A DC pension works by both the employee and the employer making contributions into a pension pot.
The contributions buy units in investment funds. Over time the aim is that your pension pot will grow.
Your pension pot at retirement will depend on how much has been paid in and the performance of the funds your money is invested in over the longer term.
Find out more on the options that that are available to you at retirement on the You & your retirement page.
If you’re eligible, you’ll automatically be enrolled into the DC Section three months after you join the Partnership. You can find out more information about auto enrolment on Oneplace under ‘Joining the pension scheme.’
You’re likely to be a member of the DB Section of the Scheme if you worked at the Partnership before 1 April 2015. XPS is the administrator of the DB Section.
The DB Section closed on 1 April 2020 and therefore members who joined the Partnership after 1 April 2015 will only have a Defined Contribution pension pot.
This is where you can find information about your current pension if you’re a Partner now, or were a Partner after 1 April 2015. The Defined Contribution pages are probably the most important for you.
Members who joined the Partnership before 1 April 2015 may also hold DC pension pots with Prudential or Legal and General, as well as a Defined Benefit Pension in the Scheme. We previously referred to this as Hybrid or Dual Benefit. This is because you may have joined the DC Section of the Scheme when you started working at the Partnership and then, after a defined waiting period (which depends on the date you joined the Partnership), you would have become eligible to join the DB Section.
The DB Section closed on 1 April 2020 and therefore members who joined after 1 April 2015 will only have a DC Section pension pot.
