- Joining the pension
Get the most from your pension
- Use the tools
- Boost your pension
- Approaching retirement
- Payment options
- Your investment options
- Things to know about investing
- Check or change your investments
- Common questions
Joining – how it works
Joining the Avon Rubber Retirements and Death Benefits Plan
When you start working for Avon Rubber Plc UK Manufacturing you’ll normally become a member of the Avon Rubber Retirements and Death Benefits Plan, which is provided by Standard Life Assurance Limited.
That means you’ll start to benefit from payments from Avon Rubber Plc UK Manufacturing and valuable tax benefits from HMRC - so it’s not just you putting money towards your retirement.
Investments can go down as well as up and you may get back 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 2020. Your own circumstances also have an impact on tax treatment.
This illustration show you how things can add up. It assumes that both you and your employer are paying in. Your payment will also include basix tax relief where applicable.
What do you have to do?
You have a few choices to make in the first month after you join the company pension:
1. Decide how much to pay
Avon Rubber Plc UK Manufacturing have set a minimum amount that you need to pay - this is 5% of your pay each month.
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. if you pay more, Avon Rubber Plc UK Manufacturing will pay more too.
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 investment option that the Trustees have chosen with the help of their adviser. Unless you pick another option, this is where your money will stay invested.
This investment option is a lifestyle profile, which means that as you get closer to retirement, it will gradually and automatically move your money into funds which aim to prepare your pension for 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 Avon Rubber Retirements and Death Benefits Plan is right for you
Once you become a member you have a month to decide if you want to stay in the Avon Rubber Retirements and Death Benefits Plan or opt out.
It’s important to think carefully before opting out, as it would mean you’d lose out on extra payments from Avon Rubber Plc UK Manufacturing, as well as tax benefits from HMRC.
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 Avon Rubber Retirements and Death Benefits Plan.