How your TPT pension works
Auto-enrolment
When you start working for a company, your employer is legally required to enrol you on to a pension scheme. To be eligible, you must be:
- Classed as a ‘worker’.
- Between the age of 22 and State Pension age.
- Earning at least £10,000 per year.
- Working in the UK.
You can opt-out if you want to and opt back in later if you change your mind.
Employer contributions
You pay a percentage of your salary into a pension each month – usually a minimum of 5%. Your employer contributes too – usually a minimum of 3%. If you increase the percentage you pay in, your employer might increase theirs too.
Tax relief
One of the best bits about your pension is tax relief. It basically means you don’t pay tax on the money you pay into your pension, so every £1 you contribute from your salary only costs you 80p.
Your money is invested
We invest your pension contributions because it gives them the best chance to grow over time. We do this for you, so you don’t have to do anything. However, if you have a DC pension with us, you have the option to select your own funds and get involved with investing decisions.
The difference between DB and DC pensions
Now you’ve seen what DB and DC pensions have in common - let’s take a look at what sets them apart.
The State Pension
Pension terminology explained
There’s no getting around the fact that pensions can be complicated, and the terminology can make things even harder to understand. Take a look at our jargon buster to see what it all means.
How to spot a pension scam
Would you recognise a pension scam if you saw one? Read our article to see what to look out for and how to protect yourself from pension scams.
Tracing lost pensions
Setting up your online account
Once you’re enrolled with TPT, you’ll be able to register your account online if your employer uses online access. It’s the easiest way to keep track of your pension.
Member guides and documents
Find your member guide and other information about your workplace pension scheme, including downloadable forms and useful links.
Related articles
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We’ve won the Retirement Living Standards Award
We’re delighted to announce that we’ve won the Retirement Living Standards Award for our communications to support and engage Defined Contribution (DC) members with their pension savings. -
We're Pension Provider of the Year!
We’re delighted to have been named Pension Provider of the Year at the Money Age Awards 2023. The award recognised how we support our Defined Contribution members on their pension journey with a combination of online tools, compelling communications and fund choices. -
TPT launches new self-select funds to enhance responsible investment choices for DC members
TPT is launching a range of new investment funds for its Defined Contribution members. -
Almost half of DC savers don’t know they get tax relief on their workplace pensions
A workplace pension is an important way to save for retirement, but almost a half of DC savers don’t understand one of the key benefits they bring, according to new research from TPT