Ok, we admit that pensions aren’t the most exciting thing in the world and certainly not the simplest! However, one day you will want to stop work and you’ll need to have built up enough savings to pay for the lifestyle that you want in retirement. A workplace pension isn’t the only way to save for retirement, but it is certainly the most efficient; and is specifically designed to do the job:
- You don’t pay tax on your pension contributions (so more money is invested at outset).
- You don’t pay tax on the fund as it grows (so the money grows more quickly).
- Your employer will usually also pay into your pension for you (even better!).
The amount of income that you receive in retirement will depend on the size of the funds that you build up while you are working. This will be affected by:
- How much is paid in by you and your employer.
- The length of time that the funds are invested.
- The costs & charges deducted from the pension over that time.
- The investment growth achieved.
We appreciate that everyone is different and One Scheme has been designed to meet the needs of all members, to help them achieve their own personal retirement objectives. Not only does it provide great value for money but it also has advanced features that are normally only found on much more costly pension arrangements:
Contribution flexibility – there are no restrictions on the amount you can pay to the scheme (subject to the legislation in force at any particular time).
Salary-exchange – with your employer’s consent, you can pay into One Scheme via salary-exchange. This creates National Insurance savings in addition to the normal tax-relief and reduces the cost of your contributions still further.
Low costs – One Scheme has low charges, which means that you keep hold of more of your money and the benefits you receive at retirement will be that much greater.
Investment choice – One Scheme has a choice of 10 carefully-selected funds that meet the investment needs of most people. For experienced investors, we also have access to a wide range of additional funds for those people who want to make their own investment decisions. (Individual funds have their own annual charge, which may be different to the core investments).
Transfers – One Scheme will accept transfers from other pension schemes, allowing you to benefit from low on-going charges on the whole amount.