How DC works

The DC Section of the Plan is a defined contribution pension scheme. This means you and the Company pay contributions based on a percentage of your salary into a personal account in your name. This is called your Pension Fund.

Your Pension Fund is invested automatically in the default investment option, or you can choose your own investments, so that it can grow. When you come to retire, you can use the money saved in your Pension Fund to provide a retirement income in the way that suits you best. 

The amount of pension you’ll get depends on:

  • how much has been paid into your Pension Fund in contributions
  • how your investments have performed
  • your choices at retirement.

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