Advantages of company pensions

It's not just your payments

When you join your Howdens Retirement Savings Plan, you may get tax benefits on any payments that you make. Howdens will make payments - putting money straight into your pension. And that's on top of your salary.

Benefits of company pensions

You get this money invested from the moment you join, so every month you delay, you lose out on those payments and tax benefits.

This illustration shows you how things can add up. It assumes that both you and your employer are paying in. Your payment will also include basic rate tax relief where applicable.

This information is based on our understanding of taxation legislation and regulations in April 2021. The legislation and regulations can change. Your own circumstances also have an impact on tax treatment.

Why start now?

It's your pension

It's your pension, no matter what. It remains yours, even if:

  • You move job
  • The company you work for changes hands

You may be able to carry on paying into it, change your investments - or even transfer it into another pension - if you move on.

Although Howdens contributes towards your pension, they don't look after it - they forward your payments on to Standard Life who administers your pension on your behalf. This means if anything happens to your employer, for example they change hands or go out of business, you won't lose your pension.

You're in control

When you join, payments start at a minimum level, and you can choose to pay more if you want to. It's worth thinking about this, as paying the minimum might not be enough to get you the lifestyle you'd like after you stop working.

Find out if you're saving enough

When you join the company pension, your money automatically goes into an investment option Howdens and their advisers have chosen, unless you've chosen something different.

You can choose to leave your money invested there - or you can decide to move it into a different option you think will suit you better.

Whichever choice you make doesn't have to be final - you can change your mind about where your money is invested.

Investments can go down as well as up and you may get back less than you paid in.

Find out which investment option is right for you

The state pension

"Is the state pension enough?"

Important documents

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.

This is where you will find specific details about your employer’s company pension.

Plan summary document (PDF, 73kb)

This document explains the features of the pension product your employer has chosen.

Key features document (PDF, 288kb)

This document gives you an illustration of what your pension could be worth.

Key features illustration (PDF, 164kb)

Read this guide for more information about how pensions work if you make payments through salary exchange.

Planning for more in retirement  (PDF, 2.31Mb)

Read this guide for more information on your investment options, including details about charges and fund codes.

How to choose the right investment options for your pension (PDF, 1.17Mb)

Use this form if you would like to join the plan and you aren't being automatically enrolled.

Authorisation form (PDF, 258kb)

Read this form for more information on Salary Exchange. This form has been provided by Howdens. Standard Life aren't responsible for the content of this guide.

Salary exchange factsheet (PDF, 203kb)

Presentation for members of the Howden Joinery Auto Enrolment Pension Scheme.

The Howden Joinery pension presentation (Recording)