Plan details
You are in the DB Flexible Retirement Plan which is a Group Flexible Retirement Plan provided by Phoenix Life Limited, trading as Standard Life.
It's important you make informed decisions so you should read the key documents at the bottom of this page.
You can find answers to common questions in our FAQs
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How contributions are made
Contributions into your pension plan are made by salary sacrifice through MyFlex. This means contributions are taken from your salary before tax and National Insurance (NI) are calculated. You and your employer pay less NI and you don’t need to reclaim any tax relief from the Government manually. It's important to remember that salary sacrifice through MyFlex isn't right for everyone. It's a change to your terms of employment and could affect your entitlement to state benefits or your ability to borrow.
You can see examples of how salary sacrifice through MyFlex could increase your pension contributions or your net take home pay in these documents:
- Your guide to salary exchange - Increase your net take home pay
- Your guide to salary exchange - Increase your pension payment
You might be able to change the way you make contributions into your pension plan - please speak to Deutsche Bank to find out what your options are.
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Pension allowances
There's a limit to the amount that can be paid into your pension plans each tax year without paying a tax charge - for most people this is normally 100% of your earnings, capped at £60,000. But in some circumstances it could be lower.
Lifetime allowance
Up until 5 April 2024 the Lifetime Allowance was the maximum amount of pension savings you were allowed to build up during your lifetime and take some of the benefits tax-free.
The limit for the 2023/24 tax year was £1,073,100 but could be higher if you are registered for any form of Lifetime Allowance Protection.
From 6 April 2024 onwards the Lifetime Allowance was replaced with limits on the tax-free benefits instead.
It’s important that you understand how these changes may affect your retirement planning.
Lump Sum Allowance and Lump Sum and Death Benefit Allowance
From 6 April 2024 onwards HMRC have placed limits on the amount of tax-free benefits that can be taken from pension schemes both during your lifetime and on your death.
The standard Lump Sum Allowance is £268,275 and the standard Lump Sum and Death Benefit Allowance is £1,073,100. These allowances reduce each time you take benefits.
If you hold one or more of the Lifetime Allowance Protections given by HMRC then you will be entitled to higher allowances that reflect this.
We’ve created Questions and Answers to help explain the changes and you can visit the HMRC gov.uk/tax-on-your-private-pension.
These allowances aren't an issue for most people, but it's a good idea to check. For more information download our Guide to tax relief, limits and your pension.
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It's your money (even if you change jobs)
You have a right to the money in your pension pot, even if:
- You change jobs
- Your company changes hands or ceases to exist
What happens if you leave your job?
If you leave the company, your plan will remain invested. You will still be able to pay into this plan, though your employer will stop paying in if they haven’t already. Charges will continue to be applied to your plan, but you won’t lose your rebate due to leaving your employer.
You'll still be able to change your investments and keep full access to your account even if you leave your job.
Investment choices and charges
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Important documents
These documents will help you understand how this plan works. It's a good idea to keep or save a copy of each one.
Information about your pension
A guide to the DB Flexible Retirement Plan and the available investment options.
Product Information
Read these documents to understand the features of your employer’s pension plan in detail.