to:
- bullet Pay single contributions by cheque or electronically.
- bullet Update your personal details.
- bullet Transfer in another plan - transferring funds between pension plans is an important decision so we recommend you speak to a financial adviser first.
- bullet Make a complaint.