- Joining the pension
Get the most from your pension
- Use the tools
- Boost your pension
- Approaching retirement
- Contribution options
- Investment choices
- Documents and FAQ
Benefits of company pensions
It's not just your contributions
When you join your Centrica Savings Plan, you’ll get tax benefits from HMRC. You get this from the moment you join, so every month you delay, you’re missing out. And remember, you also benefit from the contributions made by Centrica. If you make your contributions using SMART pay, you will also pay less National Insurance.
Investments can go down as well as up and you may get back less than you paid in. Laws and tax rules may change in the future. The information here is based on our understanding in April 2020. Your own circumstances also have an impact on tax treatment.
It's your pension
It's your pension, no matter what. It remains yours, even if:
- You move job
- The company you work for changes hands
You can’t keep making contributions into it, but you may be able to transfer it into another pension plan if you move on.
And usually no-one can access your pension without your permission.
Centrica contributes towards your pension and forwards your contributions on to Standard Life who administer your pension on behalf of the scheme Trustee. This means if anything happens to your employer, for example they change hands or go out of business, you won't lose your pension.
Please note: if you leave Centrica, the Company may elect to transfer your funds out of the CSP into an individual arrangement with Standard Life. They will contact you with more details if this is going to happen to your plan.
You're in control
You can choose how much to pay - as long as you’re meeting any minimum payment levels set by Centrica or by the Government under auto-enrolment legislation.
You can decide to increase your regular contributions at any point in the future. It's worth thinking about this, as paying the minimum might not be enough to get you the lifestyle you'd like after you stop working.
You can also make up to four single lump-sum contributions in a 12 month period.
Remember that the Government has set limits on the total amount you can pay into pension plans each year.
Where your money is invested is up to you.
When you join the company pension, your money automatically goes into the Centrica Gateway Strategy, unless you've chosen something different.
There are choices to suit your level of experience with investing and how involved you want to be with managing your investments.
Whichever choice you make doesn’t have to be final - you can change your mind about where your money is invested.
Investments can go down as well as up and you may get back less than you paid in.