- Joining the pension
Get the most from your pension
- Use the tools
- Boost your pension
- Approaching retirement
- Payment options
- Investment choices
- Common questions
Being automatically enrolled
What does this mean?
You'll automatically join the Telefónica UK Pension Plan provided by Standard Life Assurance Limited - and pay in a minimum amount of your salary every pay day.
A company pension is the only way of saving for retirement where Telefónica will give you extra money. On top of this, you'll also get tax benefits from HMRC.
This means 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 you 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 and where you live in the UK also have an impact on tax treatment.
What do you have to do?
You have a few choices to make in the first month after you join the Telefónica UK Pension Plan:
1. Decide how much to pay
Telefónica will have set a minimum amount that you need to pay. To find out what you and Telefónica will pay, ask your employer for details.
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.
You can use the retirement planner to try different payment amounts and see the effect of increasing your payments.
2. Choose where you want your money to be invested
When you become a member, your money will automatically go into the Trustee selected option that the Trustees have chosen, with the help of their adviser. Please refer to Becoming a member of the Telefónica Pension Plan (PDF, 771KB) for more information. 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 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 Telefónica, 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.
Joining the pension
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 document explains the features of the pension product your employer has chosen.
Read this guide for more information on all your investment options, including details about charges and fund codes.
Read this guide for more information on the different ways you can pay into your pension, and the tax benefits and tax charges which can apply.