- 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
How much will you pay?
The government has set a minimum amount that usually needs to be paid. This amount will be paid by you and Avon Rubber Plc UK Manufacturing together - and Avon Rubber Plc UK Manufacturing have also 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. If you increase your payments, Avon Rubber Plc UK Manufacturing will pay more too. See the table below for more information on what you and your employer will pay.
To find out what the Government minimums are, visit the gov.uk website.
Your payment options
You can adjust your payments in March each year and you can pay as much as you like up to the Government payment limits.
The table below shows what you and Avon Rubber Plc UK Manufacturing will pay.
|Employee payment||Employer payment||Total|
|5% (minimum)||5% (minimum)||10%|
|7.5% (or more)||7.5% (maximum)||15% (or more)|
Your pension is normally a long term investment and you usually can't withdraw money until the age of 55 (may be subject to change). As with any investment, the value can go down as well as up and may be worth less than what was paid in.
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.