Pay more, get more

Feed your pension

Finding extra money can be really tough. But paying in even just a little bit more now can have a big impact on your standard of living when you retire. When you take charge of your pension, you're taking control of your future.

1. Don't lose out on extra payments

Your Centrica Savings Plan gives you access to extra money from Centrica - on top of your salary. Because Centrica pays in to your pension, this is a hugely valuable benefit - and if you're not in the Centrica Savings Plan, you won't get it.

On top of any money you may receive from Centrica, you also get tax benefits from HMRC.

See how much Centrica will contribute to your plan

2. Increase your contributions regularly

Another simple way of boosting your pension is to increase the amount you pay in each year. So why not set an annual reminder in your diary to increase your contributions? There may be restrictions on when and how you can increase your contributions. Check MyPension Hub for more information on your contribution options and see how much Centrica will contribute if you pay more.

MyPension Hub will also let you start or change existing AVC contribution amounts where you are already contrbuting at the maximum level that qualifies for matching employer contributions.

If you get a pay rise, this might be a good time to think about increasing your contributions too. Regular increases can keep your contributions manageable and have a big impact on how much you could get back.

Increasing your pension contributions by a small percentage each year could make a big difference. For example, if you start your contributions at £250 a month and increase your contributions by 5%, then the next year you pay £262.50 a month. Over time, this adds up.

You can use our handy tool to try different contribution amounts and see the effect of increasing your contributions.

Use the retirement planner

3. Put in a one-off contribution

You can elect to pay a one-off (AVC) contribution into your pension up to a maximum of 4 times in a year.

You can choose to do this through payroll, for example when you are due to be paid your bonus, and benefit from tax relief at source.

Alternatively you can make a gross payment directly via Standard Life and claim back the tax relief yourself from HM Revenue and Customs.

Please note: one-off Contributions do not qualify for SMART Pay.

If you'd like to make a one-off contribution, there are two ways you can do this:

  • You can make the one-off contribution by payroll deduction (return your form to Centrica People Services)
  • You can make the payment direct to the Plan (return your form to Standard Life)

Please complete your selection on the AVC application form (PDF, 496KB) and depending on the option you choose either return to Centrica People Services or to Standard Life.

You'll need to allow at least four weeks’ notice to make a one-off contribution to your pension - and it's worth checking the Government payment limits. You can also look at your annual benefits statement for more information on this.


4. Remember, pensions are flexible

Finding extra cash can be difficult. But you can pay more into your pension when you can afford it - and then drop back to a comfortable level when you can't.

 Important information and assumptions

It's important to remember that a pension is normally a long term commitment. As with any investment its value can go down as well as up and may be worth less than what was paid in. Laws and tax rules may change in the future. The information here is based on our understanding in April 2021. Your own circumstances, including where you live in the UK will also have an impact on tax treatment.

Change contributions


Keep up to date with your contributions and find out how you can change the amount that you're paying.