Common questions

Wherever you are in your retirement savings journey, this is where you can find out more about the Centrica Savings Plan.

About the Centrica Savings Plan

 What type of pension is it?

Your Centrica Savings Plan is a Trust Based Pension. It’s designed to give you a flexible way to save for retirement.

 Who is the Trustee?

Centrica Pension Trustees Limited is Trustee of the Centrica Savings Plan.

 What’s the role of the Trustee?

The Trustee is responsible for:

  • Running the company pension in line with current law and the trust deed and rules
  • Looking after the members’ interests.

For more information about the role of the Trustee see the Centrica Savings Plan booklet (PDF, 333KB).

 Who looks after it?

Standard Life Assurance Ltd (SLAL) has been appointed by the Trustee to provide administration and support for the company pension. In the UK SLAL offers products to help customers with their life savings. SLAL is owned by the Phoenix Group and uses the Standard Life brand under licence from the Standard Life Aberdeen group. SLAL is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority

Find out more about Standard Life

 What are the charges?

There are a range of charges on your pension plan.

Find out more about the charges

Joining the Centrica Savings Plan

 Who can become a member of the Centrica Savings Plan?

When you start working for Centrica, you’ll be asked if you want to join the Centrica Savings Plan. You will be able to join online through MyPension Hub which can be directly accessed from Workday - External Benefits, with no log-in details required. If you don't choose to join the Plan straightaway you will be automatically enrolled into the Plan from the last day of the second complete month of employment.

Find out more about joining the Centrica Savings Plan

 Can you leave the Centrica Savings Plan after you join?

You can opt-out of the Centrica Savings Plan at any time.

If you leave the Centrica Savings Plan or stop making payments, they can't normally be refunded and the payments from Centrica will stop. However, the payments that have already been made into your Centrica Savings Plan will remain invested until you retire, and charges will continue to be deducted.

 What if you already have a personal pension?

You can keep your personal pension as well as the Centrica Savings Plan if you want to - but Centrica will only pay into the Centrica Savings Plan.

Payments

 What will you pay into your pension and can you change it?

How much you pay in is up to you – as long as you’re meeting the minimum payment levels set by your employer. You can make changes to your contributions through MyPension Hub (Workday - External Benefits).

You can find out more about payments here

 How much should you pay?

You can use the retirement planner tool to find out if you’re saving enough to give you the retirement you want. The retirement planner can also show you the impact of changing your payments.

Use the retirement planner

 Can you withdraw money from your pension?

Because your pension is set up to help you save for retirement, you normally can’t access any of your pension savings until you turn 55 (may be subject to change).

Find out more about how you can take your retirement income

Investments

 Where can you invest your money?

Where you invest your pension savings is up to you. There are investment options available to you - and it’s worth taking the time to find out about them.

And even when you’ve made choices, they’re not set in stone - you can review your investments and make changes if you want to.

Find out more about changing your investments

 How do you choose investments?

Choosing investment options doesn’t have to be complicated – there are options to suit all levels of knowledge and to match the level of involvement you want.

What to think about when choosing investments

What happens if you leave

 What if you leave the company?

Regardless of why you leave, your pension is yours for life. You can’t keep making payments into it if you change jobs but you may be able to combine it with a new pension from your new employer. Please refer to the 'What happens if I leave Centrica before I retire?' section of your Centrica Savings Plan booklet (PDF, 333KB) for further details about your options and benefit entitlement.

 What happens when you die?

When you die, any pot which remains invested can be passed on. Who receives it is at the discretion of the Trustee. You can let the Trustee know who you would like it to be paid to by completing an expression of wish form. As the Trustee decides who receives the pot, it is normally paid free of inheritance tax.

  • If you die before age 75, payments out will normally be free of income tax
  • If you die after age 75, payments out will normally be charged income tax at the beneficiary's marginal rate

You can nominate your beneficiaries through MyPension Hub which can be directly accessed via Workday - External Benefits with no log-in details required. The Trustee will make the final decision about who will receive the lump sum, but they will try to take your wishes into account.

If you change your mind about anything you can easily make changes to your nominated beneficiaries through MyPension Hub

If you are no longer employed by Centrica please complete this form to nominate your beneficiaries.

Expression of wish for payment of the Lump Sum Death Benefit (PDF, 86KB)

If you die after you retire, your dependents may be able to continue to receive money from your pension. This will depend on how you set your retirement income up.

 What about the additional death in service lump sum benefit?

Depending which section you are a member of you may be eligible for an additional death in service lump sum benefit.  Please see the Life Cover section within the contribution options for your section.

Taking your pension

 When can you take your pension?

From the age of 55 (may be subject to change) you can normally take some or all of your pension – even if you’re still working. And you have several options about how you turn your pension savings into income.

If you have health issues though, you may be able to take your pension early.

 How do you take your pension?

You can take flexible income, guaranteed income or cash. You can even take combination of these options. You will have to transfer to a new plan to take advantage of some options.

More about turning your pension savings into income.

You can look at the options Standard Life has on offer, as well us the shopping around to see what other people can provide.

We recommend you seek appropriate guidance or advice. See the question below for more details.

 Where can I get guidance on my retirement options?

Access to impartial guidance

We recommend you seek appropriate guidance or advice to understand your options at retirement. You can get free guidance over the phone or face to face with Pensionwise.

Go to www.pensionwise.gov.uk or call 0800 138 3944.

The Money Advice Service (MAS) guide is also available on the Pensionwise site.

Your pension value

 How do you find out how much your pension is worth?

You can easily check the value of your fund by accessing MyPension Hub directly through Workday - External Benefits. Your Annual Benefits Statement can also be viewed online on MyPension Hub.

If you are no longer employed by Centrica please register for online servicing to access your personal account.

Find out more about managing your pension online

 How do you find out what your pension might be worth at retirement?

You can find a projection of what your pension might be worth by accessing MyPension Hub (Workday - External Benefits).

If you are no longer employed by Centrica please register for online servicing to access your personal account.

It might also help to have an idea of how much you might need to retire. You can use this handy tool to pick the things you might like to do in retirement and work out how much it might all cost.

If you have more than one pension, you can see what they all add up to by using the retirement planner. The retirement planner can also give you an idea of what your pension could be worth, and show you how increasing your payments now can make a big difference when you retire.

Use the retirement planner

 

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 about the Centrica Savings Plan. 

Centrica Savings Plan booklet (PDF, 1MB)

Please update your beneficiaries for your lump sum death benefit payment online via MyPension Hub (Workday - External Benefits).

If you have left employment with Centrica please complete this form to nominate beneficiaries.

Expression of wish for payment of the Lump Sum Death Benefit  (PDF, 86KB)

Read this guide, provided by the Trustee of the Centrica Savings Plan, if you are thinking about buying an annuity. Standard Life is not responsible for the content.

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

The Trustee of the Centrica Savings Plan has provided a newsletter for its members. Standard Life is not responsible for the content.

infocus - Centrica Savings Plan newsletter (PDF, 750KB)