Defined Contribution
The Defined Contribution (DC) Section of the Plan offers you a simple and flexible way to build up your retirement savings. By paying into your pension you’ll affectively receive ‘free money’ from the Company and by way of tax relief from the Government, which is paid into your pension pot for the future.
Check to see where you are on your Pensions Journey
How much is paid in?
You pay in and the Company pays in. The contributions the Company makes will depend on how much you contribute to your savings. The more you put in, the more the Company puts in – so make the most of it!
Your contribution |
The Company's contribution |
Total contribution |
|---|---|---|
3% |
5% |
8% (automatic enrolment level) |
4% |
6% |
10% |
5% |
7% |
12% |
Small change, big savings
Try out our calculator to show you how a small change in your lifestyle can add up to help make saving for your retirement more affordable.
Can you pay more?
To see how much you could save by making a small increase by the time you reach age 65, try out our early bird calculator.
Do I get tax relief on my contributions?
If you pay your contributions through Pension Saver, you’ll automatically receive tax relief on what would have been your normal employee contribution. In addition to this, you’ll pay less National Insurance contributions (NICs). Using Pension Saver means the same total contribution will be paid to your Pension Account overall and your other earnings-related benefits won’t be affected e.g. the lump sum paid in the event of your death while contributing to the Plan. If you decide not to pay your contributions using Pension Saver, you still receive the same level of tax relief as your contribution is deducted from your gross pay before tax is calculated. However, you won’t receive the NIC savings.
Manage your pension online
The easiest and most secure way to manage your pension is online.
Log in to MyWorkplace, the Aviva Member Portal by clicking or tapping the button below or the one in the top right-hand corner. If you’ve already registered, you’ll already have a Username and Password to access your details.
MyWorkplace helps you keep an eye on your Pension Account online. If you have DC benefits with the Plan and previously had access to MyAviva or have saved through other Aviva products, you can activate MyWorkplace. Once you’ve activated MyWorkplace, you’ll be able to:
- View the value of your pension.
- Use the interactive tools to see how your pension is performing.
- Manage how your pension is invested.
- Access member and Plan documentation.
- View and update your selected retirement age.
If you’ve not accessed MyWorkplace previously…
If you haven’t logged in to MyWorkplace before, simply click or tap the button below. Then follow the onscreen instructions.
Investments
Your pension savings are invested and the aim is to help it grow. This will have a big impact on how much money you could have when you stop working.
If you don’t want to make a decision…
…due to being automatically enrolled into the Plan, all contributions will be initially invested in the Diversified Lifestyle Annuity Investment Programme, which is the Plan’s current default fund.
If you do want to make a decision…
…you can choose the individual fund or funds from the range offered (known as ‘self-select’) but you’ll be responsible for monitoring their performance and for switching funds to deal with the potential risks as you approach retirement.
Alternatively, if you prefer not to choose an individual fund or funds, or don’t feel comfortable in switching as you approach retirement, you can consider the below funds (where investment decisions are made for you):
- Diversified Lifestyle Annuity Investment Programme (DLAIP)
- Diversified Lifestyle Drawdown Investment Programme (DLDIP)
- World Equity Lifestyle Annuity Investment Programme (WELAIP)
- World Equity Lifestyle Drawdown Investment Programme (WELDIP)
For further information about investments in the DC Section, take a look at D&B (UK) Pension Plan – Membership booklet.
Am I taxed on my pension?
When you retire, you still have to pay Income Tax on any income over your Personal Allowance. This applies to all of your pension income, including the State Pension.
For further information on what gets taxed and how, visit the MoneyHelper website.
Don’t forget to consider the Annual Allowance (AA). The AA is the most you can save in your pension pots in a tax year (6 April to 5 April) before you have to pay any tax. GOV.uk shows the current AA.
Pension savings were previously subject to a Lifetime Allowance (LTA), which placed a limit on the overall value you can build up across all your pensions before having to pay additional tax. The LTA was abolished on 6 April 2024.
Retirement planning with Aviva
Aviva, the DC Plan administrator have developed a suite of useful tools to help you achieve the retirement you want.
Pre-retirement seminars
If you’re aged 55 or over, you could also sign up for an Aviva ‘My Retirement, my way’ seminar. The half-day seminar focuses on pensions, but more specifically, they cover the following topics:
- Lifestyle.
- Financial needs in retirement.
- Retirement savings.
- Personal tax.
- What to do next.
To choose a date and time, visit their booking hub to get a space. They’re first come, first served and you’ll need access to Microsoft Teams.
