Welcome to your Workplace Pension
Provided by Hargreaves Lansdown
Important information - A pension is meant for your retirement, so you can’t normally access your money until you’re 55 (57 from 2028). Pension and tax rules can change and tax relief depends on your circumstances. This information is not personal advice. Investments go down in value as well as up so you could get back less than you invest. If you’re not sure which investments are right for you, we can put you in touch with one of our financial advisers.
In a nutshell...
However you plan to spend your life after work, one thing's certain: you'll need money. That's where a pension comes in. Your workplace pension is a Self-Invested Personal Pension – 'SIPP' for short.
The way it works is simple:
Your employer adds some money every month and you do too.
The money is invested in the stock market so it has a chance to grow.
From the age of 55 (57 from 2028) you can take as much of your pension as you wish – 25% usually tax free and the rest taxed as income.
Workplace Member Hub
Explore expert support in our Workplace Member Hub where you can book 1-1 guidance, and access expert-led webinars covering key financial topics - from pensions and investing to tax planning and life events.
Contributing to your pension
Every month, Bain & Company contributes a percentage of your basic salary (your salary before any reductions) to your pension.
For full details of your contribution entitlement, please speak to your HR team.
How does it work?
You don't have to contribute anything yourself to receive these employer contributions, but you may wish to consider doing so to target your ideal retirement income.
Any contributions that you do make yourself will be made by Salary Sacrifice (unless you ask for them not to).
Salary Sacrifice involves exchanging a portion of your salary for a pension contribution, meaning your pension deductions will come from your gross pay (before tax and National Insurance) rather than your net pay (after tax and National Insurance).
Speak to HR if you'd like to make any changes to your contributions.
To target a comfortable retirement, it's worth paying more if you can afford to. Employer payments and tax relief will help you along the way. And the earlier you pay in, the longer your money has to grow.
Try the online Pension Calculator to get an idea of what your pension might be worth when you retire - and how much it might pay you each year.
Charges
Bain & Company has negotiated a discount on the HL account charge. The standard HL account charge is a maximum of 0.35% per year for funds, but this has been discounted to a maximum of 0.25% per year.
What you pay depends on how much you have in your pension and what type of investments you hold.
There's a tiered annual charge to hold funds, with a maximum of 0.25%.
| Amount in your pension | HL account charge (per year) |
|---|---|
| On the first £1m in funds | 0.25% |
| On the value between £1m - £2m in funds | 0.10% |
| On the value over £2m in funds | 0% |
| Shares and other equities | 0.35% (capped at £150 per year) |
Important note about charges
The default fund and any investments you choose may have their own charges, such as charges from a particular fund manager. You can find these in the key investor information for the individual investment. These are in addition to our account charges. There’s no charge to hold cash in the Plan.
Please see the tariff of charges on the last page of our Terms and Conditions for a full list of our charges. You can also view the charges for an investment on the 'costs' tab of its factsheet on our website.
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