Your pension explained

How your TPT pension works

Your pension is one of the best ways to save for retirement, and your TPT pension is organised by your employer to give your savings a boost.  
There are two types – Defined Benefit (DB) and Defined Contribution (DC) – and they’re both packed with perks. Although they’re different in many ways, they also have the following features in common.  


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.


Ever wondered what the difference is between a Defined Contribution and a Defined Benefit pension? 

Although they are different, they have some things in common, let’s take a look.


Your employer must enrol you on to a pension scheme by law, but you can opt out if you want to.

Employer contributions

Your employer must contribute to your pension, usually a minimum of 3%.

Tax relief

You don’t pay tax on your pension contributions. Every £1 you pay in only costs you 80p.


Your contributions are invested to give them the best chance to grow.  

Now let’s see what sets them apart

A Defined Benefit pension also known as a DB pension is based on how long you have worked for an employer and how much you earn while you’re there. It gives you a guaranteed income for the rest of your life when you retire – a bit like a salary.

A Defined Contribution pension also known as a DC pension is based on how much you and your employer contribute and how well your investments perform. 

If you have a DC pension the amount of income it will provide you with when you come to retire is not guaranteed.

It’s important to work out how much money you need to save to ensure it provides you with the future lifestyle you want.

And when your ready to start accessing your DC pension there are a number of different options  to choose from.

If you don’t know what type of pension you have, your employer can let you know.

It maybe that you have both types, we call this being a hybrid member.

Managing your pension online

You can manage both types of pension online 24 hours a day, 7 days a week.

Use DB Online if you have a DB pension.

Update your details.

View your scheme record. 

Submit an enquiry.

See your payslips, P60 and more.

Use the Retirement Savings Account if you have a DC pension.

Check your pension value.

Change your contributions.

Estimate your retirement income and more. 

Want to know more?

Visit our DB and DC member pages to learn how to get the best from your pension.

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The State Pension

The State Pension is a regular income from the government that’s paid when you reach State Pension age, if you’re eligible.   
The maximum you can get is currently £11,502.40 a year (as of 6 April 2024), which is below the minimum Retirement Living Standard suggested by the Pension and Lifetime Savings Association, so it’s worth saving into a workplace pension to supplement your income in later life. 

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.    

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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. 

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Tracing lost pensions

If you’ve had a few different jobs with different employers, you might have lost track of a workplace pension somewhere along the way. And you wouldn’t be the first. Unclaimed pension pots currently amount to more than £26 billion in the UK. Fortunately, there are a few ways to track them down. Try these pension tracing services:
Or you could contact your old employers. If you can’t remember their details, try searching on Companies House.

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. 

  • Defined Benefit members

    Sign in to DB Online to:

    • review and update your personal details
    • submit an enquiry or request a quote
    • see your benefit statement (if you’re an active member)
    • see your payslip (if you’re receiving your pension)
  • Defined Contribution members

    Sign in to your Retirement Savings Account to:   

    • review and update your personal details
    • check or change the amount you’re paying in to your pension
    • see how your savings are invested
    • see how much your savings might be worth at retirement.
  • Have both types or not sure?

    If you have both types of pension, you might be able to service your accounts online without having to contact us. Alternatively, if you’re not sure what type of account you have, we're here to help.  

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Member guides and documents

Find your member guide and other information about your workplace pension scheme, including downloadable forms and useful links. 

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