It’s important to understand your pension is a long-term investment. Its value can go down as well as up and you could get back less than was paid in.

How pensions work

This video explains the basics of how pensions work:

You get more than your own contributions

The money you pay into your plan is topped up in two ways:

  • Employer contributions: Deutsche Bank will pay into your pension plan as well.

  • Tax benefits: A pension plan is one of the most tax efficient ways of saving for your retirement.
Your contribution
Tax benefits
Contribution from your employer
Total amount invested

For more information about how this works, download our  Guide to tax relief, limits and your pension (PDF 359KB)

Please remember, laws and tax rules may change in the future. Your own circumstances and where you live in the UK also have an impact on tax treatment.

Your pension investments: a quick intro

This video explains

  • Why people invest
  • The different types of investments
  • How to balance risk and return

Choosing investments

It's up to you how your plan is invested - and how involved you want to be.

You may decide to leave it to an expert and use a "ready-made" lifestyle profile. Or if you have the knowledge, time and confidence, you might decide to manage your investments yourself.

Your investment options

Responsible investing

There are many different approaches to this area - and if you're invested in the "Help me do it" option then it's possible that it's already investing responsibly. You can check by logging into your online account and seeing where your plan is invested.

If you'd like to learn more about the other approaches and options we offer, including avoiding harmful practices, focusing more on responsible companies or tapping into specific ethical, environmental or social themes, read our Responsible Investing guide on standardlife.co.uk 

Bringing pension plans together

It's likely that you've paid into more than one pension pot if you've had more than one job. Combining your pots could make things easier to manage and help you save on fees.

  • Easily manage your pension plan online from one clear place
  • Benefit from any discounts that your employer has negotiated for you
  • Make things simpler when you come to access your money

Many pension plans are appropriate to transfer, but some have valuable guarantees you might not want to give up. You could be losing money by giving up any valuable guarantees or benefits you might get from your other plans. To help you understand whether you have any valuable benefits attached to the plan you are looking to transfer, download our  Pension Transfer Checklist (PDF 96KB)

Transferring won't be right for everyone - whether it's right for you will depend on your own circumstances, including the type of plan you hold. Remember, your pension is an investment so any money you transfer in could go down as well as up, meaning you could get back less than was paid in. If you are in any doubt, you may want to speak to a financial adviser.

You can call us to discuss a pension transfer over the phone:

  0345 272 8813 (+44 131 245 5074) (call charges will vary)

Or for some plans you can arrange a transfer online  by logging in to your account.

Your options in retirement

You can normally access the money in your pension from age 55 (rising to 57 from 6 April 2028).

You don’t have to decide yet, but when you get to that stage it's up to you how you use your pension money.

You can:

  • Get a flexible income: Leave the money in your pension pot invested and take a regular income from it. You can change the amount as you go.
  • Get a guaranteed income for life: Buy an annuity, which gives you a guaranteed income for life. You can't change this later.
  • Take a lump sum(s): Take cash from your pension pot in one or more lump sums. The first 25% is normally tax free.
  • Combine your options: You can take a combination of any of the options above, for example take a lump sum and buy an annuity.

Please note, to access some of these options you may need to transfer to another pension plan.

When it comes to arranging your retirement income, we would always recommend that you shop around because other providers may offer a higher level of retirement income and access to different options that could suit you better. We also recommend you seek appropriate guidance or advice to understand your options at retirement. From age 50 you can get free impartial guidance from Pension Wise - a service from MoneyHelper  

You can also log in to your online account and use our personalised tools to help you understand which options might be right for you.

Looking for financial advice?

A financial adviser can help you plan for the future and help you get the most out of your pension plan. Financial advice will cost money, but it could help you be better off in the long run. An adviser may provide their first consultation for free and then discuss their fees for ongoing support.

If you want to use a financial adviser, you should always make sure they're authorised by the Financial Conduct Authority (FCA). The government's MoneyHelper service has a useful guide to help you find a financial adviser

If you're looking for help with your company pension, or other financial matters, but don't think you need a financial adviser, you can always use the government's free, impartial Money Helper service

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