Being automatically enrolled

What will happen?

Howdens, with the help of their adviser, is offering you the opportunity to join this company pension.

It's likely that you'll be automatically enrolled into the Howdens Retirement Savings Plan provided by Standard Life Assurance Limited.

A company pension is the only way of saving for retirement where your employer will give you extra money. On top of this, you'll also get tax benefits from HMRC. This illustration shows you how things can add up. It assumes that both you and your employer are paying in.

Benefits of company pensions

Investments can go down as well as up and you may get back less than you paid in. Laws and tax rules may change in the future. The information here is based on our understanding in April 2021. Your own circumstances also have an impact on tax treatment.

What do you have to do?

To help you make an informed decision, the important information you need to read is in the important documents section on this page. These documents, along with this website, will help you understand the Howdens Retirement Savings Plan.

Make sure you read the Key features document (PDF, 191KB) - this gives you information on the main features, benefits and risks of the company pension. If you need help making any decisions about the Howdens Retirement Savings Plan, you should seek financial advice.

You have a few choices to make in the first month after you join the Howdens Retirement Savings Plan:

1. Decide how much to pay

The Government has set a minimum amount that usually has to be paid into the pension. At least the minimum amount is normally paid by both you and Howdens. To find out what you and Howdens will pay, see the information provided by your employer.

Howdens may have set different minimum payment levels from the Government. 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. Please check with Howdens to find out if they have set different minimums from the Government.

You can use the retirement planner to try different payment amounts and see the effect of increasing your payments.

Find out more about your payment options

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 Howdens has 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 approach retirement your money will automatically be moved into funds aimed at aligning your pension savings with your plans 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.

Find out more about your investment options

3. Make sure staying in the company pension is right for you

It’s important to think carefully before opting out, as it would mean you’d lose out on extra payments from Howdens, as well as tax benefits from HMRC. But, if staying in the company pension is not the right option for you now, you have a month to decide if you want to stay in or opt out.

If you decide it's not right for you now, find out how to opt out and what your options are for rejoining in the future.

Find out more about opting out

It’s likely that your employer will have set a minimum amount that you need to pay. To find out what you and your employer will pay, ask your employer for details.

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)