Your payment choices

It's important to note that you already make payments into your existing Centrica Pension. Any payments you decide to make into the AVC sections are in addition to your existing payments.

How much should you pay?

There's always a balance between what you will need to have when you retire and how much you need right now.
 
What you should ask yourself is:

  • How much do I pay into my other pension plans or arrangements?
  • Can I commit to regular amounts or lump sum payments into this Plan?
  • How much tax can I save on my payments?

What are regular amounts?

You can make regular monthly payments into this Plan by indicating what proportion of your salary you wish to pay on your application form.

What are lump sum payments?

You can make lump sum payments four times a year from your basic earnings, as long as you give one month's notice each time.

There is a maximum amount that can be paid into a pension every year. If you exceed the Annual Allowance then a tax charge may apply. The Information about tax relief, limits and your pension leaflet (PDF, 190KB) covers this in detail.

Any payments you make to other registered defined contribution pension arrangements (including employer payments) and any other increases in the amounts attributable to you under registered defined benefit pension arrangements that you're an active member of will be included in this amount.

 

How are payments made?

The way that you make payments into your pension is either through SMART Pay or by deduction from salary. Both give you tax benefits, but work in different ways. You can find out more about each option from the information below.

Please note: you are only able to make AVC contributions by SMART Pay if you are already using this method for your main pension contributions.

Laws and tax rules may change in the future. The information here is based on our understanding in April 2020. An individuals personal circumstances also have an impact on tax treatment.

 

Contribution options

Important documents

To help you make an informed decision we've provided you with important information that you should read. You should print or save copies of these documents for future reference.

Read this guide for more information on the Additional Voluntary Contribution (AVC) section of the Centrica Savings Plan and the Centrica Pension Plan Savings Section.

Centrica additional retirement savings booklet (PDF, 1MB)

Read this guide for more information on the Additional Voluntary Contribution (AVC) section of the Centrica Engineers Savings Plan.

Centrica Engineers Savings Plan AVC section booklet (PDF, 920KB)

Read this guide for more information on the different ways you can pay into your pension, and the tax benefits and tax charges which can apply.

Information about tax relief, limits and your pension (PDF, 190KB)

Complete this form to make an additional lump sum contribution to the Centrica Savings Plan.

Additional Voluntary Contributions (lump sum payments) (PDF, 85KB)

Please access Mercer OneView via MyPension Hub (Workday - External Benefits) to nominate or update your beneficiaries online.

Read this guide if you are thinking about buying an annuity.

The Open Market Annuity Service Limited  (PDF, 146KB)

These documents have been provided by the Trustee of the Centrica Savings Plan - Standard Life is not responsible for the content.