- Joining the pension
Get the most from your pension
- Use the tools
- Boost your pension
- Approaching retirement
- Contribution options
- Investment choices
- Documents and FAQ
Joining – how it works
Joining the Centrica Savings Plan
New starter (within three months of starting employment)
If you're about to start working for Centrica, or are a new employee, you will be able to join the Plan through MyPension Hub. Look out for your welcome email which will be sent to you from MyPension Hub. Alternatively, you can access the Hub directly through Workday - External Benefits during your second week of employment.
If you don't apply to join the Plan through MyPension Hub you will be automatically enrolled after two months service, provided you are aged between 22 and the state pension age and earn more than £10,000 per year.
Late entrants (three month or more since you started working for Centrica)
You can join the Plan or change your contributions easily through MyPension Hub which can be directly accessed from Workday - External Benefits.
Investments can go down as well as up and you may get back less than was 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.
What do you have to do?
1. Decide how much to pay
Centrica have set a minimum amount that you need to pay.
You can stick with paying the minimum, but you should think about whether paying just the minimum will get you the lifestyle you want when you stop working. Remember, paying a small amount more now could have a big impact on your future.
You can find out what you and Centrica will pay by reading up on your contribution options.
2. Choose where you want your money to be invested
When you become a member of the pension scheme, your money will automatically go into a low-involvement option - the Centrica Gateway Strategy, that the Trustee has chosen with the help of its advisers. Unless you pick another option, this is how your money will remain invested.
The Centrica Gateway Strategy gradually moves your investments into a different mix of funds as you get closer to retirement.
If this is the right choice for you, then you don't have to do anything - your money will stay invested in this option until you retire. But if you don't think it's the right investment for you, you can choose a different option.
3. Make sure staying in the Centrica Savings Plan is right for you
Once you become a member you can opt out of the Centrica Savings Plan at any time.
It’s important to think carefully before opting out, as it would mean you’d lose out on extra payments from Centrica, as well as tax benefits from HMRC.
You can opt out of the Centrica Savings Plan on MyPension Hub. If you do opt out, Centrica may be required by legislation to auto-enroll you back into the Plan at a later date.
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.
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.
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 Trustee of the Centrica Savings Plan has provided a newsletter for its members. Standard Life is not responsible for the content.