A pension is a tax-efficient way to save for the future. The value of your Account at retirement will depend on how much is paid into it, the amount of investment growth and when you wish to retire.
The Bank will make a minimum contribution of 15% into your Pension Account each month up to the Earnings Cap, which is £230,400 for the 2025/26 tax year. The Bank also pays all the costs associated with the running of the Scheme, except for the charges for investment management that are included with each fund’s unit price.
You are not required to contribute to the Scheme, however it's important to remember that the more you save now, the higher your fund is likely to be at retirement. You can use our Pension Planner tool to see how paying more in now may help in the future.
If you wish to add to your Pension Account, you can decide to make Additional Voluntary Contributions (AVCs) either as a fixed monthly amount (subject to a minimum of £20 per month) or as one off payments. You will receive income tax relief on any contributions you pay and, if paid via salary sacrifice, will also receive relief from National Insurance deductions on that contribution. Your AVCs will be invested in the same option as the Bank’s contributions or you can choose a different investment style if you wish.
If you wish to pay AVCs you should obtain a form from the HR Portal and return it to your HR department once complete.
Please note you can only make AVCs via payroll and the amount of the AVC cannot be more than your monthly gross pay. Total annual contributions made to this and other pension arrangements must not be more than your total earnings. You should also refer to the annual allowance guidance before deciding whether to pay any AVCs. You can find out more here.